For the first time in the world, Gitanjali Gems, the world’s largest integrated-branded diamond jewelry 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 jewelry 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 (seen here with Raima sen), 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 explained.
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.
Clicking on the product also displays actual prices on the screen.
Once the selection is done and the 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 $610 approx..
The company has launched the first machine of its planned network of vending machines in Phoenix Mills at Lower Parel, Mumbai. In the coming months, it plans to expand the network in places with high consumer footfalls, such as premium malls, airports, temples, etc, to provide visitors with a range of last-minute purchase choices.