Indonesia’s Financial Services Authority (OJK) said in written answers on 7 August 2026 that PT Pegadaian and PT Bank Syariah Indonesia Tbk (BSI) remain the only institutions licensed for bullion business, and that gold managed across the national bullion ecosystem exceeds 150 tonnes. OJK’s release of 6 March 2026 launching the 2026–2031 bullion roadmap put the end-February figure at 153.05 tonnes, all at Pegadaian and BSI; Pegadaian’s 147.8 tonnes include 94 tonnes of pawn collateral (captive gadai) and 40.59 tonnes in licensed bullion activities. The licence is governed by POJK 17/2024 on bullion business activities, which requires Rp14 trillion of core capital or equity. On 10 July 2026 OJK said industry requests to adjust the threshold need further study, including whether private pawn companies could take part.
POJK 17/2024 sets two account classes for customer gold, and the class fixes the customer’s title:
| Gold deposit (Simpanan Emas) | Gold custody (Penitipan Emas) | |
|---|---|---|
| Classification | Unallocated account: the customer has a claim, without physical control (Art. 5) | Allocated account in the customer’s name; the institution holds no ownership right (Art. 14) |
| Use by the institution | Source for gold financing and trading, capped at 70%, 80% and 90% of deposits in stages one to three (Arts. 5, 28–30) | Barred from financing and trading (Art. 17); booked separately (Art. 15) |
| Institution’s bankruptcy | Outside the Article 16 carve-out | Excluded from the bankruptcy estate and returned by quantity (Art. 16) |
| Operator capital | Rp14 trillion (Art. 22(1)) | Exempt for custody-only operators (Art. 22(2)) |
| End-February 2026 (OJK, 6 March) | Pegadaian gold deposits 2.25 t; BSI 26.62 kg | Pegadaian corporate custody 3.7 t; BSI 2.44 t |
Custody lines account for 6.14 of the 153.05 tonnes in OJK’s March figures. Pawn collateral sits outside the licensing regime: the elucidation to Article 47 lets gold-secured cash loans and gold instalment sales continue without a bullion licence.
For a corporate or family-office holder placing bars with either licensee, the agreement fixes the position: under Penitipan Emas the bars stay in the holder’s name and return in the condition deposited; under Simpanan Emas the holder has a claim on gold the institution may lend or sell up to the stage cap. Eligible metal is non-coin bars or plates of at least 99.9% gold, made to the SNI standard or an international one such as the LBMA’s (Articles 1 and 3). Gold financing and gold trading carry a 500-gram minimum per transaction (Articles 9 and 12), and trading settles physically on a spot basis (Article 13). A custody-only operator may offer nothing but custody in stage one (Article 28(2)).
The breakdown by activity is OJK’s end-February 2026 position; the August answers restate the total only. The Rp14 trillion threshold stands in Article 22 until OJK amends POJK 17/2024, and Article 46 allows OJK to approve departures from the regulation.