Indian jewelry retailer Gitanjali has launched the world’s first gold and diamond ATM machine, adding the gems to its offering of precious metals vending machines as it seeks to capitalize on the craze for jewelry in India.
The first ATM, inaugurated in Mumbai by two Bollywood stars, will dispense gold and silver bars, coins, and pendants with religious motifs as well as a range of diamond-studded jewelry.
"The machine is a first of its kind anywhere in the world and will further revolutionize the processes by which precious metals and jewelry is bought," Sanjeev Agarwal, CEO, Gitanjali Export Corporation said in a statement.
Customers at the ATM will be able to choose from options displayed on a touch screen. They will then be able to make payments using a credit or debit card or cash, Gitanjali, which also cuts, polishes and distributes diamonds, said.
Gitanjali plans to install more of the vending machines in premium malls, airports, and temples.
Gold bar vending machines have already opened in Europe, North America and the Emirates as part of the “gold-to-go” venture set up by German company Ex Oriente Lux.
The latest offering of gold and diamond ATMs is part of the "gold-to-go" venture.
Gitanjali says it offers gifts for occasions including Valentine’s Day, as well as choices for "a husband who forgot an anniversary or his wife’s birthday".
The ATM will give the consumer a mix of up to 36 options in different sizes, prices and designs to choose from.
The coins will be available in varying grammage, and jewelry will include heart shaped pendants and even diamond studded pendants.
The ATMs are always online and update their prices every 10 minutes.
One ATM at London’s Westfield Shopping Center offers a 2.5 grams gold bar with the London skyline engraved on the back, "a unique and classy souvenir," Gold-to-Go says.