Exhibit 99.3







Kingold Jewelry Reports Financial Results
For The Fourth Quarter and Year
Ended December 31, 2017



Company to Hold Conference Call with
Accompanying Slide Presentation at 8:30 a.m. ET on March 16, 2018



WUHAN CITY, China, March 15, 2018 -
Kingold Jewelry, Inc. ("Kingold" or "the Company") (NASDAQ: KGJI),one of China's leading manufacturers
and designers of high quality 24-karat gold jewelry, ornaments and investment-oriented products, today announced its financial
results for the fourth quarter and year ended December 31, 2017.



2017 Financial and Operating
Highlights (all results are compared to prior year)



| | · | Net sales were $2.01 billion, increased by 41% from $1.42 billion; the increase was mainly due
to an increase in the total sales volume.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------

| | · | Processed a total of 103.4 metric tons [one metric ton = 35,274 ounces] of 24-karat gold products
in 2017, an increase of 37.2% compared to 75.3 metric tons. This result exceeded the Company’s previously announced estimate
of between 80 metric tons and 90 metric tons.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Gross profit increased by 37% to $199.9 million from $146.4 million.
| | - | --------------------------------------------------------------------

| | · | Gross margin was 9.9% compared to 10.3%.
| | - | ----------------------------------------

| | · | Net income was $26.2 million, or $0.39 per diluted share, compared to $92.9 million, or $1.40 per
diluted share.
| | - | ----------------------------------------------------------------------------------------------------------------

| | · | Book value per diluted share was $5.87 at December 31, 2017 compared to $4.26 at December 31, 2016.
| | - | ---------------------------------------------------------------------------------------------------



2017 Fourth Quarter Financial
Highlights (all results compared to prior year period)



| | · | Net sales were $657.1 million, compared to $357.6 million.
| | - | ----------------------------------------------------------

| | · | Processed a total of 31.2 metric tons of 24-karat gold products, compared to 19.7 metric tons.
| | - | ----------------------------------------------------------------------------------------------

| | · | Net income was $10.5 million, or $0.16 per diluted share, compared to $42.0 million, or $0.63 per
diluted share.
| | - | ----------------------------------------------------------------------------------------------------------------



Outlook for 2018



| | · | The Company expects to process between 100 metric tons and 110 metric tons of 24-karat gold products
in 2018.
| | - | -------------------------------------------------------------------------------------------------------------



Management Commentary



Mr. Zhihong Jia, Chairman and CEO
of the Company, commented, “Kingold delivered strong operating results and achieved a record gold processing volume for the
year 2017 based on continuous expansion to meet the market’s increasing demand for 24-karat gold products. Kingold is determined
to achieve further strategic expansion in China’s gold industry and will continue to explore gold investment as a major component
of Kingold’s overall strategic development. We have leveraged the investment in gold in addition to purchasing gold to increase
production and benefitted from rapid expansion, despite encountering challenges of a higher interest rate environment and a growing
overall loan amount. As we are committed to becoming a more prominent player in China’s gold industry, we expect to make
timely adjustments in our investment and operation strategies in response to market changes to maintain our industry leading position
and stay competitive.”



2017 OPERATIONAL REVIEW



Metric Tons of Gold Sales



|             |  | Three Months Ended: |     
|------------ |  | ------------------- | ----
|             |  | December 31, 2017   |     
|             |  | Volume              |     
|Branded*     |  |                     | 16.8
|Customized** |  |                     | 14.4
|Total        |  |                     | 31.2



|             |  | Year Ended:       |      
|------------ |  | ----------------- | -----
|             |  | December 31, 2017 |      
|             |  | Volume            |      
|Branded*     |  |                   | 51.5 
|Customized** |  |                   | 51.9 
|Total        |  |                   | 103.4



|*  | Branded Production:    | The Company acquires gold from the Shanghai Gold Exchange to produce branded products.
|-- | ---------------------- | --------------------------------------------------------------------------------------
|** | Customized Production: | Clients who purchase customized products supply gold to the Company for processing.   











