For the first time in the world, Gitanjali Gems, the world’s largest integrated-branded diamond jewellery manufacturer and retailer, has introduced gold, silver and diamond sales through vending machines.

In operations, these machines would be like banks’ automated teller machines (ATMs) used for cash withdrawal. However, it differs in the nature of transactions. Instead of cash, the machine vends gold and silver coins, medallions and jewellery of customers’ choice, instantly.

“Sale of precious metals, meant especially for last-minute gift purchases, is a unique concept. The products sold through these platforms would be in the price range of Rs 1,000-30,000, aiming to serve all classes of customers,” said Sanjeev Agarwal, CEO, Gitanjali Exports Corporation Ltd, a subsidiary of Gitanjali Gems.

The denomination of gold and silver coins would be decided by the purchaser. The precious metals and stones are available in 36 different varieties, including gold and diamond pendents, and sole gold diamond pieces. The company has made a provision to pay either by Visa debit/credit card or by cash. For instant payment by cash, however, the payment of higher denomination currencies would be preferred.

“We are targeting customers seeking last-minute purchases, mainly for gifting purposes. Instead of gifting flower bouquets, etc, people may like to gift precious metals, which have appreciated consistently in the last few years. Such gifts are also appreciated by the recipients,” Agarwal added.

An individual can operate these vending machines like they operate ATMs. The machines display all 36 types of products available for sale, along with the details of purity and weight of precious metals and stones. The product also displays actual prices on the screen. On selecting the product and payment made, the product comes out of the machine in attractive gift packs. The worth of selected items in one go, however, should not exceed Rs 30,000. For more visit: Business Standard

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