CAPITALISING ON the near insatiable demand for jewels and precious stones in India, a local company has launched what it claims to be the world’s first automated teller machine (ATM) that dispenses diamonds, jewellery items and gold and silver coins.
Sanjeev Agarwal of the Mumbai-based Gitanjali group that developed the ATM and plans on setting up 75 across the country at retail outlets, temples and airports, said they would be a “one-stop shop to buy medallions, coins and jewellery”.
The first such ATM began operating earlier this month in central Mumbai and had so far served “a substantial number of customers”, Mr Agarwal said.
It offers nearly 40 products ranging from 10g gold coins embossed with the image of Laxmi, the Hindu goddess of wealth to diamond-studded pendants with various religious motifs costing between $20 (€14) and $610 (€430).
Payments for all purchases are via credit and debit cards and its manufacturers claim that these esoteric ATMs will be especially expedient for last-minute gifts.
It even offers choices for occasions such as Valentine’s Day or to a husband who forgot an anniversary or his wife’s birthday, Mr Agarwal said.
He also maintained that this ATM will “revolutionise” the processes by which precious metals and jewellery were routinely purchased on auspicious days, mostly by the majority Hindu community.
Other than vast amounts of cash millions of Hindus customarily donate gold, silver and jewellery to thousands of temples across the country.
The “hundi” or massive container for offerings in India’s most visited Tirumala Tirupati Devasthanam temple complex in southern Andhra Pradesh state, for example, that is emptied innumerable times every day, receives about 10kg of gold ornaments each week in addition to wads of cash from devotees.
Tens of thousands of devotees line up each day for a few seconds in front of this temple’s deity to proffer their rich offerings.
India is also the world’s largest consumer of gold with more than 900 tonnes of it being acquired last year, according to the UK-based World Gold Council.
The Gitanjali group claims to be the world’s largest integrated maker of branded jewellery from sourcing diamonds and other precious stones to retailing similar products through a network of over 3,600 retail outlets including some in the US.