Exhibit 99.3



For the three months ended December
31, 2017, the Company processed a total of 31.2 metric tons of gold, of which branded production was 16.8 metric tons, representing
53.8% of total gold processed, and customized production was 14.4 metric tons, representing 46.2% of total gold processed in the
fourth quarter of 2017. In the fourth quarter of 2016, the Company processed a total of 19.7 metric tons, of which branded production
was 9.9 metric tons, or 50.3% of the total gold processed, and customized production was 9.8 metric tons, or 49.7% of total gold
processed.



For the year ended December 31,
2017, Kingold processed a total of 103.4 metric tons of gold, of which branded production was 51.5 metric tons, or 49.8% of total
gold processed, and customized production was 51.9 metric tons, or 50.2% of total gold processed. In 2016, the Company processed
a total of 75.4 metric tons of gold, of which branded production was 38.5 metric tons, or 51.1% of the total, and customized production
was 36.9 metric tons, or 48.9% of the total.



2017 FINANCIAL REVIEW



Net Sales

Net sales for the three months ended December
31, 2017 was $657.1 million, representing an increase of $299.5 million, or 83.8%, from $357.6 million for the same period in 2016.



Net sales for the year ended December
31, 2017 was $2,009.7 million, an increase of 41% from the $1,420.6 million reported in the year of 2016. The increase in net sales
was primarily driven by increase in total sales volume from 75.3 metric tons in 2016 to 103.4 metric tons in 2017, the increase
in the average unit selling price for branded production from RMB 241.33 per gram in 2016 to RMB 257.20 per gram in 2017, as well
as the increase in average unit selling price for customized production increased from RMB 4.26 per gram in 2016 to RMB 6.38 per
gram in 2017.



Gross Profit

Gross profit for the three months
ended December 31, 2017 was $56.4 million, compared to $21.4 million for the same period in 2016.



Gross profit was $199.9 million
for the year ended December 31, 2017, compared to $146.4 million for year of 2016. The increase in gross profit was due to the
increase in total sales volume from 75.3 metric tons in 2016 to 103.4 metric tons in 2017, and the increase in unit selling prices.



Gross Margin

The Company’s gross margin
was 8.6% for the three months ended December 31, 2017, compared to 6.0% in the prior year period.



The Company’s gross margin
for the year ended December 31, 2017 was 9.9%, compared to 10.3% in the prior year period. The slight decrease was due to higher
proportional increase in unit cost than unit price for the branded production sales.



Net Income

Net income for the three months
ended December 31, 2017 was $10.5 million, or $0.16 per diluted share based on 66.8 million weighted average diluted shares outstanding,
compared to net income of $42.0 million in the prior year period, or $0.63 per diluted share based on 66.5 million weighted average
diluted shares outstanding in the prior-year period.



Net income for the year ended December 31,
2017 was $26.2 million, or $0.39 per diluted share based on 66.5 million weighted average diluted shares outstanding, compared
to net income of $92.9 million in the prior year, or $1.40 per diluted share based on 66.3 million weighted average diluted shares
outstanding, in the prior-year. The decrease was mainly due to one-time sales gain on sale of Jewelry Park of 63.2 million in 2016,
and increase in interest expenses in 2017.



Balance Sheet and Cash flow



|(in millions except for percentages) |  | 12/31/2017 |       |  | 12/31/2016 |   |       | % Changed | 
|------------------------------------ |  | ---------- | ----- |  | ---------- | - | ----- | --------- | 
|Cash                                 |  | $          | 5.0   |  |            | $ | 21.3  |           | 
|Inventories (gold)                   |  | $          | 135   |  |            | $ | 119.4 |           | 
|Working Capital                      |  | $          | 768.3 |  |            | $ | 459.9 |           | 
|Stockholders’ Equity                 |  | $          | 390.2 |  |            | $ | 282.5 |           | 











Exhibit 99.3



Net cash used in operating activities
was $25.7 million for the year ended December 31, 2017, compared with net cash provided by operating activities of $74 million
for the year of 2016. The change was mainly due to the decrease in net income, increase in value added tax recoverable of $60.2
million, increase in inventories of $7.3 million for the increased production to meet sales demand, offset by the increase
in other payable and accrued expense of $4.1 million and increase in income tax payable of $4.7 million.



