Kingold Jewelry, Inc. Clarification of Second Quarter 2010 Results

Kingold Jewelry, Inc. (OTCBB:KGJID) issued the following clarification of its previously announced financial results for the second quarter of 2010.

In its previous announcement, Kingold Jewelry announced its earning per share (diluted) (EPS) of $0.05 per share for the second quarter ending June 30, 2010. The $0.05 per share EPS does not reflect the 1-for-2 reverse stock split of Kingold Jewelry’s common stock which took effect on August 10, 2010. On a pro forma basis, taking into effect the 1-for-2 reverse stock split, Kingold Jewelry’s EPS would be $0.10 per share for the second quarter of 2010.

ABOUT KINGOLD JEWELRY

Kingold Jewelry, Inc. (OTCBB:KGJID), centrally located in Wuhan, was founded in 2002 and today is one of China's leading designers and manufacturers of 24K gold jewelry sold by weight. The Company sells both directly to retailers and through major distributors across China. Kingold has received numerous industry awards and has been a member of the Shanghai Gold Exchange since 2003.

Forward-Looking Statements

Statements included in this press release include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the Risk Factors, Cautionary Notice Regarding Forward-Looking Statements and Business sections in the Company's filings with the Securities and Exchange Commission. We use words such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," or similar expressions, variations of those terms or the negative of those terms to identify forward-looking statements. The forward-looking statements specified in the following information have been compiled by our management on the basis of assumptions made by management and considered by management to be reasonable. Our future operating results, however, are impossible to predict and no representation, guaranty, or warranty is to be inferred from those forward-looking statements.

The assumptions used for purposes of the forward-looking statements specified in the following information represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information are accurate, and we assume no obligation to update any such forward-looking statements.

Kingold Jewelry (CE) (USOTC:KGJI)
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