OJK Drafts Bullion Business Roadmap as Industry Awaits Clear Direction

JAKARTA, Investortrust.id — Otoritas Jasa Keuangan is still drafting a national roadmap for the development of the bullion business on Saturday, Dec 27, 2025 in Jakarta as authorities seek to build an integrated gold ecosystem while most industry players remain cautious, a move expected to shape the future of Indonesia’s bullion market.

The roadmap is being prepared by OJK’s Financing, Venture Capital, Microfinance, and Other Financial Services Supervisory Executive, Agusman, and is currently under in-depth discussion with ministries, government agencies, and industry stakeholders.

“This roadmap is intended to provide comprehensive development guidance for the gold ecosystem from upstream to downstream, not limited only to financial institutions operating bullion businesses,” Agusman said in a written response.

He said the roadmap would outline a clear vision, targets, strategies, and work programs aimed at strengthening the national bullion ecosystem and increasing its contribution to the broader economy.

OJK continues to coordinate across ministries and stakeholders to ensure the roadmap is integrated, comprehensive, and responsive to the long-term needs of the bullion industry.

While the regulatory framework is still being finalized, implementation on the ground remains uneven across players.

As of October 2025, state-owned gold pawnshop PT Pegadaian recorded positive performance, with total gold under management reaching 28.78 tons.

“Other financial institutions under our supervision have not yet applied for bullion business licenses, mainly because they need time to study the market, prepare infrastructure, and meet regulatory requirements,” Agusman said.

Despite the cautious stance of most institutions, the emerging bullion bank ecosystem has already delivered tangible results for gold producers.

PT Hartadinata Abadi Tbk or HRTA reported gold sales of 4.8 tons through the bullion bank ecosystem in the first half of 2025, accounting for 51 percent of consolidated revenue as of June.

Hartadinata Director of Investor Relations Thendra Crisnanda said the strong performance was driven primarily by partnerships with Pegadaian and PT Bank Syariah Indonesia Tbk as key distribution channels.

“We are seeing a strong positive catalyst, especially from sales contributions within the bullion bank ecosystem,” Thendra said during the Indonesia Stock Exchange Public Expose Live 2025.

“By the first half of 2025, Hartadinata had sold 4.8 tons of gold, exceeding our initial target of only 500 kilograms per month for bullion bank sales,” he said.

Thendra said he was optimistic that the contribution of bullion banks would continue to rise as the ecosystem matured and execution improved.

“If implementation runs well, the bullion bank ecosystem could add around 1.3 percent to Indonesia’s economic growth and create more than 800,000 new jobs,” he said.

Beyond distribution, Hartadinata has strengthened its upstream supply chain by sourcing around 25 percent of its gold from local mining partners, including PT Bumi Resources Minerals Tbk, which supplies more than 95 percent of its production output to Hartadinata.

The company is also expanding its refining capacity to 30 tons per year by 2026 and plans to add a reintegration plant by the fourth quarter of 2025, while maintaining a distribution network of more than 1,000 sales points nationwide.

Industry players say the completion of OJK’s bullion roadmap will be critical in determining how fast Indonesia’s gold ecosystem can scale beyond early movers and deliver broader economic impact.