Tanishq unveils ‘Gold Coin ATMs’

Ever dreamt of turning your tap and watching gold drop from it! Well, the Tata Group’s jewellery subsidiary has turned that into a reality by taking a page from the playbook of its Gulf peers and has launched gold-dispensing machines in its stores.

On Akshaya Tritiya earlier this week, the Bengaluru-headquartered company launched machines to dispense small grammages of gold in 21 of its flagship stores across the country.

Tanishq sold gold coins worth over Rs 25 lakh through these “Gold Coin ATMs” which pumped out one and two-gram coins on the festival that saw sales reach the pre-Covid levels.

Titan’s jewellery division chief executive officer Ajoy Chawla said that a lot of customers want to buy gold as a token on the auspicious day of Akshaya Tritiya. They get frustrated as they have to wait in long queues and to solve this issue, the idea was implemented, he added.

”We were delighted to see customers happy. We believe this can be a very good breakthrough for us because, eventually, we would like to roll it out to, maybe, all our stores over a period of time”, Chawla told DH.

It works like any other dispensing machine and dispenses gold coins with packaging. After customers select the grammage, the machine displays the amount, post which the payment is to be made.

The company aims to set up 60 such machines in stores where there is a high number of transactions.

“This is a very customer-friendly machine and also a smart way to manage crowds during the festival seasons”, said Chawla.