China-based gold jewellery company Shenzhen Kinghood Group Co Ltd is expanding its retail footprint with the opening of its unique smart gold stores in Foshan, Shenzhen, Meizhou and Guangzhou, among other destinations.

Kinghood, which has been actively expanding its B2C business through its innovative retail strategies, supports gold jewellery consumption, recycling and customisation.

Unlike a traditional gold jewellery shop that focuses on selling products, Kinghood’s smart gold store offers customers a one-stop experience that lets them sell gold, purchase various kinds of gold jewellery and gifts, and enjoy customisation services.

The smart shop offers a 24-hour self-service area, which features the "Intelligent Gold Recycling Self-Service Machine" and the "Gold Jewellery Purchase Self-Service Machine,” which enable customers to conveniently buy and sell gold. The machines function like ATMs.

The Gold Recycle Smart Terminal, a first in the industry, leverages artificial intelligence technology such as big data and machine learning to automate the entire gold recycling process from item identification to weight measurement, testing, valuation, gold melting and placing orders. 

Customers, meanwhile, can use the Gold and Jewelry Vending Machine to buy small-gram products like gold bars and gold beans.

Vincent Wong, chairman of Shenzhen Kinghood Group Co Ltd, said, “The new smart retail approach enables customers to trade gold in a safer, more transparent and secure manner. This approach resonates particularly well with young consumers, I believe it will be a significant driver of business growth.”

Wong told JNA that awareness and acceptance of gold jewellery among younger consumers are steadily increasing. “They are keen on fashion and personalisation, showing solid interest in gold jewellery with innovative designs and unique styles, including Zodiac or IP (intellectual property) products,” he added. 

Additionally, younger consumers favour both cultural and creative products as well as gold investment items. Products weighing less than 10 grams and cost less than RMB2,000 (about US$281.7) is expected to contribute the most to gold jewellery retail sales in 2024.

He also cited a growing demand among consumers, particularly those born after the 1990s, for value preservation. Wong said, “They view gold jewellery not only as a dazzling and exquisite accessory but also as a means of preserving wealth. This fulfils their desire for value preservation as well as their pursuit of beauty."