 "Sell jewellery in 30 minutes: How China’s new gold ATM turns yellow metal into cash")
Gold prices are hitting record levels across the world.
While people in many countries turn to traditional gold lenders when they need to sell, a different approach has taken shape in China.
A system has been set up in China that not only lets people use their gold but also earn money from it.
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A shopping mall in Shanghai now has an ATM that lets users trade in their gold jewellery and receive payment in under half an hour.
No paperwork is required to use the machine. So, how exactly does it function?
Here’s a look at how the machine works and what the public thinks of it.
Convert gold to cash: How China’s ‘gold ATM’ works
Inside one of Shanghai’s busiest shopping centres, a vending-machine-sized device is attracting endless crowds.
Developed by China’s Kinghood Group, the smart gold ATM is designed to examine, melt, and weigh gold jewellery, assess its purity, and deposit the money straight into the seller’s bank account.
The machine accepts gold items that weigh more than three grams and are at least 50 per cent pure.
🇨🇳 China unveils world's first Gold ATM that melts, tests, and converts gold into instant bank transfers. pic.twitter.com/xgBZPvdQtP
— BRICS News (@BRICSinfo) April 21, 2025
According to reports, rising gold prices have encouraged many locals to queue up and trade in family gold, including inherited pieces.
Impact Shorts
More ShortsTo manage the rush, staff members remain on hand to assist, walking users through each step as curious bystanders watch the jewellery disappear into the machine’s tray, Chinese state-owned online magazine Sixth Tone reported.
Installed on the second floor of Global Harbor mall, the machine provides a fast and automated alternative to jewellery shops. It offers real-time purity checks, live pricing, and quick bank transfers, cutting out the back-and-forth often seen in jewellery shops.
It all starts with weighing the item. The machine assesses the weight and purity, calculates the value, and deducts a service fee.
To verify the result, the machine then melts the gold. This step helps confirm the precise purity of the item.
The process takes around 20 minutes and is displayed in real time on a screen above the tray.
Once the analysis is complete, users enter their bank details, confirm them with support staff, and finalise the transaction, according to Sixth Tone.
Over the past week, the ATM has seen huge queues from 10 a.m. to 10 p.m., handling roughly 30 transactions daily. On busier evenings, staff members stayed past midnight and helped customers through staff-only corridors after the mall closed.
Le Chunxiang, a staff member, told Sixth Tone that about 70 per cent of users are local women aged between 50 and 70.
“They usually visit during the day, bringing in older-style gold jewellery to exchange for money,” she told the magazine. She added that many are also curious to try the free, non-destructive purity test the machine offers.
In one demo, a 40-gram gold necklace fetched 785 yuan per gram, approximately Rs 9,200, resulting in a payout of over 36,000 yuan, or around Rs 4.2 lakh, all within half an hour.
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How people are reacting to the system
Zhang Yewan, a man in his thirties, told Sixth Tone, “Shops often advertise ‘high-price buyback schemes,’ but the actual pricing is vague, and I don’t fully trust the valuation.”
“With a machine, at least the process is standardised and transparent. Even if the price difference isn’t huge, I’d rather rely on the technology.”
In comparison, most jewellery retailers offer a fixed internal rate for buybacks. For many customers, the ATM’s live pricing and flat service charges are seen as key advantages.
Similar machines have already been installed in about 100 cities across China, including in shopping centres, office buildings and bank branches, the magazine said in the report.
In Shanghai, a second unit is expected to be operational soon, suggesting that demand continues to rise.
Social media users react
One user on X posted, “This will destroy dollar. The world finance is going back to gold standard.”
Another wrote, “Innovative and convenient - China is truly pushing the boundaries of tech!”
A third person commented, “Well well well, China is getting ready to destroy America, buy gold since you can.”
In recent months, global gold prices have surged, leading to increased interest in both investment and resale, including in India, one of the world’s biggest gold markets.
On Tuesday, gold prices in India crossed the Rs 1 lakh mark per 10 grammes for the first time, due to a rally in global prices following US President Donald Trump’s announcement to reform the Federal Reserve.
In international markets, gold rates also exceeded $3,400 per troy ounce for the first time.
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