Gold rush windfall over for city jewelry buyers

Gold rush windfall over for city jewelry buyers

JAKARTA (JP): While most of the country is pleased with the
nascent economic recovery, many jewelry buyers who offer their
services on the streets of the city view the burgeoning economy
as the end to their businesses.

Several such businessmen around Senen Market in Central
Jakarta and Jatinegara Market in East Jakarta said on Friday
trade was slowing because people sold their belongings, including
jewelry, only when the economy was at its lowest, as was the case
last year.

"I got nearly no money in the past few days," Krisman Sitorus,
a jewelry buyer at Senen Market, told The Jakarta Post.

"If this persists for much longer, I will probably return to
my hometown in Balige, North Sumatra.

"What can I do in such a big city with, say, a daily income of
Rp 3,000," Sitorus, a former security guard at a car dealership,
said.

He said on Thursday he only had one customer, who sold him a
pair of three-gram gold earrings.

"I only make a profit of Rp 1,000 per gram. I resell the goods
to an agent who melts the gold to make new jewelry," he said.

The father of two, who entered the business last year after he
was fired from his previous job due to the economic crisis, said
the situation had reached the point where some weeks he only had
one or two customers.

Another purchaser, Ramli, said the golden age for his
profession was when the value of gold peaked following the plunge
of the rupiah against the U.S. dollar. At one point, the rupiah
fell to 17,000 to the greenback.

"At that time, we could sometimes earn between Rp 200,000 and
Rp 300,000 a day," he said.

Ramli said he was able to save Rp 4 million during those heady
times. "But the money was used to support my family and pay the
rent on my house."

Jewelry buyers can be found across the city, particularly in
areas near jewelry stores, including Senen, Pasar Baru, Cikini
and Sawah Besar in Central Jakarta, and Pasarminggu in South
Jakarta.

These businesspeople purchase jewelry which has been rejected
by jewelry stores for various reasons. They also reportedly are
willing to buy goods from thieves.

However, Sitorus denied this allegation, saying dealing with
criminals was too risky.

"The police will come and interrogate us if they arrest the
thieves, while the goods have already been sold to an agent," he
said.

Sitorus said he helped those who found themselves in financial
difficulties. "Sometimes there are students who desperately need
money and sell their jewelry because they haven't received money
from their parents."

A purchaser near Jatinegara, R. Sitompul, was optimistic
business would remain brisk even if the economy continued to
improve.

"I will still do the job. When the economy was normal in the
past, people continuously changed their jewelry. This means we
still have hope," he said. (ind)