Tanishq launches 'gold coin ATMs', sells coins worth over Rs 25 lakh

On Akshaya Tritiya, Tanishq had launched machines that dispense one and two-gram gold coins in 21 of its flagship stores across the country. (Representative image)

Now, buying gold coins can be as easy as withdrawing money from an ATM. Tanishq, Tata Group's jewellery subsidiary has recently launched gold-dispensing machines in its stores.

Earlier this week, on Akshaya Tritiya, the company launched machines that dispense one and two-gram gold coins in 21 of its flagship stores across the country. According to a report in Deccan Herald, Tanishq sold gold coins worth over Rs 25 lakh through these “Gold Coin ATMs”.

Ajoy Chawla, Titan’s jewellery division chief executive officer, told Deccan Herald that the machines were brought in because a number of customers want to buy gold as a token to mark 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 told the newspaper.

The Tanishq Gold Coin ATM works like any other dispensing machine. Once customers select the desired grams of gold, the machine displays the amount to be paid. Once the payment is cleared, it pumps out the packaged gold coins.

"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 Deccan Herald.

Read more: Domestic demand for gold to see spike in sales, touch pre-pandemic levels: Parag Shah of HK Jewels

But if buying gold coins isn't your favourite way to invest in gold, Gold Exchange Traded Fund (Gold ETF) and Gold Savings Fund can allow buyers exposure to gold without having to physically hold it.