Now there's gold in Japan's vending machines
Source: Agencies |
January 27, 2011, Thursday
|
Print Edition
Print Edition
JAPAN, which sells everything from live crabs to used lingerie in vending machines, is now staking its claim to a precious new market: gold.
A computer parts manufacturer and gold importer, Space International, has put gold in vending machines - in the form of coins and bars.
Risk-averse Japanese have traditionally bought gold rather than other metals, but the process by which it is purchased is bureaucratic and complicated.
"We were selling gold items through mail order until last year and thinking about ways to reduce commissions and avoid the annoying registration process," said Makishi Rokugawa, president of Space International.
"So we developed this vending machine to help our customers buy gold at a cheaper price and more conveniently."
The vending machine offers both gold and silver items from a gram upwards.
Prices vary by day and by item, with a gold coin from the Australian Perth Mint currently fetching around 38,350 yen (US$466).
Installed in the company's lobby a week ago, one machine has already attracted some 50 customers.
"Purchasing gold from a bank or store can be quite annoying because they require me to fill in forms, so I think this is a good idea," said 42-year-old Shinichiro Takizawa, who in the past five years has collected about 100 grams of gold.
Gold is known as a safe-haven, and Japanese retail prices surged to a 28-year high near US$48 a gram in December.
Rokugawa hopes to provoke more domestic demand through additional machines before mining new veins of interest elsewhere.
"There were requests for the machine from customers in other regions, so we're planning to produce more machines for those areas, but no plans yet for overseas."
A computer parts manufacturer and gold importer, Space International, has put gold in vending machines - in the form of coins and bars.
Risk-averse Japanese have traditionally bought gold rather than other metals, but the process by which it is purchased is bureaucratic and complicated.
"We were selling gold items through mail order until last year and thinking about ways to reduce commissions and avoid the annoying registration process," said Makishi Rokugawa, president of Space International.
"So we developed this vending machine to help our customers buy gold at a cheaper price and more conveniently."
The vending machine offers both gold and silver items from a gram upwards.
Prices vary by day and by item, with a gold coin from the Australian Perth Mint currently fetching around 38,350 yen (US$466).
Installed in the company's lobby a week ago, one machine has already attracted some 50 customers.
"Purchasing gold from a bank or store can be quite annoying because they require me to fill in forms, so I think this is a good idea," said 42-year-old Shinichiro Takizawa, who in the past five years has collected about 100 grams of gold.
Gold is known as a safe-haven, and Japanese retail prices surged to a 28-year high near US$48 a gram in December.
Rokugawa hopes to provoke more domestic demand through additional machines before mining new veins of interest elsewhere.
"There were requests for the machine from customers in other regions, so we're planning to produce more machines for those areas, but no plans yet for overseas."
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