Rich Indians love their shiny treasures, which might explain the growing number of startups in India, most of which are online shops, that are continuously tapping on the country’s notorious age-old obsession with both gold and jewelry.
One particular company is Bluestone, a startup backed by Indian businessman Ratan Tata, which has just created a gold-vending machine for those who need their 24 karat gold on the go, Tech In Asia reported. Installed in two very popular shopping malls in Bangalore and Delhi, the machines allow customers to buy gold very conveniently either for gifting or investment purposes.
The installation of the machines in the two mentioned cities perfectly coincides well with Dhanteras day (October 28), a day considered to be lucky in India for buying jewelry and expensive gems.
“Introduction of the gold ATM during the festive season not only adds convenience to buying gold but is also a means to connect with our customers by providing them with physical touch points,” BlueStone COO Arvind Singhal said.
The vending machine, which looks like an oversized ATM machine, dispenses the coins in a variety of denominations of one, two, five, ten, and twenty grams. Currently, 1 gram costs around $48. To use, simply pay for a type of gold coin you wish to purchase, and it’s done.
“The concept is aimed at providing exceptional convenience during the festive rush. It also offers the most unique shopping experience for buyers of gold who have so far purchased precious metals either from a jewelry store or online,” Bluestone was quoted as saying.