China's gold ATM in Shanghai turns heads with instant jewelry-to-cash conversion

A gold ATM installed at a mall in Shanghai, China, has captured global attention for its innovative technology that offers instant cash in exchange for gold jewelry. The machine melts the gold, calculates its market value, and transfers the equivalent amount directly to the user's bank account, all within just 30 minutes.

The concept has gone viral amid surging global gold prices, prompting many people to capitalise on the increased value of their jewelry.

What sets this ATM apart is its speed, transparency, and convenience. The entire process is paperless, quick, and based on live market rates, making it both user-friendly and efficient.

Developed by Shenzhen-based Kinghood Group, the gold ATM is being hailed as a breakthrough in the financial automation of precious metals. 

As gold prices soar, many owners of gold jewelry are seizing the opportunity to sell at a profit. 

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For example, a 40-gram necklace valued at 785 yuan (approximately Rs108,078) per gram could yield over 36,000 yuan (around Rs1.38 million) in profit.

Here's how the process works:

Users must insert at least 3 grams of gold with a minimum purity of 50%. The machine melts the gold at 1,200°C.

 It then calculates the value using live exchange rates from the Shanghai market. A small service fee is deducted, and the remaining amount is instantly transferred to the user’s bank account.  The entire procedure takes only 30 minutes.

According to the Shanghai Gold Association, there has been a noticeable surge in public interest in cashing out gold amid the rising market. 

The association also noted that increased purchases by central banks and financial institutions have contributed to the growing demand and higher prices.

With the success of this machine, another gold ATM is now being installed in Shanghai, adding to Kinghood Group’s smart ATM network, which already spans over 100 cities across China.

The gold ATM went viral after Turkish tech influencer Tansu Yegen shared a video on X. 

This groundbreaking technology may pave the way for smarter asset management, offering a digital, hassle-free alternative to traditional jewelry stores for converting gold into cash.