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India firm launches gold, diamond ‘cash machine’

MUMBAI, October 28, 2011 (AFP) - An Indian company has launched what it says is the world's first "cash machine" that dispenses gold and silver coins and diamond-studded jewellery.


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The Gitanjali Group launched the Gold and Diamond automatic teller machine at a central Mumbai shopping mall for the annual Hindu festival of lights, Diwali, on Wednesday.
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Diwali is traditionally an auspicious time for Hindus to buy gold and jewellery while Indians are the world's biggest importers and consumers of the precious metal.

"The machine is a first of its kind anywhere in the world and will further revolutionise the processes by which precious metals and jewellery is bought," said Gitanjali Export Corporation chief executive Sanjeev Agarwal.

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The ATM offers customers the choice of up to 36 products of varying sizes, designs and prices, from 1,000 rupees to 30,000 rupees ($20 to $600). Payment is either through credit or debit card or by depositing cash.

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The company said in a statement that the machine was "ideally suited for last minute purchases on auspicious occasions and for gifting".

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Gitanjali, which runs a chain of jewellery shops across India, said it plans to inst

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