China launched its first "gold recycling ATM," a high-tech innovative machine that allows users to exchange their gold jewellery for instant cash in a matter of minutes. Located at the Global Harbor shopping mall in Shanghai, the machine, developed by the Kinghood Group, has quickly gained popularity, especially among older customers.
The smart ATM operates by scanning, weighing, melting and testing the purity of gold items. Once the evaluation is complete, the equivalent cash amount is transferred directly to the user’s bank account. To ensure accuracy and security, the machine only accepts items that weigh more than three grams and have a minimum gold purity of 50%.
According to China Times, appointments are already booked through the May holidays. A customer, named, Aunt Wang, showcased the machine’s process by recycling a 40-gram necklace. At a recycling rate of 785 yuan per gram (approximately Rs 9,170), she received 36,000 yuan (around Rs 4.2 lakh) in less than half an hour. The machine swiftly evaluated and melted the jewellery, calculated its worth,= and deposited the money directly into her bank account.
A video of the same has been doing rounds on the internet. It was shared by a user named Tansu Yegen on X (formerly Twitter). The video has garnered more than 1.4 million views. Several users also took to the comments section to share their reactions.
One of the users wrote, "Cool idea, but I’d love to know how they verify purity before crediting the amount. Not all that glitters is 24K." Another comment read, "Wow, a Gold ATM that melts your gold & sends the money straight to your bank. That’s how China does innovation: simple, fast, and powerful & yes finding new ways to mix old wealth with modern tech !"
The video was also shared by business tycoon Harsh Goenka. His caption read, "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."
One of the comments read, "A gold ATM in Shanghai, China? That's next-level tech! It melts gold and directly transfers its value to your bank account. Now that’s some futuristic banking!"