The world’s first cash machine, which dispenses diamonds along with gold and silver coins, has been launched by an Indian company.
Supporters of this initiative assert that these automated teller machines (ATMs) will function as a “one-stop shop for purchasing medallions, coins, and jewellery.”
The aim is to capitalize on the relentless demand for jewels and precious metals among Indians.
A total of 75 ATMs are planned for placement in retail centers, airports, and temples.
“This machine… will transform how precious metals and jewellery are acquired,” stated Sanjeev Agarwal, the chief executive of the Gitanjali group.
“It holds special importance in India, where such items are typically bought as symbols for observing traditions on auspicious occasions.”
According to Mr. Agarwal, the inaugural machine is already operating in central Mumbai (Bombay) and has accommodated “a significant number of customers.”
He mentioned that all ATMs, standing at 2.1m (7ft) tall, would be situated in secure areas.
The machine presents nearly 40 different products, varying from 10-gram gold coins featuring an image of the Hindu goddess of wealth to diamond-studded pendants. Prices range from $20 (AUD $19) to $610 (AUD $574).
As per the World Gold Council, India ranked as the world’s largest consumer of gold, with over 900 tonnes of the metal traded last year.
The Gitanjali group claims to be the largest integrated manufacturer of branded jewellery in the world, overseeing everything from diamond sourcing to retailing across a network of more than 3,600 points of sale.
