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Kingold Jewelry, Inc. Announces Upsizing And Pricing Of Public Offering Of Common Stock

WUHAN, China, Jan. 14, 2011 /PRNewswire-Asia/ -- Kingold Jewelry, Inc. (Nasdaq: KGJI) ("Kingold"), a leading professional designer and manufacturer of 24 Karat gold jewelry and ornaments in the People's Republic of China (" China"), today announced the upsizing and pricing of its underwritten public offering of common stock. The size of the offering has been increased from the 6,000,000 shares of common stock previously disclosed in Kingold's registration statement filed with the U.S. Securities and Exchange Commission to 7,200,000 shares at a public offering price of $3.19 per share.  The closing of the sale of the common stock is expected to occur on January 20, 2011, subject to the satisfaction of customary closing conditions. Kingold has granted the underwriters a 45-day option to purchase up to an additional 1,080,000 shares of common stock at the public offering price to cover any over-allotments.  Kingold currently expects to use the net proceeds of this offering to expand its production capacity at its facilities in China by purchasing additional 24 Karat gold bars, recruiting and training new employees, purchasing additional jewelry design tools and for other working capital and general corporate purposes.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as sole book-running manager for the offering.  JMP Securities LLC, Chardan Capital Markets, LLC, and Maxim Group LLC acted as co-managers for the offering.

The offering of these securities will be made only by means of a prospectus. A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the final prospectus relating to the offering, when available, may be obtained for free by visiting the U.S. Securities and Exchange Commission website at http://www.sec.gov. Alternatively, a copy of the prospectus related to this offering may be obtained from Rodman & Renshaw, LLC, Prospectus Department, 1251 Avenue of the Americas, New York, NY, 10020, telephone: 212-430-1710 or email: prospectus@rodm.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered shares, nor shall there be any sale of such shares in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.

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