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World's First Diamond-Dispensing ATM Launches in India

Diamond-dispensing Machine India.JPG

Oct. 22, 2011: An ATM that dispenses gold medallions, coins, diamonds, jewellery and more was opened for business by Bollywood star Raima Sen and Sanjeev Agarwal, CEO of manufacturer Gitanjali Export Corp. (Gitanjali Group)

Gold ATM vending machines have been popping up all over the world this year, so instead of following the trend, Mumbai became the first city in the world to launch a diamond-dispensing machine.

The Gitanjali Group, which claims to be the world's biggest integrated manufacturer of branded jewelry, opened the machine in a luxury shopping mall in the city Sunday and said that it already served a "substantial number of customers."

It hopes to roll out 75 more of the ATMs -- which also sell gold and silver coins -- in shopping malls, airports and at Hindu temples.

With prices ranging from 1,000 rupees ($20.17) to 30,000 rupees, customers can pay by cash or credit card for products ranging from 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.

Jammy Gagrat, a 47-year-old businessman, said, "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."