HONG KONG, Sept. 24, 2024 — In a groundbreaking move to promote sustainable practices within the gold industry, KINGHOOD, a Fortune China 500 company, has unveiled its international version of the Smart Gold Store at the prestigious Jewellery & Gem World (JGW) Hong Kong, which took place from September 18 to 22, 2024. Positioned prominently in the International Premier Pavilion, KINGHOOD showcased innovative gold recycling terminals that resemble ATMs, providing both local residents and international visitors a streamlined, eco-friendly option for buying and recycling gold jewelry.

This year’s JGW attracted an impressive turnout, featuring over 3,300 exhibitors and nearly 54,000 buyers from 142 nations, underscoring its significance as a premier venue for jewelry trade. The event's dual-venue format at both the AsiaWorld-Expo and the Hong Kong Convention and Exhibition Centre was a testament to its vast reach and influence within the industry.

A Sustainable Future for Gold: Innovations at JGW

A highlight of the event was the Jewelry World Awards (JWA), which recognizes outstanding contributions to sustainability within the jewelry sector. KINGHOOD's commitment to environmental protection earned it the 2024 JWA Sustainability Award in Manufacturing Innovation for its groundbreaking recycling methods. Wang Wei, Operations Director of KINGHOOD Smart Gold Store, represented the company and shared insights during the "Sustainability Heroes Panel Series," where industry leaders discussed critical topics like resource management and sustainable practices.

The alarming statistics surrounding gold mining highlight the urgency of sustainable solutions: the average gold ore grade globally hovers around 1 gram per ton, necessitating the extraction of nearly 3 billion tons of gold ore annually for our current mining volume of 3,000 tons, according to the United Nations Environment Programme (UNEP). Moreover, about 70 countries still utilize outdated, mercury-based mining techniques that severely impact our environment.

Kingdom's latest technology aims to mitigate this impact by promoting the recycling of gold previously in circulation. With about 17,000 tons of gold lying dormant within Chinese households alone, KINGHOOD is paving the way for increased recycling activity, setting a goal to elevate the proportion of recycled gold in the Chinese market to 5%, targeting a market value of RMB 200 billion.

Smart Gold Store: A Seamless and Sustainable Shopping Experience

KINGHOOD's Smart Gold Store’s international version features state-of-the-art technology designed for user convenience. Its high-precision terminals can seamlessly switch measurement units and support mobile registrations across more than 200 countries, facilitating transactions in various currencies, including USD, GBP, and EUR. The terminals are also interconnected to live global gold prices, providing an up-to-date buying and selling experience for users.

This innovative approach has not gone unnoticed. Numerous merchants from regions like Singapore, Morocco, and India have shown interest in adopting KINGHOOD’s Smart Gold Store solutions. As this technology expands into different markets, it is set to reshape how consumers engage with gold, enabling them to easily recycle and purchase gold as if they were using a traditional ATM.

Meeting the Demands of Modern Consumers

As consumer behaviors evolve, there’s a notable shift towards investing in physical gold, especially among younger demographics who seek personalized and customized products. In recent data, gold bar and coin consumption surged by over 46% in China during the first half of 2024. To respond to such demands, KINGHOOD is incorporating AI and big data analytics into its services to provide customizable solutions that resonate with modern consumers.

This ambitious endeavor has already seen KINGHOOD establish smart gold stores in nearly 40 key cities across China, creating additional touchpoints for consumers looking to engage with gold products in convenient locations such as banks and shopping malls.

Looking Ahead

In summary, KINGHOOD's Smart Gold Store is not just an innovation in gold purchasing; it's a transformative step toward a sustainable future for the jewelry industry. With a commitment to environmental responsibility and technological advancement, KINGHOOD is setting new standards for gold recycling and consumption, showcasing how the industry can evolve into a greener and more consumer-friendly space.

In a world grappling with the consequences of climate change and resource depletion, KINGHOOD's initiatives symbolize a proactive approach to ensure the jewelry industry's sustainability while catering to our evolving consumer needs.