Sales Of Gold Ornaments Surges Ahead Of Idul Fitri

Jakarta, July 25 (Antara) - Gold stores in Jakarta recorded an increase of as high as 50 percent in sales ahead of the Idul Fitri celebrations. Nofil Wirahadi, the owner of a gold store in the Kramat Jati market center said, his store recorded sales at Rp75 million per day from normally Rp50 million since Idul Fitri was still 15 days away. "It is normal every year. Sales always increase ahead of Idul Fitri," Nofil said. The increase in sales was more or less the same every year, he said, adding "the difference is that there are more people selling gold to us." Many people need cash as Idul Fitri came at the same time with academic year, he added. Most buyers are interested in yellow gold in the form of rings and necklaces, he said. Despite the growing demand the prices of gold ornaments are relatively stable, he said. He said based on experience in the past years, most buyers of gold from his store would sell the gold ornaments back to his store after Idul Fitri. "Around 60 percent of the buyers will sell the gold back to us a week after Idul Fitri," he said. Transactions after Idul Fitri at his store were normally dominated buyers of wedding rings, he said. "There are many people buying wedding rings after Idul Fitri and Idul Adha ," he added.