22-04-2025
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.