Kingold’s net cash from operating
activities can fluctuate significantly due to changes in inventories (principally gold). Other factors that may vary significantly
include the Company’s purchases of gold and income taxes. The Company expects that the net cash it generates from operating
activities will continue to fluctuate as the Company’s inventories, receivables, accounts payables, and the other factors
described above change with increased production and the purchase of larger or smaller quantities of raw materials (principally
gold). These fluctuations could cause net cash from operating activities to decrease, even if the net income grows as the Company
continues to expand. Although the Company expects that net cash from operating activities will increase over the long term, but
cannot predict how these fluctuations will affect Kingold’s cash flow in any particular accounting period.



OUTLOOK FOR 2018

Based on its existing resources
and capacity along with strong demand for 24-karat gold products in China, the Company believes that its gold sales are expected
to be between 100 metric tons and 110 metric tons during 2018. This guidance is based solely on current projected, organic growth.



Conference Call Details

Kingold also announced that it
will discuss these financial results in a conference call on March 16, 2018, at 8:30 a.m. ET. The dial-in numbers are:



Live Participant Dial In (Toll
Free): 877-407-9038

Live Participant Dial In (International):
201-493-6742



The conference call will also be
webcast live. To listen to the call, please go to the Investor Relations section of Kingold's website at www.kingoldjewelry.com,
or click on the following link: http://kingoldjewelry.equisolvewebcast.com/q4-2017.The
Company will also have an accompanying slide presentation available in PDF format on its homepage prior to the conference call.



About Kingold Jewelry, Inc.

Kingold Jewelry, Inc. (NASDAQ:
KGJI), centrally located in Wuhan City, one of China's largest cities, was founded in 2002 and today is one of China's leading
designers and manufacturers of high quality 24-karat gold jewelry, ornaments, and investment-oriented products. The Company sells
its products 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. For more information, please visit www.kingoldjewelry.com.



Business Risks and Forward-Looking
Statements

This press release contains forward-looking
statements that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange
Act of 1934, as amended. You can identify these forward -looking statements by words such as “expects,” “believe,”
“project,” “anticipate,” or similar expressions. The forward-looking statements in this release include
statements regarding Kingold’s outlook with respect to its 2018 outlook for gold processing and investment. Forward-looking
statements are subject to a number of risks, including those contained in Kingold's SEC filings available at www.sec.gov, including
Kingold's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance
on any forward-looking statements, which speak only as of the date on which they are made. Kingold undertakes no obligation to
update or revise any forward-looking statements for any reason.



COMPANY CONTACT

Kingold Jewelry, Inc. Bin Liu, CFO

Phone: +1-847-660-3498 (US) / +86-27-6569-4977
(China)

bl@kingoldjewelry.com



INVESTOR RELATIONS

The Equity Group Inc.

Katherine Yao, Senior Associate Phone: +86-10-6587-6435
kyao@equityny.com











Exhibit 99.3



KINGOLD JEWELRY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME

(IN US DOLLARS)

