FUQI International, Inc. (FUQI), a designer and developer of precious metal jewelry, on Thursday announced the development of finished gemstone jewelry production line that would be based out of the company's Shenzhen manufacturing facility and is capable of producing studded or inlayed precious stone designs.
The company said that with this new production line, it would produce additional high quality pieces with unique styles and designs that can result in more meaningful revenues for its business over time.
FUQI's management mainly expects to produce diamond jewelry pieces but can also develop jade, sapphire, ruby and emeralds pieces as well. These jewelry pieces from this line will be made available exclusively at the company's current and future retail outlets.
In addition, the company also announced the opening of a Hong Kong management office located at Landmark North in Sheung Shui, Hong Kong. The office would be staffed primarily with members of the company's financial reporting team.
Chairman of FUQI International, Yu Kwai Chong stated, "''In addition to our gold and platinum products, our new gemstone line, anchored by our diamond jewelry pieces offers an additional growth opportunity for our business in the consumer jewelry category. We believe demand for quality gemstone jewelry products has been increasing, particularly among the rising middle class in major tier 1 & 2 cities along the coast of China, and we intend to capitalize on this growth in demand."
Shares of FUQI International are currently trading at $10.50, up 30 cents or 2.94%.
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