Would You Buy Contemporary Jewelry From an ATM?
The latest jewellery news reports that online jewellery shopping has moved on a step. A gold ATM machine is now selling contemporary jewelry and gold coins – in India. But while many people have learned to trust online jewellery shopping, buying from a machine has not proved as popular as internet or over the counter purchases from people who know their products.
India’s first machine has proved to be a conversation piece but shoppers enjoy the experience of talking to a real sales person. And viewing precious jewellery items online is the next best thing.
A lot of gold is sold in the vast country of India with more than 900 tonnes of bullion changing hands . So if machine sold gold and jewellery isn’t hitting the jackpot there, it is unlikely that an ATM dispensing glittering jewels would do well in the UK.
But the machine’s operator is upbeat about the new system for jewellery buyers. “There is investment purchase in this machine, there is gifting in the machine and there is self-indulgence,” says Sanjeev Agarwal, chief executive of Gitanjali Exports, which operates the machine. “On the first day of the launch (earlier this month) we had some 28 transactions.”
The automatic dispenser dishes out diamond jewellery and the smallest gold coin on offer weighs a gram and costs the equivalent of £40. The touchscreen offers instant gratification but could lead to impulse buys, we fear.
Gitanjali hopes the automated teller machines, besides being far cheaper to run than a store, will allow the firm to reach a wider base of customers and offer a convenient way to purchase in a country that is fast-embracing modern technology. The standalone golden box, slightly taller and wider than a normal cash ATM, stands next to an entrance of the busy mall, is protected against drills and guarded by cameras.
Alternative to Online Jewellery Shopping
Customers use a touchscreen to navigate the products on offer and can pay with either credit cards or cash. Agarwal argues that people were wary of ATM cash machines when they were launched but are now happy to use them.
He aims to roll out 75 of the automated machines over the next three years, in airports, shopping malls and at religious sites. We wonder whether people here in the Northern Isles would take to buying Orkney jewellery dispensed from an ATM outside St Magnus Cathedral. We suspect online jewellery shopping and purchases over the counter will remain the preferred options.