Gitanjali launches unique jewellery vending machine

Gitanjali Gems, said to be the world's biggest integrated jewellery manufacturer and retailer, has come up with a new first – ATM-like vending machines which will dish out gold, silver, and diamond-studded jewellery, making it the first of its kind anywhere in the world. 

Launching the first such vending machine in in the Phoenix Mills complex at Lower Parel in Mumbai, the company says it plans to set up 75 such gold and diamond 'ATMs' at premium malls, airports and temples in the next three years.

"It is a kind of vending machine for both gold and diamond jewellery designed like an ATM. The machine will dispense gold and silver bars, coins, pendants, with religious motifs and a range of diamond-studded jewellery, making it the first of its kind in the country," Gitanjali Export Corporation Ltd chief executive Sanjeev Agarwal said.

''Sale of precious metals, meant especially for last-minute gift purchases, is a unique concept. The products sold through these platforms would be in the price range of Rs1,000-Rs30,000, aiming to serve all classes of customers,'' Agarwal added.

The denomination of the gold and silver coins would be decided by the purchaser. The precious metals and stones are available in 36 different varieties, including gold and diamond pendants and solo gold diamond pieces.

The customer can choose the product using a touchscreen and pay either by Visa debit / credit card or by cash. For payment by cash, however, higher-denomination currency notes would be required.