INDIA, October 25, 2011 (theaustralian.com.au): A luxury shopping mall in Mumbai sports the world’s first ATM to dispense diamond jewelry as well as gold and silver coins, serving Indians’ apparently unquenchable appetite for jewels and precious metals.
The machine offers a range of 36 products, from 10-gram 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.
Gitanjali Group, the company behind the machine, has focused on convenience and, apparently, on creating the perception that these are everyday purchases. Sanjeev Agarwal, the company’s chief executive, said it planned to set up 75 such ATMs in shopping centers, airports and at Hindu temples. The machines accept either cash or credit cards.
Jammy Gagrat, a 47-year-old businessman, sees cause for concern: “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.” India is easily the largest consumer of gold, purchasing well over 1,000 tons last year, according to the World Gold Council.