Indonesia Bullion Market Association Launched Amid Falling Gold Prices

Indonesia’s bullion industry marked a milestone on 20 July 2026 when the Indonesia Bullion Market Association (IBMA) held its inaugural plenary session at the Pegadaian Tower in Jakarta. Selfie Dewiyanti, Director of Marketing, Sales & Product Development at PT Pegadaian (Persero), was elected chair of the new association, which brings together 11 founding companies under government guidance. The association aims to create a modern, integrated bullion market, standardise industry practices, and link producers, refiners, financial services and retailers. Bank Syariah Indonesia (BSI) joined as a founding member, pledging support for a transparent, competitive market and expanding digital gold services.

At the same time, Indonesia’s domestic gold prices continued to soften. On 21 July 2026, Antam’s 1‑gram gold price fell to Rp 2.601 000 per gram, down from the previous day, with the buy‑back price at Rp 2.332 000. Similar declines were reported across other retail channels: Pegadaian’s Antam, UBS and Galeri24 all posted lower rates, reflecting pressures from a stronger US dollar and expectations of higher US Federal Reserve rates. The next day, 22 July 2026, Antam’s price edged slightly higher to Rp 2.635 000 per gram, while the buy‑back remained around Rp 2.386 000. Global spot gold also slipped, trading near US$4 000 per ounce, reinforcing the domestic price trend.

The formation of IBMA is expected to streamline the bullion supply chain, boost investor confidence, and support Indonesia’s ambition to become a regional gold hub, while the current price dip highlights the sensitivity of the market to international monetary dynamics.