First was gold coins in Dubai and now it's diamonds in Mumbai.
A major Indian jewelry firm has begun rolling out an ATM-like kiosk that dispenses the precious gems along with gold and silver coins and jewelry.
Gitanjili Export Corp. unveiled the first of ATMs on Phoenix High Street in Mumbai in a splashy unveil featuring a Bollywood star earlier this week. The machines are designed like ATMs but instead dispense diamond-studded jewelry, which the company claims is a first in the world, along with gold and silver bars and pendants with religious motifs. Prices range from 1,000 to 30,000 rupees, or about $20 to $600, and each ATM will have a different selection, with payments taken either from a credit or debit card or by depositing cash.
“High on convenience, this new retailing format will be ideally suited for last minute purchases on auspicious occasions and for gifting, providing instant gratification to the purchaser,” the company said.
Says Sanjeev Agarwal, CEO, Gitanjali Export Corporation Ltd., “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,” said Sanjeef Agarwal, Gintanjali Export 's CEO.
The company plans to expand the network of ATMs to upscale malls, airports and temples.