Capitalising on the near-insatiable demand of Indians for jewels and precious metals and stones, a local company has launched what it claims to be the world's first ATM that dispenses diamonds, jewellery items and gold and silver coins.
Sanjeev Agarwal of the Mumbai-based Gitanjali Group that developed the ATM and plans on setting up 75 across India at retail outlets, temples and airports said they would be a "one-stop shop to buy medallions, coins and jewellery".
The first machine began operating last month in central Mumbai and had served "a substantial number of customers", Agarwal said.
It offers nearly 40 products ranging from 10g gold coins embossed with the image of Laxmi, the Hindu goddess of wealth, to diamond-studded pendants with religious motifs priced from US$20 ($25) to US$610.
Payments for all purchases are via credit and debit cards and the manufacturers claim that these esoteric ATMs will be especially expedient for last-minute gifts.