Located in the Westfield shopping centre in west London, the ‘Gold to Go’ machine is manufactured and operated by German company Ex Oriente Lux. The company already operates machines in locations across Europe, as well as North America and the Middle East.
The machine distributes 24-karat gold in various weights ranging between 1 and 250 grams. Customers select the size of gold they wish to purchase, before the product is dispensed in a matt black gift box. Any individual who spends more than £2,500 is required to have their passport scanned.
A computer inside the machine allows it to update its prices every 10 minutes based on current gold spot prices.
The new initiative is designed to take advantage of gold’s enduring status as a reliable investment. The value of gold has increased enormously over the last decade and hit record levels earlier this year. In 2001, a gram was valued at £6, whilst today it is worth £33.
To mark the London opening, the Westfield machine is offering a 2.5 grams gold bar with the London skyline engraved on its backside.
The first ever gold vending machine was opened in Abu Dhabi’s Emirates Palace hotel in 2010.