India’s leading jeweller and retailer Gitanjali Group launched this week in Mumbai, India the first ever gold and diamond ATM machine in the world. The first ATM was inaugurated at Phoenix High Street in Lower Parel, Mumbai’s largest downtown shopping mall by Bollywood star Raima Sen.
Designed like an ATM, the machine however will dispense gold and silver bars coins, pendants with religious motifs; as well as a range of diamond studded jewellery, being ideally suited for last minute purchases for special occasions and for gifting, providing instant gratification to the purchaser.
The ATM will give the consumer a mix of upto 36 options in different sizes, price points and designs to choose from across these categories. This may include coins in varying grammage, or pendants that have religious motifs, which are suitable for special occasions, as well as heart shaped pendants and even diamond studded pendants for other gifting occasions. The prices will range from US$ 20 to US$ 300. The exact combination available at each ATM will be flexible and vary across locations.
Customers at the ATM will choose their product from options displayed on a touch screen, and can then make payments using either a credit / debit card or by depositing cash. Delivery will be immediate.
In the coming months, Gitanjali plans to expand the network of these ATMs in places with high consumer footfalls such as premium malls, airports, temples etc., to provide visitors with a range of last minute purchase choices for gifting and other needs.
The ATM is a part of the larger ‘Go for Gold’ umbrella branding created by Gitanjali to promote the purchase of gold – whether in the form of jewellery or coins/bars – and focus attention on the company’s initiatives in the gold segment.
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