Chinese firm Kinghood Group has introduced a ‘gold recycling ATM’ in Shanghai, the latest city to experience its retail innovation. Consumers are said to be clamouring to turn jewellery into cash amid surging gold prices.
The Shenzhen-based jeweller says the automated machine is an add-on to its Smart Gold Store concept, which it launched in 2019. The terminal accepts gold items of over 3 grams with a purity of at least 50%. It is described as a fast, transparent recycling method: users deposit their items, which are then weighed, melted and analysed for material value.
A large crowd gathered at Shanghai’s Global Harbor shopping mall to try out the new system. They saw how a 40-gram gold necklace was appraised at 785 yuan (EUR 95) per gram, resulting in a payout of over 31 000 yuan (EUR 3 745) within 30 minutes.
The recycling process includes identity verification, melting at temperatures exceeding 1 000°C and a gold purity check. After paying a fee of 18 yuan, consumers receive the funds in their bank account.
Kinghood emphasises that the terminal integrates purchasing, customisation and recycling services into a single user-friendly platform. High-precision electronic scales compatible with major global measurement units and a universal metal detector have an accuracy to 0.01%.
Following the launch of ATM hubs in Beijing, Guangzhou, Shenzhen and Hong Kong, Kinghood plans to install another 100 gold machines across Shanghai.
As a next step, the jeweller wants to create an international Smart Gold Store with universal payment and local gold price interfaces to adapt to various countries and regions.
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