By SETH MALINOTTO | Updated May 20, 2020 05:56:55Rose Gold jewelry, as well as its precious metals, will be worth up to $1,000,000 when the precious metal hits the market, but only as long as it remains under the safekeeping of its parent company, the Rose Gold Corp. (RDG).
The price of gold in the United States, however, is currently less than $1 per ounce.
RDG, whose shares rose 1.8% to $9.26 on Thursday, has a market capitalization of $11.8 billion.
That makes the company the second-largest gold producer in the world behind Russia’s state-run Rosneft, according to data compiled by Bloomberg.RDG’s shares were up more than 4% on Thursday as of 11:17 a.m. in New York City, while its benchmark Brent crude oil futures fell 0.5% to US$57.83 per barrel.
The index has gained 6.2% in the past year.RD, which makes jewelry, gold and precious metals for the jewelry industry, has been hit by the global financial crisis, which has put a crimp in the demand for its products.
The company has also been hit in recent years by a string of U.S. court decisions that struck down some of its business practices.RD’s parent company is owned by a group of Chinese investors, which are led by billionaire industrialist Wang Jianlin.