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India.com
27-04-2025
- Business
- India.com
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 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.
India Today
22-04-2025
- Business
- India Today
China's gold ATM melts jewellery and sends money in 30 minutes. Check here
China's gold ATM is grabbing attention not just in Shanghai, but around the world. This gold ATM, which is set up in Shanghai, melts gold, checks its purity and weight, and transfers the value to your bank ATM, run by China's Kinghood Group, accepts gold items weighing over three grams and with at least 50% purity. It melts the gold, checks its quality and weight, and then transfers the equivalent value straight to the seller's bank account within 30 minutes. No paperwork or ID is needed. (Credit: @TansuYegen/X) advertisementThanks to rising gold prices, people are lining up to cash in their old jewellery, reports mention. The demand is so high that users now need to book a slot to use the machine. Reports say all appointments are booked till May, reflecting its strong demand, as per In one demonstration, a 40-gram gold chain fetched 785 yuan (around Rs 9,200) per gram. The total payout? Over 36,000 yuan, or Rs 4.2 lakh, credited to the seller's account in half an hour, according to the Goenka, Chairman - RPG Enterprises, wrote on X, 'Gold ATM in Shanghai: Drop your jewellery, it checks purity, melts it, calculates value, and credits your account instantly." advertisement He added that this technology may become a threat to gold lenders in India. 'If this comes to India, traditional gold lenders might need a new business model. Transparency in. Exploitation out," Goenka this gold ATM in China is more than just a fancy machine; it's a sign of changing times. With rising gold prices and growing interest in quick, transparent transactions, the machine signals a move towards smarter, paperless solutions that blend traditional wealth with modern Watch
Gulf News
22-04-2025
- Business
- Gulf News
Gold-melting ATM goes viral in China: Cash for jewellery in 30 minutes
Dubai: China has introduced a groundbreaking gold ATM in a Shanghai mall that melts gold items, checks their purity and weight, and transfers the equivalent value to the user's bank account within 30 minutes—no paperwork needed. The machine, developed by Shenzhen-based Kinghood Group, marks a new era of financial automation in precious metals. With global gold prices climbing rapidly, the ATM has become an instant hit. Shoppers and residents have been queuing up to exchange their heirloom jewellery and old gold for instant cash. According to the demand has been so high that appointment slots are fully booked through May. In a recent demonstration, a 40-gram necklace appraised at 785 yuan (approx. Dh397) per gram resulted in a payout of over 36,000 yuan (about Dh18,200). Rising prices, rising demand The surge in interest comes at a time when gold is being seen as a safe-haven asset amid economic uncertainty. Xu Weixin of the Shanghai Gold Association noted that 'with rising gold prices, the public's desire to cash out has significantly increased.' Institutional and central bank purchases have further pushed demand, and China's gold ATMs are emerging as a fast, efficient way for the public to tap into that momentum. Already, Kinghood's smart ATM network spans nearly 100 cities across China, and a second machine is being planned for Shanghai. How the Gold ATM works The gold machine accepts, melts, and analyses gold items over 3 grams with at least 50% purity, then pays out their value based on live Shanghai exchange rates—minus a small service fee—directly to a bank account within 30 minutes. Accepted gold items: Gold jewellery, coins, or bullion weighing more than 3 grams with a minimum purity of 50%. Real-time evaluation: Gold is melted at 1,200°C and analysed using advanced sensors for purity and weight. Live pricing: Value is calculated using real-time rates from the Shanghai Gold Exchange. Quick transfer: Funds are transferred directly to the user's bank account after deducting a small fee. Fast process: Entire transaction is completed within 30 minutes. A viral tech sensation The futuristic ATM gained international attention after Turkish tech influencer Tansu Yegen posted a video of the machine on X, calling it a 'simple, fast, and powerful' innovation. Tech commentator Advait Arora echoed the excitement, writing, 'Wow, a Gold ATM that melts your gold and sends the money straight to your bank. That's how China does innovation.' Praise, envy—and humour The gold ATM quickly went viral, sparking a wave of admiration and curiosity online. Many praised the seamless fusion of tradition and cutting-edge tech, while others lamented its absence in their own countries. 'Why can't we Americans have nice things like this?' one user wrote, echoing a common sentiment. Others took a more humorous or critical angle. 'Great product for India—but also a chain snatcher's delight,' one user quipped. Another commented, 'Cool idea, but how do they verify purity before paying out? Not all that glitters is 24K.' Beyond convenience: A cultural shift Experts say the ATM represents more than just an easy way to sell gold. It reflects China's broader push to digitize asset management and create more accessible financial solutions. By bringing together traditional wealth and modern automation, the gold ATM is reshaping how people interact with precious metals. Glimpse into the future As gold continues to gain value, demand for automated gold transactions is only expected to grow. With its mix of real-time purity checks, instant payouts, and digital convenience, China's gold ATM offers a compelling alternative to traditional jewellery stores—and a look at the future of finance where old assets meet smart tech.
NDTV
21-04-2025
- Business
- NDTV
"No Paperwork, Instant Cash": China's Gold ATM Lets Users Sell Jewellery In 30 Minutes
In a high-tech twist to gold trading, a mall in Shanghai has introduced an ATM that allows users to sell their gold jewellery and receive payment within 30 minutes, no paperwork required. The smart gold ATM, developed by China's Kinghood Group, is designed to analyse, melt, and weigh gold items, determine their purity, and transfer the equivalent amount directly to the seller's bank account. The machine accepts gold items weighing over three grams with a purity level of at least 50 per cent. Reports say the machine has drawn large crowds, with many residents queuing up to sell heirloom and generational gold amid soaring global prices. According to all appointment slots to use the machine are booked until May, underscoring the high demand. A gold ATM in Shanghai, China It melts the gold and transfers the amount corresponding to its weight to your bank account. — Tansu Yegen (@TansuYegen) April 19, 2025 During a demonstration, a 40-gram gold necklace fetched 785 yuan per gram (approximately Rs 9,200), resulting in a payout of over 36,000 yuan-or around Rs 4.2 lakh-in just half an hour. While the concept may appear futuristic, experts say it reflects a broader trend: public gold holdings are growing in value, prompting more individuals to encash them. "The introduction of smart gold ATMS primarily serves a recycling function from a business perspective," Xu Weixin, a member of the Shanghai Gold Association, told local media. "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." Gold prices have surged in recent months, prompting a spike in both investment demand and resale interest globally-including in India, one of the world's largest gold markets.
