Jakarta. Jewelry manufacturer Hartadinata Abadi (HRTA) reports a near threefold jump in first-quarter revenue as soaring bullion prices and strong safe-haven demand drive higher sales volumes across its wholesale and retail businesses.

The company reported revenue of Rp 20.16 trillion ($1.16 billion) in the January-March period, nearly tripling from Rp 6.78 trillion a year earlier. Net profit jumped 189% to Rp 433.5 billion.

Indonesia’s gold industry is benefiting from a global rally in bullion prices fueled by geopolitical tensions, currency volatility, and expectations for looser monetary policy in the US. Domestic demand has also remained resilient as Indonesians seek protection from rupiah weakness and market uncertainty.

“The company started 2026 with very positive performance, supported by sales volume growth and stronger global gold prices,” President Director Sandra Sunanto said on Friday.

Pure gold sales volume rose 75% from a year earlier to 7.83 tons, while the average selling price climbed 71% to Rp 2.57 million per gram.

Wholesale operations remained the company’s main revenue driver, contributing more than 90% of total sales, including transactions with bullion banks and Islamic lenders. Retail sales accounted for about 9%, while the pawn business contributed less than 1%

Gold prices have remained volatile this year amid escalating conflict in the Middle East, swings in oil prices, and shifting expectations around Federal Reserve policy. Bullion traded around $4,717 per troy ounce in April after briefly surpassing $4,800 earlier in the year, according to the company.

In Indonesia, local gold prices have risen about 11% year-to-date to around Rp 2.6 million per gram, supported by sustained safe-haven demand and a weaker rupiah.

“We see this achievement as a sign of market confidence in the company’s business fundamentals, stock liquidity, and long-term prospects as one of the leading players in Indonesia’s gold industry,” Sandra said.