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India.com
29-04-2025
- Business
- India.com
China's Gold Recycling ATM Piques Industrialist Harsh Goenka's Interest; Says Indian Gold Lenders Might Need New Biz Model If...
China's gold ATM has grabbed the attention of the Chairman of RPG Group, Harsh Goenka, who has praised the concept but pointed out that traditional gold lenders in India may need to adopt a new business plan if this model is introduced in the country. The Shanghai-based gold ATM melts gold, checks its purity and weight, and then deposits the equivalent amount directly to the seller's bank account within 30 minutes. In a post on X, Goenka described how these ATMs operate and wrote, "Gold ATM in Shanghai: Drop your jewellery, it checks purity, melts it, calculates value, and credits your account instantly." Goenka described these ATMs as transparent and exploitation-free, but added that this technology could pose a risk to gold lenders in India. 'If this comes to India, traditional gold lenders might need a new business model. Transparency in. Exploitation out,' Goenka remarked. Gold ATM in Shanghai: Drop your jewellery, it checks purity, melts it, calculates value, and credits your account instantly. If this comes to India, traditional gold lenders might need a new business model. Transparency in. Exploitation out. April 21, 2025 Netizens reaction on Goenka's post Several social media users have reacted to his post, raising concerns regarding the transparency of these ATMs. 'If India were to allow it, no one would wear jewellery in the streets, and chain snatching would be at an alarmingly high rate! Unlike China, we don't have good law and order in our cities—sad but true!' commented one user. 'Very few will put their gold ornaments into a shredder without an initial quote. Gold loan or sale transactions need a personal touch. It won't work like this even if it appears highly efficient on paper,' said another user. "Sounds like a Chinese scam,' added another. Gold ATMs in Shanghai The gold ATMs have been manufactured by Shenzhen-based Kinghood Group. The ATMs are installed at the Global Harbor shopping mall in Shanghai, China. The device scans, weighs, melts, and tests the purity of the gold item. These ATMs melt gold at 1,200 degrees Celsius. Once the evaluation is complete, the equivalent cash amount is transferred directly to the user's bank account within 30 minutes. No paperwork or ID is needed for the work. The ATM accepts gold pieces that weigh more than three grams with at least 50% purity.
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.
Express Tribune
22-04-2025
- Business
- Express Tribune
Gold-melting ATM becomes sensation in China as users cash in on soaring prices
The Gold ATM accepts items weighing over 3 grams and with at least 50% purity, including jewellery, coins, and bullion. PHOTO: GULF NEWS Listen to article A newly launched Gold ATM in a Shanghai shopping mall is drawing large crowds as residents rush to convert their old gold jewellery into instant cash amid soaring global gold prices. According to Gulf New, the machine developed by Shenzhen-based Kinghood Group, the machine evaluates and melts gold items on-site, determining their purity and weight before transferring the equivalent cash—minus a small fee—directly into the user's bank account within 30 minutes. No paperwork is required. The innovation has captivated the public, with demand surging so quickly that appointments are now fully booked through May, according to How it works? The Gold ATM accepts items weighing over 3 grams and with at least 50% purity, including jewellery, coins, and bullion. Using advanced sensors and heating the gold to 1,200°C, the machine performs a real-time analysis. The final payout is based on live rates from the Shanghai Gold Exchange. In a recent demonstration, a 40-gram necklace appraised at 785 yuan per gram resulted in a payout exceeding 36,000 yuan (approx. £4,000 or Dh18,200). "The public's desire to cash out has significantly increased with the rising value of gold," said Xu Weixin of the Shanghai Gold Association. "This ATM offers a convenient and transparent alternative to traditional jewellers." International attention spiked after Turkish tech influencer Tansu Yegen posted a video of the ATM in action, calling it 'simple, fast, and powerful.' Tech analyst Advait Arora added: 'That's how China does innovation.' Social media reactions ranged from admiration to envy. 'Why can't we Americans have nice things like this?' one user asked. Another quipped, 'Perfect for India—but also a chain snatcher's delight.' Despite some scepticism about the security and accuracy of purity verification, experts say the machine marks a significant step forward in automating personal asset management. Kinghood Group has already rolled out similar machines across nearly 100 cities, with a second device planned for Shanghai. As economic uncertainty drives more people toward gold as a safe-haven asset, the demand for such machines is expected to grow. 'This is more than a machine—it's a shift in how people engage with their wealth,' said Arora. 'It blends ancient value with modern convenience.' With its mix of speed, transparency, and tech-driven convenience, China's Gold ATM is reshaping how people access the value of their gold—bringing the future of finance into the mall.
