Indonesia Bullion Market Association launched to integrate gold assets

The Indonesia Bullion Market Association (IBMA) has been officially established to strengthen the national gold ecosystem and create a more efficient, transparent, and integrated bullion market. The association is led by Chairperson Selfie Dewiyanti, who also serves as a Director at PT Pegadaian.

Coordinating Minister for Economic Affairs Airlangga Hartarto emphasized the strategic importance of integrating informal gold holdings into the formal financial system. It is estimated that approximately 1,800 tons of gold, valued at roughly US$252 billion, is currently held by the public outside of official banking channels. Hartarto suggested that even a 20 percent shift of these holdings into financial instruments through institutions like Pegadaian and Bank Syariah Indonesia (BSI) would significantly boost the national economy.

Currently, Indonesia's bullion banks manage approximately 177 tons of gold, with Pegadaian holding 153 tons and BSI holding 24 tons. While Indonesia possesses massive geological gold reserves, Bank Indonesia’s monetary gold reserves stand at 87.1 tons, placing the country 44th globally in central bank gold holdings. The formation of IBMA aims to bridge stakeholders from mining to finance to optimize these resources.