UNAUDITED



|                                                                                                 |  | For the three months ended December 31, |              
|------------------------------------------------------------------------------------------------ |  | --------------------------------------- | -------------
|                                                                                                 |  | 2017                                    |              
|NET SALES                                                                                        |  | $                                       | 657,065,727  
|COST OF SALES                                                                                    |  |                                         |              
|Cost of sales                                                                                    |  |                                         | (600,235,997 
|Depreciation                                                                                     |  |                                         | (387,406     
|Total cost of sales                                                                              |  |                                         | (600,623,403)
|                                                                                                 |  |                                         |              
|GROSS PROFIT                                                                                     |  |                                         | 56,442,324   
|                                                                                                 |  |                                         |              
|OPERATING EXPENSES                                                                               |  |                                         |              
|Selling, general and administrative expenses                                                     |  |                                         | 2,897,969    
|Stock compensation expenses                                                                      |  |                                         | 5,364        
|Depreciation                                                                                     |  |                                         | 77,185       
|Amortization                                                                                     |  |                                         | 2,858        
|Total operating expenses                                                                         |  |                                         | 2,983,376    
|                                                                                                 |  |                                         |              
|INCOME FROM OPERATIONS                                                                           |  |                                         | 53,458,948   
|                                                                                                 |  |                                         |              
|OTHER INCOME (EXPENSES)                                                                          |  |                                         |              
|Gain on sale of Jewelry Park                                                                     |  |                                         | -            
|Other income                                                                                     |  |                                         | 484          
|Interest income                                                                                  |  |                                         | 427,048      
|Interest expense, including $10,958,016, $7,479,382 and                                          |  |                                         |              
|$490,870 of amortization of financing costs for the years ended December 31, 2017, 2016 and 2015 |  |                                         | (39,790,115  
|Total other expenses, net                                                                        |  |                                         | (39,362,583) 
|                                                                                                 |  |                                         |              
|INCOME FROM OPERATIONS BEFORE TAXES                                                              |  |                                         | 14,096,365   
|                                                                                                 |  |                                         |              
|INCOME TAX PROVISION (BENEFIT)                                                                   |  |                                         |              
|Current                                                                                          |  |                                         | 4,682,155    
|Deferred                                                                                         |  |                                         | (1,063,593   
|Total income tax provision                                                                       |  |                                         | 3,618,562    
|                                                                                                 |  |                                         |              
|NET INCOME                                                                                       |  |                                         | 10,477,803   
|Less: net loss attribute to the noncontrolling interest                                          |  |                                         | -            
|                                                                                                 |  |                                         |              
|NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS                                                   |  | $                                       | 10,477,803   
|                                                                                                 |  |                                         |              
|OTHER COMPREHENSIVE INCOME (LOSS)                                                                |  |                                         |              
|Unrealized gain (loss) related to investments in gold, net of tax                                |  | $                                       | (17,285,438  
|Total foreign currency translation gain (loss)                                                   |  |                                         | 9,934,925    
|Less: foreign currency translation gain (loss) attributable to noncontrolling interest           |  |                                         | -            
|Total Other comprehensive income (loss) attributable to KINGOLD JEWELRY, INC.                    |  | $                                       | (7,350,513   
|                                                                                                 |  |                                         |              
|COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:                                                     |  |                                         |              
|Common stockholders                                                                              |  | $                                       | 3,127,290    
|Non-controlling interest                                                                         |  |                                         | -            
|Total                                                                                            |  | $                                       | 3,127,290    
|                                                                                                 |  |                                         |              
|Earnings per share                                                                               |  |                                         |              
|Basic                                                                                            |  | $                                       | 0.16         
|Diluted                                                                                          |  | $                                       | 0.16         
|                                                                                                 |  |                                         |              
|Weighted average number of shares                                                                |  |                                         |              
|Basic                                                                                            |  |                                         | 66,113,502   
|Diluted                                                                                          |  |                                         | 66,773,097   











Exhibit 99.3



KINGOLD JEWELRY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(IN US DOLLARS)



