Pegadaian Director heads new association to promote international gold standards in Indonesia

The Indonesia Bullion Market Association (IBMA) has been formally established to foster the development of a credible, efficient, and sustainable bullion market. Launched at BSI Tower on August 20, 2026, IBMA aims to drive progress through collaboration, standardization, education, and strengthening the national industry ecosystem.

This initiative closely follows the launch of the Gold Bank business operations by Indonesian President Prabowo Subianto on February 25, 2025. In its first year, the Gold Bank has garnered positive public response, building a foundation and demonstrating the significant potential of Indonesia's bullion ecosystem. Currently, Indonesian bullion banks manage over 170 tons of gold, with PT Pegadaian alone overseeing 153 tons. This achievement was acknowledged by President Prabowo in his state address on August 14, 2026, where he highlighted the Gold Bank as a strategic breakthrough for asset security, financial system strengthening, and adding value to Indonesia's natural resources.

The official inauguration was conducted by Coordinating Minister for Economic Affairs Airlangga Hartarto, alongside IBMA Chairperson Selfie Dewiyanti, who also serves as Director of Marketing, Sales, and Product Development at PT Pegadaian. The event was witnessed by representatives from 11 founding companies, the Deputy Head of SOE Affairs, officials from the Financial Services Authority (OJK), economists, and representatives from national standardization bodies and the World Gold Association.

Indonesia possesses strong geological foundations to become a major bullion market center, but this potential has been underutilized due to the lack of a unified body to coordinate industry players and establish consistent standards. IBMA intends to fill this gap, acting as a strategic partner to regulators and a bridge connecting stakeholders from mining and financial services to refining, manufacturing, and support services, aligning with the government's "Asta Cita" development goals. Current IBMA members include prominent entities like PT Pegadaian, Bank Syariah Indonesia (BSI), PT Hartadinata Abadi, Tbk., UBS Gold, PT Amman Mineral Internasional Tbk., Galeri 24, Brinks Solution Indonesia, ICDX Group, and PT Central Mega Kencana.