Kingold Jewelry, Inc. (KGJI) Forges New Gold Leasing Framework Agreement with Shanghai Pudong Development Bank
Today, Kingold Jewelry, a leading 24-karat gold jewelry manufacturer and designer in China, announced it has signed a Gold Leasing Framework Agreement with the Wuhan branch of Shanghai Pudong Development Bank Ltd. (SPD Bank). The agreement establishes basic framework for Kingold to lease gold from SPD Bank under a credit line of RMB 200 million (approximately $32.1 million U.S.), with actual gold leases made pursuant to separate lease agreements specifying the weight, settlement price, lease term, and lease rate of gold leased. Under this agreement, SPD Bank began leasing gold to Kingold in February, and Kingold has entered into two…