One year after its launch, the bullion bank service developed by PT Pegadaian and Bank Syariah Indonesia (BSI) has shown a positive trend. Since its launch on February 26, 2025, the bullion bank has recorded a managed volume of 22.5 tons and a surge in customer growth of up to 400%.
An economist from the Faculty of Economics and Business at Universitas Gadjah Mada (FEB UGM), Wisnu Setiadi Nugroho, assesses that the global gold price increase throughout 2025, ranging between $2,300 and $2,400 per ounce, has become a catalyst for the growth of bullion banks in Indonesia. This positive trend has driven a significant rise in public interest in gold as a safe-haven asset. However, he emphasized that the sustainability of this trend still depends on key aspects, namely regulation and product innovation.
“Sustained growth depends on institutional trust, regulatory clarity, and product innovation,” he explained on Monday (April 6).
In efforts to develop bullion banks in the country, Wisnu underlined several important aspects. He suggested that gold services should be integrated with long-term financial planning.
“There are various challenges in developing bullion banks in Indonesia. They need to focus on financial incentives, strong security and transparency, integration with other financial products, and public financial education on the benefits offered,” he said.
Further, Wisnu observed the relatively unique characteristics of Indonesian society in storing gold. He highlighted the common household practice of keeping gold at home informally. For him, large assets left idle actually hold significant potential.
“The key is how to convert gold, which has so far been a passive asset, into a productive financial instrument,” he remarked.
The dominance of the retail sector and the persistence of physical ownership remain major challenges to the development of Indonesia’s gold market. According to him, this condition differs from countries that already have well-established gold trading centers.
“Indonesia’s gold market is still largely physical. As a result, the current impact is more concentrated on strengthening the financial market rather than expanding the real sector,” he explained.
Wisnu also highlighted the public perception that physical gold storage is safer and offers direct control. Therefore, he stressed the need to strengthen regulation, transparency, and legal protection to increase public trust.
“Ultimately, encouraging people to store gold in banks is not merely about returns, but about building trust and ensuring that gold remains secure while becoming more liquid and beneficial to the economy,” he concluded.
Reporter: Kurnia Ekaptiningrum
Author: Aldi Firmansyah
Editor: Gusti Grehenson
Post-editor: Zabrina Kumara
Photo: Freepik