As the global value of gold climbs and you wonder what to do with the loot in your jewelry box, wonder no more — just take it to the ATM on the corner.

Shanghai recently launched an ATM that lets people sell their gold for cash within 30 minutes. The machine can weigh your jewelry, coins or bullion — the accepted currencies — and convert it to cash based on real-time Shanghai exchange rates.

The machine, at Global Harbor shopping mall, is part of Shenzhen Kinghood Group, globally known for its Smart Gold Stores, and is based on the same concept.

The company in 2019 rolled out the first prototype of its Smart Gold Store, packed with high-tech features like precision electronic scales that work with international measurement units and a universal detector that’s accurate to 0.01 percent.

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If you’re in Shanghai and have, say, a gold bracelet to sell, your experience might look something like this:

• Follow the touchscreen instructions and place your bracelet into the deposit tray. The bracelet weighs in on the high-precision scale at 15 grams, and the purity is measured at 91.6 percent (confirmed using the universal detector).
• You confirm you are happy to proceed with the transaction.
• The ATM melts your bracelet at approximately 1,200 degrees Celsius, allowing for more accurate purity verification valuation.
• The machine checks the real-time market price and, based on pure 25 karat gold price of 458 yuan per gram and a commission deduction of 3 percent, you will receive 6,663.90 yuan or U.S. $932.95. This will be transferred to your linked account within 30 minutes.

By September 2024, Kinghood had rolled the machines out in 40 cities across China. While it does not have machines outside China, the company says it intends to expand internationally.

In the interim, the company in July 2024 introduced its international version of the Smart Gold Store at the Jewelry and Gem World Hong Kong event with all of the bells and whistles of the current model plus advanced hardware that is compatible with major global measurement units. It supports mobile phone registration in over 200 countries, multi-currency and real-time live-market pricing from global trading platforms.

“The introduction of smart gold ATMs primarily serves a recycling function from a business perspective,” says Xu Weixin, a member of the Shanghai Gold Association. “This reflects the fact that, with rising gold prices, the value of gold held by the public has increased significantly, leading to a stronger desire to cash out. There is still strong upward momentum for gold, mainly driven by central banks and institutional investors accelerating their gold purchases.”

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