Gold Trade-In ATMs Open in China

By Rob Bates | April 22, 2025

ATMs that allow consumers to trade in their gold jewelry are opening in China, and they’ve met with an enthusiastic reception, reports say.

To use the gold recycling ATMs—which are operated by Kinghood Group, a Chinese jewelry company—a person puts their jewelry into the machine’s tray. The jewelry must have a minimum of three grams of gold and 50% purity.

The machine melts the jewelry at 1,200 degrees Celsius, weighs it, checks it for purity, and calculates a price. If the user gives the okay, payment is then sent to their bank account, minus a service fee.

“The system evaluates the gold purity, weight, and price within three minutes, and completes the melting inspection and fund transfer process in just 30 minutes,” Xiao Yingjie, brand general manager of Shenzhen-based Kinghood, explained in a story on China Daily.

Kinghood debuted the machine at Jewellery & Gem World Hong Kong last September, and has now rolled out the device in cities across China. The first ATM in Shanghai, which opened in a local mall, has attracted the most notice, drawing crowds and international media attention.

“How popular is the gold recycling ATM business in Shanghai?” asked China Times in a report published this week. “A reporter from China Times saw that the number of reservations had been raised to 52 on the afternoon of the 17th. The staff on site said that it was necessary to make an appointment in advance to handle related business. Since the ATM was put into use, it has never stopped from 9 a.m. to 9 p.m., and citizens have been ‘feeding’ gold almost all day long.”

On Monday, the price of gold hit $3,400 per ounce for the first time ever. At press time on Tuesday, the yellow metal’s spot price was $3,385 an ounce.

Kinghood Group did not respond to JCK’s request for comment by publication time.