Indonesia’s Bullion Banks Now Manage 153 Tons of Gold Worth $20 Billion
Jakarta. Indonesia's bullion banks now manage 153 tons of gold worth around $20 billion, more than double the volume recorded when the country's first bullion banking services were launched last year, President Prabowo Subianto said on Friday.
Indonesia launched its first bullion banking services in February 2025 under Prabowo's administration, with state-owned pawnshop operator Pegadaian and Bank Syariah Indonesia (BSI) among the institutions providing the services.
"Today, after just one year of operation, our bullion banking services at Pegadaian and Bank Syariah Indonesia are already managing 153 tons of gold worth around Rp 360 trillion, or approximately $20 billion," Prabowo said in a televised address during the annual session of the People's Consultative Assembly (MPR) at the parliament complex in Jakarta.
The government has been developing a domestic bullion ecosystem designed to keep more of the economic value generated by Indonesia's gold industry within the country.
Indonesia now has an increasingly integrated gold supply chain, from mining and processing to bullion production and domestic distribution. High-grade gold bars can be produced at Freeport Indonesia's smelter, while state-owned miner Aneka Tambang (Antam) plays a major role in the domestic bullion market.
Earlier this week, the Indonesia Stock Exchange (IDX) launched a gold exchange-traded fund (ETF), adding another investment instrument to the country's expanding bullion ecosystem.
The gold ETF was developed through collaboration involving the Financial Services Authority (OJK), capital-market institutions, investment managers, custodian banks, participating dealers, bullion banks and other industry players.
"We want gold not only to be mined in this country, but also to be traded here and create added value for our economy," Prabowo said.
Chief Economic Minister Airlangga Hartarto previously said the number of bullion banking customers had surged to around 5.7 million from approximately 3.2 million when the services were launched in February 2025.
The amount of gold managed through the system has also more than doubled from around 70 tons at the time of the launch to the current 153 tons.
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