Aceh jewelers offer quick cash for gold

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)