India welcomes gold and diamond ATM machines

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Cash machine enables users to withdraw gold and silver coins and gems.

Gitanjali, a company in India, has introduced ATM machines to the country that allow customers to withdraw not only cash but also precious metals and diamonds.

The seven foot tall machines have been created by Gitanjali to sate the demand for metal and gemstones in the country.

The ATM machines have been dubbed "one-stop shop for buying medallions, coins and jewellery", offering a selection of 40 products including gold coins engraved with the images of Hindu goddesses and diamond pendants.

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The goods will sell from as little as £12 and up to £380.

Sanjeey Agarwal, chief executive of the Gitanjali group said: "This machine will revolutionise the processes by which precious metals and jewellery are bought.

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

A total of 75 machines are set to be rolled out across the country at locations with high footfall or tourism including temples and airports.

The first machine was unveiled last year but are now said to be popping up across the country. They are part of the Gitanjali Group’s Go for Gold campaign which has been created to encourage people to see precious metals and gemstones as investment.

The Gitanjali Group is one of the world’s largest integrated branded diamond jewellery manufacturers.

 

 

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