Oct. 22, 2011: An ATM that dispenses gold medallions, coins, diamonds, jewellery and more was opened for business by Bollywood star Raima Sen and Sanjeev Agarwal, CEO of manufacturer Gitanjali Export Corp.
MUMBAI – Gold ATM vending machines have been popping up all over the world this year, so instead of following the trend, Mumbai became the first city in the world to launch a diamond-dispensing machine.
The Gitanjali Group, which claims to be the world's biggest integrated manufacturer of branded jewelry, opened the machine in a luxury shopping mall in the city Sunday and said that it already served a "substantial number of customers."
It hopes to roll out 75 more of the ATMs -- which also sell gold and silver coins -- in shopping malls, airports and at Hindu temples.
With prices ranging from 1,000 rupees ($20.17) to 30,000 rupees, customers can pay by cash or credit card for products ranging from gold coins etched with an image of Lakshmi, the Hindu goddess of wealth, to diamond-studded pendants in the shape of a swastika, which in India is an ancient religious symbol of unity.
Jammy Gagrat, a 47-year-old businessman, said, "This machine is going to be a problem for the gents. Ladies are going to keep on buying more and more every time they come here."
MUMBAI – Gold ATM vending machines have been popping up all over the world this year, so instead of following the trend, Mumbai became the first city in the world to launch a diamond-dispensing machine.
The Gitanjali Group, which claims to be the world's biggest integrated manufacturer of branded jewelry, opened the machine in a luxury shopping mall in the city Sunday and said that it already served a "substantial number of customers."
It hopes to roll out 75 more of the ATMs -- which also sell gold and silver coins -- in shopping malls, airports and at Hindu temples.
With prices ranging from 1,000 rupees ($20.17) to 30,000 rupees, customers can pay by cash or credit card for products ranging from gold coins etched with an image of Lakshmi, the Hindu goddess of wealth, to diamond-studded pendants in the shape of a swastika, which in India is an ancient religious symbol of unity.
Jammy Gagrat, a 47-year-old businessman, said, "This machine is going to be a problem for the gents. Ladies are going to keep on buying more and more every time they come here."
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