Pegadaian Initiates Formation of Indonesia Bullion Market Association
PT Pegadaian, together with several national gold industry players, is initiating the formation of the Indonesia Bullion Market Association (IBMA) as a strategic step to strengthen the domestic gold market ecosystem whilst supporting the government’s Asta Cita programme.
The gold market association is planned to be officially launched in June 2026. The formation of IBMA is the result of a collective agreement from 11 companies operating in the gold and logistics sector, including Bank Syariah Indonesia, AMMAN Mineral, ICDX Group, Hartadinata Abadi, Sentral Kreasi Kencana, Lakuemas, Brinks, UBS Gold, Central Mega Kencana, and Pegadaian’s subsidiary PT Pegadaian Galeri 24.
Pegadaian’s Chief Executive Officer, Damar Latri Setiawan, stated that the formation of IBMA represents an answer to the need for more integrated, transparent, accountable, and competitive domestic gold market governance. He noted that Indonesia, as one of the world’s largest gold producers, has significant potential to play a more strategic role in the global market.
“Indonesia is one of the world’s largest gold producers. With IBMA, we not only want to be observers, but also actively participate in developing the gold ecosystem from upstream to downstream, and ensure that domestic gold has global competitiveness,” Damar said on Thursday, 12 March 2026.
He added that IBMA is expected to become an important pillar in supporting the implementation of the government’s Asta Cita programme, particularly in accelerating downstream processing and industrialisation of the mining sector. This initiative also aims to increase value addition and ensure that gold circulation remains within the domestic economy.
According to Damar, the presence of IBMA has the potential to reduce transaction and logistics costs for the domestic gold industry. With a more integrated market system, domestically mined gold is expected to be optimally absorbed by the domestic market. This will not only provide more competitive prices for retail customers, but also strengthen national gold reserves as an important instrument in maintaining macroeconomic stability.
At the same occasion, Pegadaian’s Director of Marketing, Sales, and Product Development, Selfie Dewiyanti, was appointed as the General Chair of IBMA. The appointment reflects industry players’ confidence in Pegadaian’s strategic role in developing Indonesia’s gold ecosystem.
Through the formation of IBMA, industry players hope to present market practice standards in line with international regulations, whilst attracting greater investment to the national gold sector and encouraging the creation of sustainable financial independence for Indonesia.