Mumbai gets diamond-dispensing ATM

Mumbai gets diamond-dispensing ATM

Indian jewellery firm Gitanjali has unveiled an 'ATM' that dispenses not cash but gold, silver and diamonds.

The Mumbai-based machine offers customers a choice of 36 medallions, coins and pieces of jewellery. Customers make their choice using a touch-screen and then pay by cash or card.

Gitanjali plans to roll out up to 75 more machines at shopping malls, airports and temples, tempting Indian's looking for "last minute purchases".

Sanjeev Agarwal, CEO, Gitanjali, says the ATMs are well suited to India where such items are purchased as tokens "but it also offers choices for occasions like Valentine's Day, or to a husband who forgot an anniversary or his wife's birthday!"

The firm claims its machine is world first although Germany's TG-Gold-Super-Markt unveiled a gold-dispensing ATM in 2009 and earlier this year Turkey's Bank Kuveyt Turks revealed plans to convert its entire network into gold bullion dispensers.

Comments: (3)

Felix Kronabetter
Felix Kronabetter - RBR - London 28 October, 2011, 10:29Be the first to give this comment the thumbs up 0 likes

So do banks in India sell diamonds? This is just a glorified vending machine... Interesting never the less

A Finextra member
A Finextra member 28 October, 2011, 11:591 like 1 like

I was going to say that this is just a glorified vending machine, but Felix beat me to it.  Even so, I have to say that it is indeed mildly interesting, but what would make it really interesting would be if the Indians could get it working with contactless cards!

That would be impressive ... flash and grab, anyone?

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 31 October, 2011, 17:54Be the first to give this comment the thumbs up 0 likes
  1. Not sure about diamonds but banks in India do sell gold.
  2. By the same token, an ATM is also a glorified vending machine!
  3. Neither Indians nor anyone else is likely to make this work using contactless cards which have spending limits that would barely cover the cost of 1g of gold!