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China’s gold ATM has grabbed the eye of the Chairman of RPG Group, Harsh Goenka, who has praised the concept that however identified that conventional gold lenders in India might wish to undertake a brand new marketing strategy if this style is presented within the nation.
The Shanghai-based gold ATM melts gold, exams its purity and weight, after which deposits the identical quantity without delay to the vendor’s checking account inside of 30 mins.
In a publish on X, Goenka described how those ATMs function and wrote, “Gold ATM in Shanghai: Drop your jewellery, it checks purity, melts it, calculates value, and credits your account instantly.”
Goenka described those ATMs as clear and exploitation-free, however added that this era may just pose a possibility to gold lenders in India. “If this comes to India, traditional gold lenders might need a new business model. Transparency in. Exploitation out,” Goenka remarked.
Gold ATM in Shanghai: Drop your jewelry, it exams purity, melts it, calculates worth, and credit your account right away.
If this involves India, conventional gold lenders may want a new trade style.
Transparency in. Exploitation out. pic.twitter.com/KgjI7nxCP9
— Harsh Goenka (@hvgoenka) April 21, 2025
Netizens response on Goenka’s publish
Several social media customers have reacted to his publish, elevating considerations in regards to the transparency of those ATMs.
“If India were to allow it, no one would wear jewellery in the streets, and chain snatching would be at an alarmingly high rate! Unlike China, we don’t have good law and order in our cities—sad but true!” commented one consumer.
“Very few will put their gold ornaments into a shredder without an initial quote. Gold loan or sale transactions need a personal touch. It won’t work like this even if it appears highly efficient on paper,” stated every other consumer.
“Sounds like a Chinese rip-off,” added every other.
Gold ATMs in Shanghai
The gold ATMs were manufactured via Shenzhen-based Kinghood Group. The ATMs are put in on the Global Harbor buying groceries mall in Shanghai, China. The instrument scans, weighs, melts, and checks the purity of the gold merchandise. These ATMs soften gold at 1,200 levels Celsius. Once the analysis is entire, the identical money quantity is transferred without delay to the consumer’s checking account inside of 30 mins. No forms or ID is wanted for the paintings. The ATM accepts gold items that weigh greater than 3 grams with a minimum of 50% purity.
