Aceh jewelers offer quick cash for gold

BANDA ACEH, Aceh: Several jewelry stores have been doing unusually brisk business this past week, not because people have been buying jewelry, but because people have been selling it, Antara reported Saturday.

Shops in the city were reportedly packed by people selling their gold so they could get cash for the Idul Fitri holiday, which is traditionally a festive time of celebration.

Idul Fitri will be on Friday.

"People have to sell their jewelry because they are facing severe economic hardship and have little money to prepare for Idul Fitri," said Harun Keuchik Leumiek, head of the Aceh branch of the Association of Indonesian Gold and Jewelry Traders.

"In the last week, 95 percent of those going to jewelry stores here have been selling their gold because of... the coming holiday," he said.

According to Harun, the price of gold at Banda Aceh markets is currently at its highest in 30 years. The price of pure gold was quoted at Rp 71,600 per gram.

Harun said the high price of gold had its benefits as people in the middle- and lower-income groups could sell their gold and festively celebrate Idul Fitri.

"If the price of gold fell, especially with the current economic climate, then Idul Fitri would be a rather low-key affair," he said.

"By just selling 100 grams of gold, people can afford to buy a motorcycle," he said. (prb)