16 June 2007 on Google Alert
Indonesians have dumped gold for trendy mobile phones and are using their money to travel or buy motorcycles as consumption patterns shift in Southeast Asia’s most populous country, says a jewellery industry executive.
Jewellery demand rose by 1.96% to 15.6 tonnes in the first quarter of 2007 as the rupiah firmed, while the price of gold has dropped from its 26-year high of $730 seen in May last year, but Leo Hadi Loe, a consultant with Jewellery Indonesia, is not upbeat.
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LEWA PARDOMUAN
REUTERS
