E. Java pawn business booming

JEMBER, East Java (JP): Local pawn offices here have been allocated an additional Rp 2 billion (US$210,526) to anticipate a jump in the number of people pawning their belongings to raise money for the holiday season.

"For the upcoming three big holidays, Christmas, Idul Fitri and the New Year, people will, of course, need cash," said the head of the distribution section of the state-run pawnbroker, Achmad Halim, on Sunday.

Achmad revealed that up to November of this year, the East Java offices' turnover had risen to Rp 156 billion ($16.4 million) or a 100 percent increase compared to the previous year.

He added that there was a 60 percent increase in the amount of gold and diamonds being pawned.

"This month, we predict more people will come to pawn their belongings. Many students usually come here also," he said, adding that students usually pawned electronic goods like tape recorders and calculators.(hdn)