Indonesia Bullion Market Association Launched to Strengthen National Gold Industry

The Indonesia Bullion Market Association (IBMA) officially launched in Jakarta, aiming to consolidate the nation's gold ecosystem and bolster the domestic industry. The association brings together 11 founding companies representing diverse sectors, including mining, finance, refining, manufacturing, retail, trading, and logistics.

Key players in the launch include PT Pegadaian (Persero), Bank Syariah Indonesia (BSI), AMMAN, ICDX Group, Hartadinata Abadi, Sentral Kreasi Kencana (SKK), Lakuemas, Brinks, UBS Gold, Central Mega Kencana (CMK), and PT Pegadaian Galeri 24. Coordinating Minister for Economic Affairs Airlangga Hartarto highlighted IBMA's crucial role in integrating the gold ecosystem, enhancing education, and improving Indonesia's standing in the global market.

Hartarto noted that Indonesian citizens hold approximately 1,800 tons of gold, valued at around $252 billion. He expressed hope that IBMA will facilitate the movement of this gold into financial and banking instruments, thereby increasing its economic value. This initiative aligns with President Prabowo Subianto's target of 8% economic growth by 2029. Last year, the "Bank Emas" program, launched by President Prabowo, managed about 177 tons of gold.

Selfie Dewiyanti, Director of Marketing, Sales, and Product Development at PT Pegadaian (Persero) and IBMA Chairwoman, stated that the association will foster a credible and competitive Indonesian bullion market aligned with international standards. The goal is to transform Indonesia from a gold producer into a leading regional bullion hub, expanding investment, deepening financial markets, and stimulating national economic growth. IBMA plans short, medium, and long-term programs focused on literacy, education, and market connectivity.