|                                                                                                                                                         |  | For the years ended December 31, |                
|-------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------- | ---------------
|                                                                                                                                                         |  | 2017                             |                
|NET SALES                                                                                                                                                |  | $                                | 2,009,732,643  
|COST OF SALES                                                                                                                                            |  |                                  |                
|Cost of sales                                                                                                                                            |  |                                  | (1,808,612,014 
|Depreciation                                                                                                                                             |  |                                  | (1,193,453     
|Total cost of sales                                                                                                                                      |  |                                  | (1,809,805,467)
|                                                                                                                                                         |  |                                  |                
|GROSS PROFIT                                                                                                                                             |  |                                  | 199,927,176    
|                                                                                                                                                         |  |                                  |                
|OPERATING EXPENSES                                                                                                                                       |  |                                  |                
|Selling, general and administrative expenses                                                                                                             |  |                                  | 13,444,222     
|Stock compensation expenses                                                                                                                              |  |                                  | 33,014         
|Depreciation                                                                                                                                             |  |                                  | 444,297        
|Amortization                                                                                                                                             |  |                                  | 11,188         
|Total operating expenses                                                                                                                                 |  |                                  | 13,932,721     
|                                                                                                                                                         |  |                                  |                
|INCOME FROM OPERATIONS                                                                                                                                   |  |                                  | 185,994,455    
|                                                                                                                                                         |  |                                  |                
|OTHER INCOME (EXPENSES)                                                                                                                                  |  |                                  |                
|Gain on sale of Jewelry Park                                                                                                                             |  |                                  | -              
|Other income                                                                                                                                             |  |                                  | 66,642         
|Interest income                                                                                                                                          |  |                                  | 2,251,972      
|Interest expense, including $10,958,016, $7,479,382 and $490,870 of amortization of financing costs for the years ended December 31, 2017, 2016 and 2015 |  |                                  | (152,945,558   
|Total other expenses, net                                                                                                                                |  |                                  | (150,626,944)  
|                                                                                                                                                         |  |                                  |                
|INCOME FROM OPERATIONS BEFORE TAXES                                                                                                                      |  |                                  | 35,367,511     
|                                                                                                                                                         |  |                                  |                
|INCOME TAX PROVISION (BENEFIT)                                                                                                                           |  |                                  |                
|Current                                                                                                                                                  |  |                                  | 17,678,757     
|Deferred                                                                                                                                                 |  |                                  | (8,503,898     
|Total income tax provision                                                                                                                               |  |                                  | 9,174,859      
|                                                                                                                                                         |  |                                  |                
|NET INCOME                                                                                                                                               |  |                                  | 26,192,652     
|Less: net loss attribute to the noncontrolling interest                                                                                                  |  |                                  | -              
|                                                                                                                                                         |  |                                  |                
|NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS                                                                                                           |  | $                                | 26,192,652     
|                                                                                                                                                         |  |                                  |                
|OTHER COMPREHENSIVE INCOME (LOSS)                                                                                                                        |  |                                  |                
|Unrealized gain (loss) related to investments in gold, net of tax                                                                                        |  | $                                | 58,650,446     
|Total foreign currency translation gain (loss)                                                                                                           |  |                                  | 22,752,426     
|Less: foreign currency translation gain (loss) attributable to noncontrolling interest                                                                   |  |                                  | -              
|Total Other comprehensive income (loss) attributable to KINGOLD JEWELRY, INC.                                                                            |  | $                                | 81,402,872     
|                                                                                                                                                         |  |                                  |                
|COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:                                                                                                             |  |                                  |                
|Common stockholders                                                                                                                                      |  | $                                | 107,595,524    
|Non-controlling interest                                                                                                                                 |  |                                  | -              
|Total                                                                                                                                                    |  | $                                | 107,595,524    
|                                                                                                                                                         |  |                                  |                
|Earnings per share                                                                                                                                       |  |                                  |                
|Basic                                                                                                                                                    |  | $                                | 0.40           
|Diluted                                                                                                                                                  |  | $                                | 0.39           
|                                                                                                                                                         |  |                                  |                
|Weighted average number of shares                                                                                                                        |  |                                  |                
|Basic                                                                                                                                                    |  |                                  | 66,050,498     
|Diluted                                                                                                                                                  |  |                                  | 66,472,046     











Exhibit 99.3



KINGOLD JEWELRY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN US DOLLARS)



