Smart Gold ATMs are now available in Singapore for the first time.
Singapore has launched Smart Gold ATMs for the first time, offering access to its citizens to easier gold retail buys to revive gold sales. The custom built automated teller machines that dispense pure gold bars, ingots and coins were launched at Resorts World Sentosa and Marina Bay Sands on the morning of September 24, 2014.
The ATMs dispense a range of gold products that have been produced by top Swiss fine-gold company PAMP, which is known to offer 24-carat 999.9 purity (finest of pure gold). The products range from sizes one to 10g pure gold bars, as well as customized gold coins, which will be all priced differently as per daily global prices.
On launch day the cost of a one gram pendant was $100 while $660 was the pegged cost of ten grams. Asia Gold ATM, the company behind the launch of the machines, also announced that there will be two or more launches in the near future once more locations are found to base the ATMs.
As part of a collaboration between the Singapore Tourism Board and PAMP, there are seven ingot designs (ranging from one to 20g) that have been released, to serve as souvenirs for locals and tourists during Singapore’s Golden Jubilee in 2015.
The Smart Gold ATMs are enabled to interact in several international languages, including Chinese, German, Russian and Arabic. Through product images and a simple user-interface, buyers can pay via credit cards and cash. The ATMs are equipped with an in-built camera through which buyers can take photos after purchase and have them sent to a designated email address.
Although PAMP and Singapore Tourism Board claim that the Smart Gold ATMs are first of their kind in Asia, the same concept has already been launched in India in three waves since 2011. One of the largest branded jewellery retailers in the world, India-based Gitanjali group launched its unique and innovative Gold and Diamond ATM machine that serves as a one-stop-shop for buying medallions, coins, jewellery and more at Mumbai in October 2011.
The ATMs dispense gold and silver bars, coins, pendants with religious motifs, as well as a range of diamond studded jewellery and are a part of the larger ‘Go for Gold’ umbrella branding created by Gitanjali to promote the purchase of gold in the country.
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