Indonesia Floods with Australian Gold Jewellery Imports, Surging 634% in January 2026

Indonesia’s Central Bureau of Statistics (BPS) has recorded that imports of precious metals and jewellery from Australia grew by 634.30% year-on-year in January 2026.

Ateng Hartono, Deputy of Distribution and Services Statistics at BPS, stated that non-migas imports from Australia totalled US$507.59 million. According to BPS records, precious metals and jewellery dominated this figure, accounting for a 47.54% share.

“It turns out that jewellery and precious metals are being imported extensively from Australia, representing 47.54% of the share. These precious metal and jewellery imports grew by 634.30% year-on-year,” Ateng said during a BPS press conference on Monday (2 March 2026).

In addition, Indonesia also recorded cereal imports from Australia of US$157.75 million, representing 14.77% of the total with growth of 97.14% year-on-year, as well as mineral fuels valued at US$77.92 million with a 7.30% share and growing 18.62% year-on-year.

In total, non-migas imports from Australia reached US$1.07 billion, accounting for 5.92% of total imports in January 2026. Gold has emerged as a driver of inflation in February 2026, with gold and jewellery inflation reaching 8.42% year-on-year. According to BPS data, gold inflation has been a contributing factor since Ramadan in 2024.

Gold prices throughout January and February 2026 experienced significant increases. As of the reporting date, Antam gold prices in Indonesia rose to touch Rp 3,135,000 per gramme. The increase has been driven by geopolitical tensions between Iran, the United States and Israel.