News

Cash-for-gold kiosk puts a high-tech spin on selling jewelry

March 4, 2014

The cash-for-gold industry could finally shed its shady pawn shop persona with the help of self-service kiosk technology. A company named Goldstur recently released what it calls the "world's first and only fully automated solution turning precious metals into cash."

The Goldstur kiosk uses patented algorithms to analyze and appraise a customer's items, according to a company press release. The kiosk detects an item's chemical makeup down to a micron, as well as its weight, mass and the commodity's pricing at the time of the transaction.

Upon receiving the appraisal, consumers have the choice to receive a cash voucher, gift card or have the funds deposited into a PayPal account. If a consumer declines the trade, they still pay a $2 appraisal fee.

Jay Franks, the VP of sales and marketing for Goldstur, used the infamous Redbox analogy to predict the Goldstur kiosk's disruptive nature and its staying power in the industry.

"We envision Goldstur doing away with mail-in cash for gold providers and 'mom and pop' stand-alone shops," Franks said. "Goldstur is providing consumers with new currency that has never been available before, and in turn, provides retailers with natural traffic to their stores that requires no in-store labor or cost of ownership. Our kiosk conveys professionalism, trust, and security with cutting edge technology that is 100 percent patent protected; we are streamlining what is currently a fragmented industry."

Check out the video below for a look at the kiosk: