Indonesia Bullion Market Association Targeted for Formation in June 2026

Jakarta – Damar Latri Setiawan, Chief Executive Officer of PT Pegadaian, said the Indonesia Bullion Market Association (IBMA) is targeted to be formed in June 2026. The target came from a closed group discussion (FGD) involving 11 companies: Pegadaian, AMMAN, ICDX Group, Hartadinata Abadi, Sentral Kreasi Kencana, Lakuemas, Brinks, UBS Gold, Central Mega Kencana, Galeri 24 and Bank Syariah Indonesia (BSI). ‘We are committed to forming the Indonesia Bullion Market Association and, God willing, we can certify and inaugurate it in June,’ said Damar. IBMA will be a platform for players in Indonesia’s gold industry to foster the creation of a standardised, safe and internationally recognised gold trading ecosystem.

‘Meanwhile, Coordinating Minister for Economic Affairs Airlangga Hartarto noted that the number of bullion bank customers has risen significantly over the past year, from 3.2 million in February 2025 to 5.7 million currently. Official bullion bank services were launched by President Prabowo Subianto on 26 February 2025, with Pegadaian and Bank Syariah Indonesia (BSI) being the first two financial institutions to obtain licences to operate the service. ’The amount pledged in collateral at Pegadaian rose to 144.7 tonnes from 94 tonnes. Those using it as collateral also increased by 38.5 tonnes or Rp102 trillion. Likewise, at BSI it has risen to 22 tonnes,’ Airlangga said. He also noted that the rising trend in gold purchases is a factor contributing to inflation. At launch, gold prices were around $3,000 per troy ounce; they are now around $5,000 per troy ounce.