Bullion Industry Growing, OJK Opens New Player Opportunities

REPUBLIKA.CO.ID, JAKARTA -- Regulations related to the gold industry in Indonesia continue to be reviewed, one of them through the plan to establish a National Gold Council. So far, the council is still in the process of deepening. Later, the Gold Council will consist of various ministries and agencies that have links with the national bulion ecosystem.

On the other hand, the bulion business in Indonesia is growing after the inauguration of gold bank services by the President of the Republic of Indonesia. Nevertheless, the number of Financial Services Institutions (LJK) involved in the bulion venture is still limited.

Currently, only PT Pegadaian and Bank Syariah Indonesia have obtained permission as organizers of bulion business activities.

“At the moment, there are no other LJKs who have applied for permission to organize bulion business activities. Opportunities remain open for other LJKs to apply for a license for bulion business activities in accordance with the applicable terms and conditions,” said Agusman, Chief Executive Officer of the Supervisory Authority of Financing Institutions, Venture Capital Companies, LKM, and LJK Others in a written reply, Saturday (8/3/2025).

The Financial Services Authority (OJK) itself has published the OJK Regulation (POJK) Number 17 of 2024 on the Organization of Bulion Business Activities.

This regulation stipulates that LJK wishing to organize a bulion business must have a main activity in the field of credit or financing, have a core capital of at least IDR 14 trillion, and establish a special working unit responsible for the organization of bulion business activities.

In addition, the OJK also confirmed that LJK carrying out the bulion business is obliged to have competent infrastructure and human resources readiness in assessing the authenticity of gold.

“LJK is obliged to meet the requirements as an organizer of bulion business activities including capital and infrastructure readiness including competent human resources to perform gold authenticity assessment,” Agusman explained.

With opportunities still open, it is expected that more and more LJK are interested in applying for a bulion business license. However, to be able to break into this industry, the readiness of capital and infrastructure remains the main challenge that must be met.