After cash, now gold and diamond will be available through ATMs, where one can now purchase medallions, coins or jewellery. The Gitanjali Group has launched such a vending machine in Mumbai.
The group plans to set up 75 such gold and diamond ATMs at premium malls, airports and temples in next three years, giving customers another one-stop shopping option.
"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 chief executive Sanjeev Agarwal said.
"We will spend about Rs 50 crore for this initiative and we expect about Rs 450-500 crore business from this in the next three years," he added.
This vending machine will give the consumer a mix of up to 36 options in different sizes and prices ranging from Rs 1,000-30,000 from across these categories, which will include coins in varying grammages.
This new retailing format will be ideally suited for last minute purchases on auspicious occasions and for gifting, providing instant gratification to the purchaser.