The $80 million (£51 million/€66 million) deal means that Honav will be the Olympic pin badge supplier to a third successive Summer Games, following Beijing in 2008 and London 2012.

The Chinese company had previously manufactured pins for the 1996, 2000 and 2004 Olympics as well, although Beijing was a breakthrough Games as an Official Partner of the Organising Committee.

Honav chairman Jack Chen signed the latest agreement here with Rio 2016 President Carlos Nuzman, and said that it was a "testament to our commitment to promote the Olympic spirit".

Honav have forged a reputation for themselves within sporting circles following their success in Beijing.

At the Beijing Olympics Honav produced souvenirs crafted with steel left over from the construction of the iconic Bird's Nest stadium.

Among the companies they have worked with are the Singapore Youth Olympics in 2010 and the National Palace Museum in Beijing.

Their continued march into the international market has seen them ink deals with the International Association of Sports Journalists, British Airways and British Petroleum amongst others.

Nuzman said: "You [China] changed the concept of the Olympic Games with the success you had four years ago.

"One of these successes was the Honav company, who showed to all the people in the world how they can provide and operate in the Olympic Movement.

"I am very honoured to sign this agreement."

Pins and pin trading has become an increasingly key part of the Olympic experience in recent decades.

The trend grew significantly under the Presidency of Juan Antonio Samaranch at the International Olympic Committee, with trading now a key spectator sport at each Games.

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