SURABAYA – The strengthening of the rupiah against the U.S. dollar to win the gold sales. In the last three months, domestic consumption of the precious metal rose by 20 percent than the same period last year. If the exchange rate remains stable at current position, gold consumption in 2010 could reach 75 tons. The number is up from the achievement of 2009 amounted to 60 tons.
Chairman of the Jewellery Manufacturers Association of Indonesia (APPI) said Leo Hadi Loe, strengthening the rupiah exchange rate to stem the negative impact of higher gold prices in international markets last reached USD 1230 per troy ounce. “Especially with the Idul Fitri, expected August sales will be higher,” he said when met on the sidelines of Singapore International Jewellery Fair (SIJF) at the Shangri-La Hotel Surabaya yesterday