Indian Firm Unveils ATM That Dispenses Gold, Silver

An Indian company has introduced an automated teller machine (ATM) that will dispense gold, silver, and diamonds (as well as cash and coins).

According to reports, the new ATMs will serve as a one-stop shop for buying medallions, coins and jewelry.

This machine... will revolutionize the processes by which precious metals and jewelry are bought, said Sanjeev Agarwal, the chief executive of the Gitanjali Group, a manufacturer of branded diamond jewelry.

It has a particular significance in India, where usually such items are purchased as tokens to observe traditions on auspicious days.

Gitanjali said it envisions having 75 ATMs in shopping centers, retail, temples and airports. The ATMs are 7-feet tall and would be located in secure locations, he added.

Agarwal told reporters that the first machine is already operating in central Mumbai and has already served a substantial number of customers.

The ATM will offer up to 36 products of different sizes and prices, ranging from pendants with religious motifs to diamond-studded pendants. The prices will range from 1,000 Rupees ($20) to 30,000 Rupees ($615).

Indiainfoline reported that “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.”

According to the World Gold Council, India is the largest gold consumer on the planet.