MUMBAI, India -- Luxury jewelry firm Gitanjali Group is rolling out a vending machine that dispenses precious metals and jewelry. Designed like an ATM, the machine vends gold and silver bars, coins, pendants with religious motifs and diamond-studded jewelry.
Gitanjali's vending machine supports 36 selections at different sizes, price points and designs. According to the company, the vended prices for its precious metals and jewelry will range from $20 to $700. The machine has a touchscreen interface and will accept cash and cashless payment options.
"The machine is a first of its kind anywhere in the world and will further revolutionize the processes by which precious metals and jewelry is bought," said Gitanjali Export Corp. chief executive Sanjeev Agarwal. "It has a particular significance in India, where usually such items are purchased as tokens to observe traditions on auspicious days. But it also offers choices for occasions like Valentine's Day, or to a husband who forgot an anniversary or his wife's birthday."
PHOTO: Bollywood star Raima Sen cuts the ribbon on the Go For Gold luxury vender introduced by Gitanjali Export Corp. Ltd.
The new vender is a part of the larger Go for Gold umbrella branding created by Gitanjali to promote the purchase of gold -- whether in the form of jewelry or coins/bars -- and focus attention on the company's initiatives in the gold segment.
Founded in 1966 as a small diamond-cutting company, the Gitanjali Group says it is now the world's largest jewelry manufacturer. It sources diamonds and retails finished products through more than 3,600 self-owned and franchised stores. Gitanjali's best-known brands include Nakshatra, Gili and Asmi, D'Damas from India, along with Stefan Hafner, Poratti and Nouvelle Bague from Italy.