Silversmiths going out of business

Silversmiths going out of business

YOGYAKARTA: At least 120 of the 209 traditional silversmith
companies in Kotagede, a town renowned for the craft, are on the
verge of folding due to the skyrocketing price of silver.

"In March, the price of silver has increased to Rp 2.5 million
(US$294) per kilogram. This is simply too high for silversmiths,"
said Syamsulhadi, head of the Yogyakarta Silverware Cooperative.

Kotagede is known for its silver jewelry, particularly
filigree, and has traditionally been a center for silver art in
the area.

"The situation is compounded by the fact that the
international standard price of silver has gone up from $5.71 per
ounce to $6.45 at the end of this month," Syamsulhadi added. (23)