China stuns the world by introducing Gold ATM, people can sell jewellery in just..., no paperwork required because...
China stuns the world by introducing Gold ATM, people can sell jewellery in just…, no paperwork required because…
Taking a big leap in gold trading, a mall in China's Shanghai has introduced a Gold ATM that allows people to sell their gold jewellery in just 30 minutes. They can receive the amount for their gold item in the same time and that too without any documentation or paperwork. The smart gold ATM has stunned the world because of its simple processing method. It is developed by China's Kinghood Group, and is designed to analyse, melt and weigh gold items. This Gold ATM determines the purity of the gold item and according to the analysis, it sends money directly to the seller's bank account. Gold items must weigh more than three grams and be at least 50% pure to be processed by the machine.
According to several media reports, the Gold ATM machine has drawn huge crowds, with several people queuing up to sell their gold items amid rising global prices. As per Chinatimes.com, all appointment slots to use the Gold ATM are booked till next month because of high demand.
A recent demonstration showcased the rapid monetization of gold, with a 40-gram necklace selling for 785 yuan per gram (roughly Rs 9,200), totaling over 36,000 yuan (approximately Rs 4.2 lakh) within 30 minutes. This event highlights a rising trend of individuals liquidating their gold assets due to the increasing gold value.
According to Xu Weixin, a member of the Shanghai Gold Association, 'The introduction of smart gold ATMS primarily serves a recycling function from a business perspective. With rising gold prices, there's a stronger desire to cash out. The upward momentum is largely driven by central banks and institutional investors increasing their gold reserves.'
Global gold prices have risen significantly lately, leading to increased investment and resale activity worldwide, notably in India, a major global gold market.
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