Bacan Gemstone Prices Plunge from Rp250 Million Peak, Now a Fraction of Former Glory

The Rawa Bening Gemstone Market, also known as the Jakarta Gems Centre in Jatinegara, experienced a golden era several years ago. The trend was further boosted when Indonesia’s sixth president, Susilo Bambang Yudhoyono, was seen wearing a Bacan gemstone, propelling the agate phenomenon to the height of its popularity.

Unfortunately, the gemstone market at Rawa Bening is now rather sluggish. However, two types of stone remain favourites among collectors: Bacan stone from North Maluku and Blue Sapphire from Sri Lanka.

In the past, the price of Bacan stone soared. Today, however, prices have fallen drastically compared to their heyday. Senior gemstone trader Sandi Shadewo estimates that the price of Bacan stone has dropped nearly tenfold. Where a Bacan stone was once priced at Rp250 million, it now ranges from Rp500,000 to Rp50 million, depending on quality.

‘It depends on the quality, which determines where the stone comes from. The best ones are those that are brilliantly clear,’ he told CNBC Indonesia on Sunday (12/7/2026).

Shadewo claims that the finest type of stone is the Blue Sapphire from Sri Lanka, with prices starting at around Rp3 million. ‘So Sri Lankan Blue Sapphire is the most expensive. Stones from Sri Lanka are top, number one,’ he explained.

At another shop, trader Jeje said there is no single specific type of stone that buyers are looking for; demand is fairly even. However, price depends heavily on quality and cannot be generalised. ‘Demand for stones is quite evenly spread. There isn’t one dominant type being sought. But at the moment, Bacan stone is the one generating the most buzz,’ he said.

He noted that Bacan stone prices now vary from hundreds of thousands to tens of millions of rupiah. During its golden era, prices could reach hundreds of millions to billions of rupiah. Jeje also acknowledged a rise in the price of silver, a material used for ring settings in his shop, prompting him to adjust the prices of gemstone jewellery that uses silver.