The ups and downs of gemstones

Fri, April 13, 2018 / 11:21 am

+ See SlideShow

1 / 10

Various gemstones are on display. JP/Boy T. Harjanto

+ See SlideShow

1 / 10

Traders play chess to pass the time while waiting for customers. JP/Boy T. Harjanto

+ See SlideShow

1 / 10

A trader waits for buyers on a hot afternoon. JP/Boy T. Harjanto

+ See SlideShow

1 / 10

A trader and buyer bargain to reach an agreed upon price. JP/Boy T. Harjanto

+ See SlideShow

1 / 10

A woman trader waits for buyers. JP/Boy T. Harjanto

+ See SlideShow

1 / 10

Doyok has been selling gemstones since the 1990s. JP/Boy T. Harjanto

+ See SlideShow

1 / 10

A potential buyer chooses two gemstones. JP/Boy T. Harjanto

+ See SlideShow

1 / 10

A row of kiosks are open until 6 p.m. JP/Boy T. Harjanto

+ See SlideShow

1 / 10

The gemstones are sold between Rp 100,000 (US$7.26) and Rp 500,000 each. JP/Boy T. Harjanto

+ See SlideShow

1 / 10

A trader’s child sleeps on the sidewalk. JP/Boy T. Harjanto

Boy T Harjanto

Four years ago, gemstones became a trend among Indonesians regardless of their age group and social economy background. Fans started hunting for gemstones because they believed the stones could bring them good luck.

Doyok, a gemstone trader in Yogyakarta, launched his business long before the trend first emerged in the 1990s. The returning gemstone boom of 2014 earned him up to Rp 150 million (US$10,892) a month.

However, the trend has since died down, hitting Doyok and other traders hard. Many were forced to close down their kiosks and start a new business. Only a few managed to survive in Yogyakarta. [yan]