|                                                                                                                                                                    |  | December 31, |               |  | December 31, |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------ | ------------- |  | ------------ | -
|                                                                                                                                                                    |  | 2017         |               |  | 2016         |  
|                                                                                                                                                                    |  |              |               |  |              |  
|ASSETS                                                                                                                                                              |  |              |               |  |              |  
|                                                                                                                                                                    |  |              |               |  |              |  
|Cash                                                                                                                                                                |  | $            | 4,997,125     |  |              | $
|Restricted cash                                                                                                                                                     |  |              | 5,534,551     |  |              |  
|Account receivable                                                                                                                                                  |  |              | 768,167       |  |              |  
|Inventories                                                                                                                                                         |  |              | 135,042,713   |  |              |  
|Investment in gold                                                                                                                                                  |  |              | 1,562,943,153 |  |              |  
|Other current assets and prepaid expenses                                                                                                                           |  |              | 100,592       |  |              |  
|Prepaid income tax                                                                                                                                                  |  |              | -             |  |              |  
|Value added tax recoverable                                                                                                                                         |  |              | 353,732,758   |  |              |  
|Total current assets                                                                                                                                                |  |              | 2,063,119,059 |  |              |  
|PROPERTY AND EQUIPMENT, NET                                                                                                                                         |  |              | 7,299,643     |  |              |  
|OTHER ASSETS                                                                                                                                                        |  |              |               |  |              |  
|Restricted cash                                                                                                                                                     |  |              | 7,392,721     |  |              |  
|Investment in gold                                                                                                                                                  |  |              | 957,124,267   |  |              |  
|Other assets                                                                                                                                                        |  |              | 302,072       |  |              |  
|Deferred income tax assets                                                                                                                                          |  |              | 6,677,675     |  |              |  
|Land use right                                                                                                                                                      |  |              | 429,915       |  |              |  
|Total long-term assets                                                                                                                                              |  |              | 979,226,293   |  |              |  
|TOTAL ASSETS                                                                                                                                                        |  | $            | 3,042,345,352 |  |              | $
|                                                                                                                                                                    |  |              |               |  |              |  
|LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                |  |              |               |  |              |  
|                                                                                                                                                                    |  |              |               |  |              |  
|CURRENT LIABILITIES                                                                                                                                                 |  |              |               |  |              |  
|                                                                                                                                                                    |  |              |               |  |              |  
|Short term loans                                                                                                                                                    |  | $            | 962,101,746   |  |              | $
|Third parties loans                                                                                                                                                 |  |              | -             |  |              |  
|Gold leases payable - Bank                                                                                                                                          |  |              | -             |  |              |  
|Other payables and accrued expenses                                                                                                                                 |  |              | 18,913,863    |  |              |  
|Related party loan                                                                                                                                                  |  |              | 307,389,647   |  |              |  
|Due to related party                                                                                                                                                |  |              | 2,630,301     |  |              |  
|Income tax payable                                                                                                                                                  |  |              | 1,208,742     |  |              |  
|Other taxes payable                                                                                                                                                 |  |              | 2,615,463     |  |              |  
|Total current liabilities                                                                                                                                           |  |              | 1,294,859,762 |  |              |  
|Deferred income tax liability                                                                                                                                       |  |              | -             |  |              |  
|Related party loans                                                                                                                                                 |  |              | 567,843,066   |  |              |  
|Long term loans                                                                                                                                                     |  |              | 789,410,137   |  |              |  
|TOTAL LIABILITIES                                                                                                                                                   |  | $            | 2,652,112,965 |  |              | $
|COMMITMENTS AND CONTINGENCIES                                                                                                                                       |  |              |               |  |              |  
|EUIITY                                                                                                                                                              |  |              |               |  |              |  
|Preferred stock, $0.001 par value, 500.000 shares authorized, none issued or outstanding as of December 31, 2017 and 2016                                           |  |              | -             |  |              |  
|                                                                                                                                                                    |  |              |               |  |              |  
|Common stock $0.001 par value, 100,000,000 shares authorized, 66,113,502 and 66,018,867 shares issued and outstanding as of December 31, 2017 and December 31, 2016 |  |              | 66,113        |  |              |  
|Additional paid-in capital                                                                                                                                          |  |              | 80,377,449    |  |              |  
|Retained earnings                                                                                                                                                   |  |              |               |  |              |  
|Unappropriated                                                                                                                                                      |  |              | 303,666,611   |  |              |  
|Appropriated                                                                                                                                                        |  |              | 967,543       |  |              |  
|Accumulated other comprehensive income (deficit)                                                                                                                    |  |              | 5,154,671     |  |              |  
|Total Equity                                                                                                                                                        |  |              | 390,232,387   |  |              |  
|                                                                                                                                                                    |  |              |               |  |              |  
|TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                          |  | $            | 3,042,345,352 |  |              | $











Exhibit 99.3



KINGOLD JEWELRY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN U.S. DOLLARS)



