Pegadaian Leads Industry to Establish Indonesia Bullion Market Association
Jakarta — PT Pegadaian, together with other major gold industry players, is poised to drive the establishment of the Indonesia Bullion Market Association (IBMA) to support the government’s Asta Cita programme and strengthen Indonesia’s position as a key player in the international gold market.
The Indonesia Bullion Market Association is scheduled for official establishment in June 2026. This strategic initiative represents a collective agreement from eleven prominent companies in the gold and logistics industries: PT Pegadaian, Bank Syariah Indonesia (BSI), AMMAN, ICDX Group, Hartadinata Abadi, Sentral Kreasi Kencana (SKK), Lakuemas, Brinks, UBS Gold, Central Mega Kencana (CMK), and Pegadaian’s subsidiary, PT Pegadaian Galeri 24.
PT Pegadaian President Director Damar Latri Setiawan stated that the establishment of IBMA addresses the need for more integrated, transparent, accountable, and competitive domestic gold market governance. Pegadaian, as Indonesia’s pioneering gold bank, will provide full support to IBMA.
“Indonesia is one of the world’s largest gold producers. With IBMA, we do not want to be mere observers, but actively involved in developing the gold ecosystem from upstream to downstream, ensuring that domestic gold has global competitiveness,” Damar said in an official statement on Monday 16 March 2026.
Damar further explained that IBMA will serve as a cornerstone in supporting the implementation of the Government’s Asta Cita, particularly in accelerating downstream processing and industrialisation of the mining sector. This effort aims to increase value-added output and ensure that gold circulation remains within the domestic economy.
“IBMA is projected to reduce transaction and logistics costs for the domestic gold industry by ensuring that domestically mined gold is absorbed as much as possible by the domestic market. This will not only result in more competitive prices for retail customers, but also strengthen national gold reserves as an instrument for macroeconomic stability,” Damar added.
At the same time, Pegadaian’s Director of Marketing, Sales, and Product Development, Selfie Dewiyanti, has been appointed as the General Chairperson of IBMA. This appointment reflects collective recognition by industry players of Pegadaian’s credibility and its strategic role in steering Indonesia’s gold ecosystem.
With the establishment of IBMA, it is hoped that market practice standards will be created in alignment with international regulations, thereby attracting larger investments to Indonesia’s gold sector and creating sustainable financial independence for the nation.