Diamond-dispensing ATM launched in India

GOLD ATM vending machines have been popping up all over the world this year.
So rather than follow the trend, Mumbai though it would lead the pack and become the first city in the world to launch a diamond-dispensing machine.

The Gitanjali Group, which claims to be the world’s biggest integrated manufacturer of branded jewellery, opened the machine in a luxury shopping mall in the city on Sunday and said that it already served a “substantial number of customers”.

It hopes to roll out 75 more of the ATMs – which also sell gold and silver coins – in shopping malls, airports and at Hindu temples.

Gitanjali Group chief Sanjeev Agarwal said: “The machine is a first of its kind anywhere in the world and will further revolutionise the processes by which precious metals and jewellery is bought.

“It has a particular significance in India, where usually such items are purchased as tokens to observe traditions on auspicious days.
“But it also offers choices for occasions like Valentine’s Day, or to a husband who forgot an anniversary or his wife’s birthday!”

With prices ranging from 1000 rupees ($20) to 30,000 rupees, customers can pay by cash or credit card for products ranging from gold coins etched with an image of Lakshmi, the Hindu goddess of wealth, to diamond-studded pendants in the shape of a swastika, which in India is an ancient religious symbol of unity.

Jammy Gagrat, a 47-year-old businessman, said: “This machine is going to be a problem for the gents. Ladies are going to keep on buying more and more every time they come here.”

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Diamond-dispensing ATM launched in India

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