The machine, devised by a company called the Gitanjali Group, was launched at a central Mumbai shopping mall for the annual Hindu festival of lights, Diwali, on Wednesday. Prices range anywhere from R400 to R5 000, just in case you have that lying around for some last minute gifts.

At first glance this seems a little ridiculous, and while that may be the case in most places, India happens to be the world’s biggest importer and consumer of precious metals. In the first half of 2011 alone, Indians bought a whopping 540 tonnes of gold, according to data from industry body the World Gold Council (WGC). Diwali is also a typical time for Hindus to be purchasing jewelery as gifts.

The machine offers gold and silver coins as well as diamond studded items of all shapes and sizes, with the option of payment through either credit, debit card or by depositing cash.

Gitanjali, which runs a chain of jewellery shops across India, said it plans to install more machines in the coming months in shopping malls, airports and temples.

Sounds cool, but if your better half finds out that you bought his/her wedding ring from a vending machine, you’ll be dispensing gold coins for the settlement.

[Source: timeslive]