Indonesia gold industry to launch bullion market body to boost global role

By Romel S. Gurky

State owned pawnshop operator PT Pegadaian (Persero) and other industry players plan to launch the Indonesia Bullion Market Association (IBMA) in June, aiming to strengthen the country’s gold market and reduce reliance on offshore trading hubs.

The association will bring together 11 companies across finance, mining, trading and logistics, including Bank Syariah Indonesia, Amman Mineral Internasional, ICDX Group, Hartadinata Abadi and logistics firm Brinks.

Pegadaian President Director Damar Latri Setiawan said the initiative aims to create a more integrated, transparent and competitive domestic gold market while strengthening Indonesia’s position globally.

 “Indonesia is one of the world’s largest gold producers. With IBMA, we want to be actively involved in developing the gold ecosystem from upstream to downstream and ensure local gold is globally competitive,” he said.

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The IBMA is designed to formalize Indonesia’s gold market infrastructure and shift the country from being primarily a producer to a more active global player with integrated mining, refining and trading capabilities.

The association also aims to reduce dependence on international pricing hubs such as Singapore by establishing a domestic trading framework that is transparent and accountable.

Industry participants said IBMA will help integrate gold into Indonesia’s formal financial system as a financial asset, supporting national reserves and broader macroeconomic stability.

Pegadaian’s Marketing and Product Development Director Selfie Dewiyanti has been appointed as chair of the new association.

Editing by Alexander Ginting