The machine, which does not handle cash, enables customers to use UPI or credit/debit cards to make spontaneous purchases of gold and silver for gifting or investment, even in the middle of the night, without entering the store
Surat: D. Khushalbhai Jewellers has introduced a state-of-the art automated teller machine (ATM) that dispenses gold and silver coins at its Vesu VIP Road showroom in Surat. It enables customers to buy gold and silver round the clock, without entering the store.
Deepak Chokshi and Deep Chokshi, Directors of D. Khushalbhai Jewellers said, “Many customers prefer gifting gold or silver coins on special occasions, but previously, night-time purchases posed a challenge, as jewellery shops would be closed. This innovative ATM removes that barrier, empowering customers to buy gold and silver coins 24×7.”
The ATM, which does not handle cash, was developed by a company based in Hyderabad. Explaining the machine’s use, Deepak Chokshi said, “The gold ATM functions like any other ATM, but exclusively for gold and silver transactions. Customers can use UPI or debit/credit cards to buy gold coins ranging from half a gram to 10 grams and beyond, round the clock.”
On the reason behind the launch, he said, “Gold and silver coins are not only popular gift choices but also hold long-term investment value. Due to limited access during night-time, customers were unable to make timely purchases. The gold ATM aims to fill this gap by offering uninterrupted access, thus enabling customers to make spontaneous purchases for gifting or investment, even in the middle of the night.”
Notably, a similar innovation recently made headlines, when a gold ATM was launched in Shanghai, China, offering customers access to any-time gold. Before that, in December 2022, Hyderabad had seen the launch of a real-time gold ATM – the Goldsikka – allowing people to insert their debit or credit cards into it and buy gold coins at any time.
D. Khushalbhai Jewellers, founded in 1997 in Surat, is a family-owned business now operated by the fourth generation of the Chokshi family. The brand has been known for its innovative marketing activities. In August 2023, taking inspiration from the Indian Space Research Organisation (ISRO)’s soft landing of the Chandrayaan 3 on the moon, the jeweller came up with a Chandrayaan Rakhi collection, adorned with the image of Chandrayaan 3, encapsulating the sense of national pride associated with the mission.
Currently, the company engages in the sale of diamonds, gemstones and CVD diamond jewellery. It has two stores in Surat.
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