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RAPAPORT... Kingold Jewelry Inc. of China signed a cooperation agreement with Hubei Bank Corporation Ltd. to design and manufacture investment gold products for resale. Specifically, Kingold will design and manufacture 24-karat gold coins, bars and ornaments on behalf of Hubei Bank. The jewelry firm's gold investment products are now available in the Beijing, Hubei, Jiangsu, Jiangxi, Liaoning, Zhejiang, Henan and Sichuan provinces. The company stated that this deal marks the seventh such partnership for gold products since launching an investment business in 2012. Kingold's other bank partners include Bank of Communications, China Merchant Bank, CITIC Bank, Wuhan Rural Commercial Bank, China Construction Bank and Xingye Bank. Kingold's CEO, Zhihong Jia, said, "We continue to gain traction in the growth of investment gold as a percentage of our overall business. Our strategy is to leverage our design and manufacturing capabilities into a sector of the market where branded banking products are continuing to see steady demand. Our company has had a strong relationship with Hubei Bank for many years and we intend to provide the finest quality 24-karat gold products to customers located throughout the Bank's network of approximately 127 retail branches."
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