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News Breaks | | | | October 23, 2012 | | 14:02 EDT |  | KGJI | Kingold Jewelry signs agreement with Shanghai Laofengxiang
Kingold Jewelry has entered into a major gold-processing agreement with Shanghai Laofengxiang Jewelry Research Institute, a subsidiary of Shanghai Laofengxiang Co., Ltd.Pursuant to the agreement, Kingold will process a variety of 24-karat gold jewelry products for Shanghai Laofengxiang beginning immediately until December 31, 2013. Kingold will process at least 5 tons, or approximately 176,370 ounces, of jewelry products until the expiration date of the agreement. In contrast, Kingold processed around 2 tons of gold jewelry for Shanghai Laofengxiang in 2011. Based on the processing fee of RMB 10.6 yuan per 1 gram of 24-karat gold, this would equate to approximately RMB 53M or $8.4M of processing fees in the next five quarters. | |
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