Geum Exchange Launches 'Geumbang Geumbang' for Untact Gold Ring Appraisal in 30 Seconds

Korea Gold Exchange Digital Asset, Following the Gold Trading Platform 'Sengold' Service
After appraising gold prices through photos, sales are possible according to market prices
Announcing a 'Jewelry Investment' service where precious metals can be traded

[Asia Economy Reporter Lim Jeong-su] ITCEN Group affiliate Korea Gold Exchange Digital Asset Co., Ltd. announced on the 4th that it will start the non-face-to-face gold and silver shop application (APP) 'Geumbang Geumbang,' which can appraise the price of gold rings, gold necklaces, and more in just 30 seconds, from this day.

Korea Gold Exchange Digital Asset made waves in the market with 'Sengold,' a small-amount lifestyle investment service that allows investment in gold, silver, and more through a mobile app. Geumbang Geumbang is an app service that enables consumers to easily appraise the price of all types of gold products, such as baby rings, broken rings, and unique earrings, with just a few touches, and sell them according to real-time gold prices.

According to Korea Gold Exchange, as gold prices have been rapidly rising daily due to the recent resurgence of COVID-19 and global economic uncertainties, there has been a steady flow of people trying to check prices to sell baby rings and other items kept at home. A Korea Gold Exchange official said, "The volume of rings, necklaces, and other items sold by individuals in June alone increased by more than 50% compared to the same period last year," and predicted, "If gold prices rise further, the transaction volume will increase even more."

Kim Jong-in, CEO of Korea Gold Exchange Digital Asset, said, "Most consumers who have experience selling gold products at gold shops think they did not receive appropriate price appraisals," analyzing, "This is because the asymmetry of information about precious metal transactions is large, forming a supplier-centered market rather than one centered on general consumers." He added, "To solve various difficulties such as disappointment due to prices lower than expected, the hassle of visiting 2-3 stores for price comparison, and the psychological inhibition consumers feel, we considered service innovation from the customer's perspective and launched Geumbang Geumbang."

Geumbang Geumbang plans to open a 'Jewelry Investment' service that allows consumers to exchange their gold products for digital gold, expecting value appreciation effects according to changes in gold prices. In particular, a service utilizing artificial intelligence (AI) technology and jewelry big data will be launched to identify the product type, purity (24K, 18K, 14K), and weight from just one photo of the jewelry product for price appraisal.

CEO Kim said, "Like the small-amount lifestyle investment service 'Sengold,' we plan to continuously advance the 'Geumbang Geumbang' service so that even a single real ring can be evaluated as an asset and its value recognized," adding, "Consumers can conveniently appraise prices anytime, anywhere in 30 seconds, providing a convenient customer experience."

This content was produced with the assistance of AI translation services.