RPG Group Chairman Harsh Goenka praised the concept of Gold ATM introduced in Shanghai, China, a non-traditional method in which people can sell gold immediately without involving gold lenders.
In an article on X, Goenka highlights how these ATMs work, writing: “Give up your jewelry, check purity, melt it, calculate value and credit your account right away.”
He called the ATMs transparent and unexploited, further noting that the technology could threaten India’s gold lenders.
“If this is in India, traditional gold lenders may need a new business model. Transparent. Development,” Ghoenka said.
Gold ATM is an automated kiosk that allows customers to buy small gold bars, coins or other gold-enabled support products immediately.
Netizen reaction
Several social media users responded to his post, most questioning the transparency of these ATMs and reflecting on why they don’t work in India.
“If India was to allow it, no one would wear jewelry on the streets, and the speed of snatching the chain would be shocking! Unlike China, we don’t have good laws and order in the city, but real!” User commented.
Another user is sad: “Very few people will put their gold ornaments into a shredder without an initial offer. Gold loans or sales transactions require personal style. Even if they look taller on paper, it doesn’t work properly.”
One of the users said: “When a machine does this, we firmly believe it is transparent. The question is whether the melted purity value and weight are measured correctly! Another area that may be very relevant to our country is a machine that simply picks up the jewelry, checks its purity without melting it without having to pay a loan and enjoys 80% of its value in its value! Success here!
“It sounds like a Chinese scam,” another person added.
Another user said: “Indians are reluctant to sell their gold. They are happy with the mortgage so that they can take it back later. Therefore, the traditional gold loan model will continue to flourish.”
Shanghai’s Jin Auto Atm
Gold ATM is manufactured by Kinghood Group in Shenzhen. They have been launched in nearly 100 cities in China and are being released on high gold prices, according to a report by China’s state-owned publication Sixth Tone. These ATMs melt 1,200 degrees Celsius gold, offering real-time purity checks, real-time pricing and instant credit capabilities, which are possible alternatives to traditional gold stores.