|                                                                          |  | For the years ended December 31, |             
|------------------------------------------------------------------------- |  | -------------------------------- | ------------
|                                                                          |  | 2017                             |             
|CASH FLOWS FROM OPERATING ACTIVITIES                                      |  |                                  |             
|Net income                                                                |  | $                                | 26,192,652  
|Adjustments to reconcile net income to cash used in operating activities: |  |                                  |             
|Depreciation                                                              |  |                                  | 1,637,750   
|Amortization of intangible assets                                         |  |                                  | 11,188      
|Share based compensation for services                                     |  |                                  | 33,014      
|Warrants and shares issued for consulting services                        |  |                                  | -           
|Amortization of deferred financing costs included in interest expense     |  |                                  | 10,958,016  
|Gain on sale of Jewelry Park                                              |  |                                  |             
|Gain on deconsolidation of subsidiaries                                   |  |                                  |             
|Deferred tax provision (benefit)                                          |  |                                  | (7,683,962  
|Changes in operating assets and liabilities (Increase) decrease in:       |  |                                  |             
|Accounts receivable                                                       |  |                                  | (50,154     
|Inventories                                                               |  |                                  | (7,279,205  
|Other current assets and prepaid expenses                                 |  |                                  | 620,730     
|Value added tax recoverable                                               |  |                                  | (60,195,642 
|Increase (decrease) in:                                                   |  |                                  |             
|Other payables and accrued expenses                                       |  |                                  | 4,143,958   
|Customer deposits                                                         |  |                                  | 185,434     
|Income tax payable                                                        |  |                                  | 4,718,786   
|Other taxes payable                                                       |  |                                  | 957,521     
|Net cash used in operating activities                                     |  |                                  | (25,749,914 
|CASH FLOWS FROM INVESTING ACTIVITIES                                      |  |                                  |             
|Purchase of property and equipment                                        |  |                                  | (1,241,172  
|Investment in gold                                                        |  |                                  | (551,958,950
|Proceeds from disposal of subsidiaries                                    |  |                                  | -           
|Long term investment                                                      |  |                                  | -           
|Construction payable - Jewelry Park                                       |  |                                  | -           
|Proceed from sale of Jewelry Park                                         |  |                                  | -           
|Construction costs related to Jewelry Park                                |  |                                  | -           
|Net cash used in investing activities                                     |  |                                  | (553,200,122
|CASH FLOWS FROM FINANCING ACTIVITIES                                      |  |                                  |             
|Net proceeds from minority interest for capital registration              |  |                                  | -           
|Proceeds from other loans - short term                                    |  |                                  | 170,341,868 
|Repayments of other loans - short term                                    |  |                                  | (304,869,025
|Proceeds from other loans - long term                                     |  |                                  | 319,668,492 
|Repayments of other loans - long term                                     |  |                                  | -           
|Payment of loan origination fees                                          |  |                                  | (9,572,415  
|Proceeds from third parties loans                                         |  |                                  | -           
|Repayment of third parties loans                                          |  |                                  | (29,598,934 
|Restricted cash                                                           |  |                                  | 49,573,775  
|(Repayment of) borrowings from related party                              |  |                                  | (4,738,508  
|Proceeds from related parties loans - short term                          |  |                                  | 295,989,344 
|Proceeds from related parties loans - long term                           |  |                                  | 821,370,431 
|Repayment of related parties loans                                        |  |                                  | (748,170,175
|Repayment of debt financing instruments under private placement           |  |                                  | -           
|Deferred financing costs on debt payable                                  |  |                                  | -           
|Net proceeds from exercise of warrants                                    |  |                                  | 113,562     
|Net cash provided by financing activities                                 |  |                                  | 560,108,415 
|EFFECT OF EXCHANGE RATES ON CASH                                          |  |                                  | 2,505,553   
|NET INCREASE (DECREASE) IN CASH                                           |  |                                  | (16,336,068 
|CASH, BEGINNING OF YEAR                                                   |  |                                  | 21,333,193  
|CASH, END OF YEAR                                                         |  | $                                | 4,997,125   
|                                                                          |  |                                  |             
|SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION                          |  |                                  |             
|Cash paid for interest expense                                            |  | $                                | 128,823,958 
|Cash paid for income tax                                                  |  | $                                | 13,091,812  
|                                                                          |  |                                  |             
|NON-CASH INVESTING AND FINANCING ACTIVITIES                               |  |                                  |             
|Assets settled related to Jewelry Park due to sale                        |  | $                                | -           
|Payables settled related to Jewelry Park due to sale                      |  | $                                | -           
|Gold leased from bank                                                     |  | $                                | -           
|Investments in gold obtained in a lease from a related party              |  | $                                | 133,721,408 
|Investments in gold transferred to inventories                            |  | $                                | 417,937,474 
|Unrealized gain on investments in gold                                    |  | $                                | 58,650,446