metro india news  I hyderabad

After launching India's first real-time Gold ATM in 2022, Hyderabad-based 'Goldsikka' on Saturday unveiled an AI-powered Gold Melting ATM offering users the ability to buy, sell, exchange, lease, digitize and monetize gold and gold jewellery.  

Goldsikka, CEO Taruj said, “The machine offers an integrated Augmented Reality (AR) experience, allowing users to virtually try on jewellery before making a purchase.” What is special is that there is no human interference.

When the customer deposits gold in the machine, it gets melted and its purity gets tested. The value of the gold will be displayed on the machine and immediately the amount gets transferred into the customer’s bank account.

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.