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The Gold ATM works by analysing, weighing, melting and assessing the purity of gold items.
The smart ATM is reportedly developed by Kinghood Group. (Photo Credits: X)
China has introduced its first-ever “gold recycling ATM,” offering a fast and tech-savvy way for people to trade in their gold jewellery for instant cash. Installed at the Global Harbor shopping mall in Shanghai, the smart machine, developed by Kinghood Group, has already become a hit, particularly among older citizens. The machine works by scanning, weighing, melting and testing the purity of the gold item. Once the evaluation is complete, the equivalent cash amount is transferred directly to the user’s bank account. The ATM accepts gold pieces over three grams in weight with at least 50% purity.
Due to the rising price of gold, the demand for the machine has skyrocketed. According to China Times, appointments are fully booked through the upcoming May holidays.
One customer, known as Aunt Wang, demonstrated the machine’s process by trading a 40-gram necklace. At the recycling rate of 785 yuan per gram (around Rs 9,170), she received 36,000 yuan (approximately Rs 4.2 lakh) in under 30 minutes. The machine quickly assessed and melted the jewellery, displayed its value and sent the money straight to her account.
With videos of the machine going viral, many are praising the innovation for its speed and convenience. Others, however, have expressed caution, raising concerns about the reliability and transparency of such technology.
The videos of the ATM were widely circulated on social media which sparked interest among users. Business tycoon Harsh Goenka was among those who praised the gold ATM concept.
In a post on X (formerly Twitter), he wrote, “Drop your jewellery, it checks purity, melts it, calculates the value and credits your account instantly.”
“If this comes to India, traditional gold lenders might need a new business model. Transparency in. Exploitation out,” he 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. pic.twitter.com/KgjI7nxCP9
— Harsh Goenka (@hvgoenka) April 21, 2025
Some social media users also shared their varied opinions with one user writing, “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!”
“Wow this is amazing technology!” another shared.
A person expressed scepticism, saying, “I do not trust this kind of machine as there may be a high chance of manipulation in that machine.”
Gold prices in India have reached a historic high. On Tuesday, April 22, the price of 24-carat gold hit Rs 1 lakh per 10 grams in Mumbai, while 22-carat gold closely followed at Rs 91,600.
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