Bullion Association Plans Gold Vending Machines At Temples, Tourism Places

Mumbai: The jewellers body India Bullion and Jewellers Association (IBJA) is planning to set up gold vending machines across the country. The gold vending machines on the lines of ATMs will soon come up at temples, airports and tourism places in several cities in the country. The first-ever gold vending machine was set up in Dubai in 2013. The Gold ATMs have been programmed to refigure prices every 10 minutes to reflect the latest market values. Similarly, IBJA is also planning Gold ATMs across the country.

Deepak Tulsian, Gold Business Head at IBJA, said: "The bullion association is planning to expand through franchisee stores, gold vending machines, and online channels. IBJA will set up vending machines for multiple denominations near temples, airports and tourist places. We are targeting to set up 10-15 such vending machines in the first year in airports, temples and near tourists places. Initially it will be manned. We are in the process of designing these gold vending ATMs."

As part of promoting high quality branded gold coins, IBJA has tied up with Rajesh Wadhawan Group to retail specialised gold coins and is aiming to set up 100 stores in three years.

"We have already set up a store in Mumbai and are planning to open 100 stores, mainly in big cities, on franchise basis that will offer coins in up to 50 grams in over 500 designs. The store also offers customised coins according to taste and requirement," said Tulsian. Besides flagship stores,The coins will be sourced through an internal manufacturing unit of IBJA Gold to keep check on quality. The company is targeting to become Rs 500-1,000 crore company in three years.

Source: PTI