HONG KONG, Sept. 24, 2024 /PRNewswire/ -- From September 18 to 22, KINGHOOD, a company ranked among Fortune China 500, participated in the renowned international jewelry trade show, Jewellery & Gem World (JGW) Hong Kong. At the event, KINGHOOD's international version of Smart Gold Store was unveiled in Hong Kong for the first time. KINGHOOD set its booth in the International Premier Pavilion (IPP), showcasing its self-developed smart gold recycling terminal and the self-service gold jewelry purchasing terminal. The terminals have offered professional international attendees and Hong Kong citizens an eco-friendly and intelligent gold purchasing experience akin to using an ATM.
As a premier procurement event in the jewelry industry, JGW adopts an innovative format of "one show in two venues", with AsiaWorld-Expo and Hong Kong Convention and Exhibition Centre running concurrently. The event attracted over 3,300 exhibitors and nearly 54,000 buyers from 142 countries and regions, making it a key platform for expanding business networks and establishing partnerships in the jewelry sector.
Promoting Global Gold Recycling and Practicing Sustainable Development
JWA, one of the highlights of the event, is one of the most prestigious awards programs in the jewelry and gemstone industry. With sustainability as its theme, this year's JWA recognizes jewelry and gemstone enterprises that have successfully advanced environmental protection, equal opportunities, inclusiveness, and innovation in their businesses over the past three years. In August, KINGHOOD Smart Gold Store won the 2024 JWA Sustainability Award's "Manufacturing Innovation Award" for its efforts in promoting resource recycling and reducing pollution and energy consumption in the gold recycling process. Wang Wei, Operations Director of KINGHOOD Smart Gold Store, attended the awards ceremony on behalf of the company and was invited to speak at the JGW event's "Sustainability Heroes Panel Series | From Source to Showcase: Inspiring Change in the Jewelry Industry." Representatives from leading international jewelry companies such as Chow Tai Fook, Smiling Rocks, and Fine Jewellery discussed sustainable development in the industry together, covering topics such as source development, manufacturing innovation, market innovation, environmental management, and community engagement.
According to reports, the average gold ore grade worldwide is about 1 gram per ton, and the annual gold mining volume of 3,000 tons consumes nearly 3 billion tons of gold ore each year. According to the United Nations Environment Programme (UNEP), approximately 70 countries worldwide still use outdated gold extraction methods based on mercury in small-scale gold mining, releasing harmful gases that directly affect the atmosphere. Recycling privately held gold can reduce the reliance on mining resources and environmental pollution, making it a crucial part of the industry's sustainable development.
Taking the Chinese market as an example, China has ranked first in global gold consumption for 11 consecutive years. It is estimated that approximately 17,000 tons of gold are currently dormant among the Chinese public, with recent recovery volumes accounting for approximately 2%-3% of the stock annually. "KINGHOOD's smart gold recycling terminal has enhanced the convenience for consumers to recycle gold and addressed the challenge of rapidly expanding recycling channels, allowing gold products to be more widely reintegrated into the economic cycle. This has, in turn, increased the volume of recycled gold resources and strongly promoted the circulation of stock gold, contributing to the industry's sustainable development.
Based on KINGHOOD's operational data in recent years, the company's digital intelligent recycling is expected to further promote the circulation of recycled gold products. Together with industry peers, it aims to raise the proportion of recycled gold in the Chinese market to 5%, reaching a market value of RMB 200 billion," Wang Wei explained at the panel.
Furthermore, KINGHOOD Smart Gold Store has reduced the environmental impact of gold recycling in its operation. Since 2021, the smart store has saved approximately 6,000 bottles of liquefied gas and reduced harmful gas emissions by about 7,500 cubic meters through clean energy smelting technology. The full implementation of electronic processes has saved around 1.2 million sheets of paper. Moreover, transparent and efficient equipment promotes gold circulation and liquidity, while standardized mechanisms ensure that gold is returned to state control, safeguarding the rational and sustainable development of the industry.
