SHENZHEN-BASED Kinghood Group has rolled out automated gold exchange machines in its home city, the China Daily reported. These machines can accept items made of gold and reimburse the client within 30 minutes after automatically evaluating the purity and weight of the items. Anything weighing between 3 grams and 1 kilogram are accepted, including gold bars, jewelry and K-gold, irrespective of brand or make. “The system helps people cash on their gold jewelries or other items in an efficient manner,” said company official Xiao Yingjie, as quoted by the China Daily. Following the machine’s launch in June, Kinghood debuted a new global version at the 2024 China Gold Congress and Expo in Shanghai, a top event for the sector, over the weekend. “It follows the local gold prices and works with third-party payment platforms to facilitate settlements in all major global currencies,” Xiao added. So far, these gold “ATMs” have been launched in several Chinese cities, including Shenzhen, Hangzhou in Zhejiang Province, and the Hong Kong and Macao special administrative regions. According to data released at the expo, China’s gold production rose 0.58% year-on-year to some 180 tons in the first half of this year. However, gold consumption across the nation dropped by 5.61% year-on-year to some 523.8 tons, with gold jewelry consumption down 26.7%, even as sales of gold bars and coins surged 46%. Quite a few Chinese netizens praised the gold “ATMs” for their efficiency, yet some complained about the service fee — 18 yuan per gram and higher than those charged at regular gold outlets. (SD-Agencies) | 