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)