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.
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.
“We want to install 75 such machines in three years with an aim to generate a turnover between Rs 450 crore and Rs 500 crore,” Agarwal added.
These machines are said to be part of the larger ‘Go for Gold’ umbrella branding initiated by Gitanjali to promote the purchase of gold — in the form of jewellery or coins/bars.