International Version of Gold ATM Makes Its Debut in Hong Kong, Accelerating the Expansion into Overseas Markets
On this year's JGW, KINGHOOD's international version of Smart Gold Store was unveiled in Hong Kong for the first time. KINGHOOD showcased its self-developed smart gold recycling terminal and the self-service gold jewelry purchasing terminal, offering professional international attendees and Hong Kong citizens an eco-friendly and intelligent gold purchasing experience akin to using an ATM.
The international version of KINGHOOD Smart Gold Store is equipped with hardware that includes a precision electronic scale capable of switching between major global measurement units and a detector with international compatibility, offering accuracy of up to 0.01%. The system also supports account registration with mobile numbers from over 200 countries worldwide, as well as global payment in multiple currencies, including major currencies such as USD, GBP, EUR, and JPY, in over 100 countries. Additionally, it connects to the international spot market gold prices and can provide tailored software and hardware development based on the language, common measurement units, and legal regulations of different countries and regions.
With stunning innovations such as self-service buying and selling, safety and transparency, and rapid replicability, KINGHOOD's international version of Smart Gold Store has received recognition from numerous gold and jewelry merchants from countries like Singapore, Morocco, and India at this year's JGW. It is expected that KINGHOOD Smart Gold Store will establish a presence in more countries, allowing global consumers to experience leading smart gold services. In July, KINGHOOD Smart Gold Store was showcased at China Gold Congress, attracting inquiries for technical support and collaboration opportunities from representatives of over ten countries.
Technologically, KINGHOOD Smart Gold Store will continue to iterate its international version, developing universal payment interfaces and local gold price interfaces to quickly adapt to various countries and regions and establish operations. Additionally, it plans to build a learning-based AI customer service system to assist customers in seamlessly conducting gold transactions, and continuously enhance the user experience.
Reshaping Gold Circulation and Innovating Growth Points in the Industry
Currently, China's gold and jewelry market has entered a new era of structural transformation. An increasing number of consumers are paying attention to the financial attributes of gold, leading to a surge in demand for physical gold investments and gold coin purchases. Data shows that in the first half of 2024, consumption of gold bars and coins in China grew by 46.02%, while gold repurchase increased by 35.04%. Additionally, there is a clear trend towards younger, fashionable gold and jewelry consumption with a focus on personalized customization. In response, KINGHOOD has leveraged artificial intelligence, the Internet of Things, and big data to launch one-stop gold trading terminals and personalized customization software, aiming to meet consumers' diverse needs.
KINGHOOD Smart Gold Store has successfully overcome the technological challenges of intelligent detection for small gold weights and multiple jewelry items, achieving standardized and transparent recycling. The equipment is quickly integrated into various scenarios, such as banks and shopping malls, expanding recycling channels and enhancing the volume and reuse of gold. In addition to gold recycling, Smart Gold Store offers a self-service purchase terminal for gold gifts. Users can also enjoy personalized gold customization through the C2M digital online customization platform, allowing them to set product styles, preview 3D models, receive real-time quotes, and complete their orders. This digital technology has opened up new avenues for the recycling and customization markets, reshaping the landscape of gold recycling, purchasing, and customization while creating innovative growth points for the industry.
As of September, KINGHOOD has established smart gold stores in nearly 40 key cities across China, including Beijing, Shenzhen, Macau, Hangzhou, Xiamen, and Urumqi. The stores are located in various channels such as banks, supermarkets, and retail shops, providing a convenient and rich gold consumption experience for more consumers.
About KINGHOOD
Founded in 2006 and headquartered in Shenzhen, KINGHOOD Group has deeply integrated into the gold and jewelry industry chain. It has evolved into a one-stop comprehensive precious metals service provider, integrating cultural R&D, smart manufacturing, custom personalization, smart retail, gold recycling, gold refining and warehousing logistics services. It was listed in 2024 Fortune China 500; it has been recognized as both one of China's Top 500 Enterprises and one of China's Top 500 Private Enterprises for six consecutive years. Its subsidiaries have earned titles such as National High-Tech Enterprise and Specialized and Sophisticated New Enterprise.
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SOURCE ShenZhen KINGHOOD Group Co., Ltd.