Gold ATM offers ease, not glamour, to buyers | india | Hindustan Times
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Gold ATM offers ease, not glamour, to buyers

india Updated: Dec 02, 2011 23:57 IST

Reuters
Highlight Story

Teenage girls pose for pictures beside the latest arrival in Mumbai's modern Phoenix Mills mall - a gold ATM machine selling jewellery and $600 gold coins -but for more than just window-shopping, it faces stiff competition from traditional stores.

India's first such machine may be grabbing the attention of passers-by but upstairs in an air-conditioned store, the sparkling gold and silver bangles offered by smiling sales assistants have customers grabbing their credit cards.

"I'm skeptical about buying from the machine," said 26-year-old Shalini, a self-confessed jewellery addict.

"I suppose it's a good idea for people who might be in a rush," she said, standing next to the ATM.

India's obsession with gold and jewellery is legendary. India consumed more than 900 tonnes of bullion last year, and demand looks set to stay strong with a growing middle-class and rising incomes, despite high prices that are hitting sales now.