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Weak Demand Dents Sales at China’s Kingold
Aug 11, 2019 8:27 AM
By Rapaport News
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RAPAPORT... Sales and profit at Kingold Jewelry decreased in the second
quarter as the China-based gold supplier noted a decline in demand for its
branded jewelry.
Total revenue dropped 12% year on year to $598 million in
the three months ending June 30, the manufacturer and designer of jewelry,
ornaments and investment products said last week. Profit fell 7% to $12.6
million.
The decrease in sales was primarily driven by a decline in
purchases for the company’s branded products, as well as a foreign-currency
loss due to the depreciation of the yuan, Kingold noted. Those factors outweighed
increased sales of the company’s customized products and a rise in the average
selling price.
Image: Gold jewelry. (Max Pixel)
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Tags:
kingold, Kingold Jewelry, Rapaport News, World Gold Council
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