Kingold Jewelry Awarded AAA Credit Rating from Gems & Jewelry Trade Association of China
WUHAN, China, April 25, 2012 /PRNewswire-Asia/ -- Kingold Jewelry, Inc. (NASDAQ: KGJI), one of China's leading manufacturers and designers of high quality 24-karat gold jewelry, ornaments and investment-oriented products, today announced that the Company once again earned a AAA credit rating from the Gems & Jewelry Trade Association of China ("GAC").
The AAA rating is the highest rating in the industry, reflecting excellent operations and business prospects, adequate and stable cash generation from operations, and an excellent credit history. In March 2009, Kingold became one of the first 10 jewelry companies awarded a AAA credit rating, which was valid for three years. After conducting its performance and credit review, GAC once again awarded Kingold a AAA rating in April 2012.
Established in 1991, the Gems & Jewelry Trade Association of China (http://www.jewellery.org.cn) was approved by the Ministry of Civil Affairs of the People's Republic of China as the official association of gems and jewelry trade for the nation. The GAC's credit rating process is conducted by industry experts and is under the supervision of the Ministry of Commerce and the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). The GAC ratings are highly regarded in the national credit system and are recorded with various government departments.
Mr. Zhihong Jia, Chairman and Chief Executive Officer of Kingold Jewelry, stated, "Kingold Jewelry is committed to holding itself to the highest standard of corporate governance and product quality, and we are very pleased to have received this acknowledgement from the esteemed Gems & Jewelry Trade Association of China. The GAC's AAA rating is a testament to our reputation in China's jewelry industry and strong financial position, and we will continue to devote ourselves to building our business while maintaining an open and transparent dialogue with investors and regulators."
About Kingold Jewelry, Inc.:
Kingold Jewelry, Inc. (NASDAQ: KGJI), centrally located in Wuhan City, China's fourth largest city, was founded in 2002 and today is one of China's leading designers and manufacturers of 24-karat gold jewelry, ornaments and investment-oriented products. The Company sells both directly to retailers as well as through major distributors across China. Kingold has received numerous industry awards and has been a member of the Shanghai Gold Exchange since 2003. For more information, please visit www.kingoldjewelry.com.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. In addition, please refer to the risk factors contained in Kingold's SEC filings available at www.sec.gov, including Kingold's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Kingold undertakes no obligation to update or revise any forward-looking statements for any reason.
Kingold Jewelry, Inc.
Bin Liu, CFO
Phone: +1-847-660-3498 (US) / +86-27-6569-4977 (China)
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