Time of India
22-04-2025
- Business
- Time of India
Gold to cash in 30 minutes? China's new machine is going viral
In a world where convenience is king, China has taken the idea of automated service to an entirely new level, and the internet can't stop talking about it. A video featuring a cutting-edge 'Gold ATM' in Shanghai has gone viral, showing a machine that can melt, test, and pay for your gold in under half an hour. Tired of too many ads? go ad free now The concept may sound futuristic, but it's already up and running. The machine has quickly attracted public attention amid soaring global . As economic uncertainty continues to push investors toward traditional safe bets like gold, the ATM's timing couldn't be more relevant, as per media sources. How the Gold ATM works Developed by the Shenzhen-based Kinghood Group , this gold-to-cash machine is now operational in Shanghai. Here's how it functions: users can deposit gold items– jewellery, coins, or bars– as long as the weight is above 3 grams and purity exceeds 50%. According to a TOI report, once inside, the machine heats the gold to approximately 1,200°C to melt it down. High-precision sensors then examine the metal's purity and weight. Based on the latest rates from the Shanghai Gold Exchange , the system calculates its value, deducts a processing fee, and transfers the remaining amount directly to the customer's bank account. The entire process is automated and completed within half an hour– no ID, no documents required, according to the report. Public interest rises with gold prices As gold continues to gain value globally, people in China are taking note– and lining up. Locals in Shanghai have been spotted queuing near the ATM, eager to turn unused ornaments or old jewellery into instant cash. Xu Weixin of the Shanghai Gold Association pointed to the growing demand, saying, 'With rising gold prices, the public's desire to cash out has significantly increased.' Tired of too many ads? go ad free now The launch comes at a time when gold is being viewed as a safer investment option. Central banks and large institutions have already ramped up their gold holdings– now, the general public is stepping in, too, with tools like this ATM making the process more accessible. Internet applauds China's innovation What really pushed this machine into the global spotlight was a viral video shared by Turkish tech influencer Tansu Yegen. The short clip demonstrating the ATM's function has gathered over 1.4 million views on the social media platform X. Reactions poured in from across the globe, with many impressed by the technology and efficiency. Tech commentator Advait Arora summed up the general sentiment with his post: 'Wow, a Gold ATM that melts your gold and sends the money straight to your bank. That's how China does innovation.' Another X user wrote, 'This isn't the future– it's happening now," capturing the general awe at how seamless and futuristic the setup feels. Others chimed in with reactions like "Gold > paper. The future is ancient,' expressing support for tangible assets in a world driven by digital finance. Blending tradition with technology While the idea of melting down gold might seem extreme at first, it's this direct approach– pairing ancient wealth with modern tech– that's driving both attention and adoption. For many, it's not just about cashing in on old jewellery, but about experiencing a new kind of financial service that's fast, reliable, and easy to use. Whether similar machines will pop up in other parts of the world remains to be seen. But in Shanghai, this gold ATM is already giving a glimpse of what the future of the gold exchange might look like– compact, efficient, and powered by innovation.
Time of India
22-04-2025
- Business
- Time of India
Watch viral video: Gold ATM in China melts gold for cash in just 30 minutes, netizens intrigued
Gold ATMs in China China has deployed an innovative gold ATM in Shanghai that processes gold items by melting them, verifying their authenticity and mass, before transferring the corresponding value to users' accounts within 30 minutes, without documentation. This advancement, created by the Shenzhen-based Kinghood Group , has gained traction at a time when global gold prices are skyrocketing. Local residents and visitors are forming queues to exchange their traditional jewellery and gold pieces for immediate payment, reports suggest. Market dynamics The increased interest coincides with gold's status as a safe haven asset during global economic uncertainty. Xu Weixin of the Shanghai Gold Association has reportedly said that "with rising gold prices, the public's desire to cash out has significantly increased." Institutional and central bank acquisitions have boosted demand, with China's gold ATMs providing efficient public access to this market. Operational details The device processes gold items above 3 grams with 50 per cent minimum purity, converting them to cash value based on current Shanghai exchange rates, deducting service charges, and transferring funds to bank accounts within 30 minutes. Specifications: Accepts: Gold jewellery, coins, or bullion (>3 grams, >50% purity) Analysis: Melting at 1,200°C with sensor-based purity testing Pricing: Based on Shanghai Gold Exchange rates Payment: Direct bank transfer minus fees Duration: 30-minute completion Netizens intrigued The ATM gained worldwide attention after Turkish tech influencer Tansu Yegen shared a video on X, which received over 1.4 million views Tech commentator Advait Arora noted, "Wow, a Gold ATM that melts your gold and sends the money straight to your bank. That's how China does innovation." The innovation sparked widespread online discussion, generating admiration and interest. Users praised its combination of traditional values with modern technology, whilst some expressed desire for similar services in their countries. "This isn't the future — it's happening now," said an X user. "Gold > paper. The future is ancient," said another social media user sharing the video of the ATM. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
