Kingold Sees Spike in China Gold Demand

RAPAPORT... Sales and profit increased at Kingold Jewelry in the secondquarter as the China-based gold supplier introduced new products to meetgrowing demand for the yellow metal. Total revenue climbed 43% year on year to $678.8 million inthe three months ending June 30, the manufacturer and designer of jewelry,ornaments and investment products said last week. Profit jumped 69% to $13.6million. "During the quarter, we have witnessed a strong growingdemand for 24-karat gold jewelry and investment products in China," said Kingold CEO Zhihong Jia. "Ourmanagement quickly adjusted the product mix in response to market demand withadditional trendy design jewelry products and value-preserving investment goldproducts." Chinese gold-jewelry demand rose 5% in the second quarter,the World Gold Council reported this month.