Hyderabad-based Goldsikka unveils Gold Melting ATM

Through this ATM one can buy and also sell gold. In the process of selling gold, when the customer deposits gold in the machine it will be melted, purity of that gold will be tested, and the value of the pure gold will be displayed on the machine, said company CEO Sy Taruj

Hyderabad: Hyderabad-based Goldsikka on Saturday unveiled an AI-powered Gold Melting ATM offering users the ability to buy, sell, exchange, lease, digitise and monetise gold and gold jewellery.

Goldsikka which launched India’s first real-time Gold ATM in 2022, is introducing the next-generation ATM which incorporates advanced features that redefine gold transactions, company’s CEO Sy Taruj told reporters here.

The machine offers an integrated Augmented Reality (AR) experience, allowing users to virtually try on jewellery before making a purchase, he said.

“This is an Automated Teller Machine, with zero human interference. Through this ATM one can buy gold and also sell gold. In the process of selling gold, when the customer deposits gold in the machine it will be melted, purity of that gold will be tested, and the value of the pure gold will be displayed on the machine. Once the customer accepts the value displayed by the ATM, the amount can be transferred into the customer’s bank account,” he said.

The process of depositing the gold in the ATM and getting the money in the bank account will take an approximate time of 30 minutes and during this time the machine takes the photograph of the depositor, verifies Aadhar card and ID proof, Taruj said.

If any crime record is found involved in the gold transaction, the ATM will hold back the gold and will automatically report to the police, he said.

“The concept (of this Gold Melting ATM) is ready and we are waiting for the regulatory framework approvals to launch the machine (physical form) soon,” Taruj said.

The company has already set up 14 Gold ATMs (which dispense gold and silver coins) across India and three ATMs in other countries.

“In a year’s time we are hopeful to install 100 machines in India and 100 machines in other countries,” he said.