Bottom falls out of amulet market

Visitors to Chiang Mai over the past year have undoubtedly noticed many of the locals walking around with amulets hanging from their necks. Gaudy, garish and just gaudy, yes- but those strange amulets reminiscent of countless previous fads past were for a time very serious business. The bubble is all but burst at this point, and the trinkets that were sometimes fetching up to three quarters of a million dollars are now essentially worthless.

So how could this get to be such big business? The amulets have been around to some degree for the past 20 years, but have been fairly low key, but when the Jatukam Ramathep namesake, who some say is a Hindu god and some say is a 17th century king, came under the eyes of a fundraiser, things changed.

It was a Policeman wanting to raise money for a Buddhist cause that began selling the amulets bearing the figure of Jakutam Ramathep that had been blessed by Buddhist monks. The amulets became reputed to ward off evil spirits and even bring prosperity. The perfect scam for a superstitious lot.

After the authenticity of many came under scrutiny, the bottom fell out of the business. Now tourists in Chaing Mai are less likely to see big banners selling the talismans, and will have to wait for the next bizarre trend to surface to amuse them.