Despite Rising Bullion Prices, Minister of Industry Says Indonesia's Jewellery Market Remains Strong

JAKARTA (VIVA) – Minister of Industry Agus Gumiwang Kartasasmita emphasised that the jewellery sector maintains strong market potential despite rising bullion prices driving increased investment in gold bars.

He acknowledged that while global bullion demand rose 16% to 1,402 tonnes in 2025, domestic jewellery consumption fell 27% from 22.8 to 16.6 tonnes. However, he stressed the industry continues to positively contribute to Indonesia’s trade balance, with jewellery and precious goods exports growing 64.72% to $9.1 billion in 2025 from $5.5 billion the previous year.

Director General of Micro, Small and Medium Enterprises (IKMA) Reni Yanita noted most jewellery IKMs remain focused on production rather than shifting to bullion trading. “The jewellery industry still has a strong market, both domestically and for exports,” she said. Data shows 539 jewellery enterprises employing 21,116 workers across Indonesia.