In 2015, U.S sales of gold and silver jewelry were 78.8 Billion dollars. Pawnshops alone accounted for 9.6 Billion dollars (50% of all sales). However, may are reluctant to sell their old watch or jewelry for fear of not receiving a reasonable offer for their items, unless absolutely necessary.
The GoldCube is in a unique position to capture this untapped audience and a significant market share of those who are looking to recycle their unwanted jewelry or coin for instant cash.
The Company believes the deployment of the GoldCube ATM kiosks will have a competitive advantage over pawnshops and jewelers in the buying of jewelry, coin and precious metals because of:
- lower company overhead (no storefront)
- lower personnel costs (minimal payroll)
- fewer assay calculation errors
- elimination of employee theft