The Indonesian government plans to continue the promotion of the mining industry, including gold, and developing Bullion Banks in the country. Bullion Banks have been established in various countries, including India, which is the world’s largest gold jewellery market. The banking system that supports gold trading is considered one of the solutions to overcome the challenges and develop India’s position in the global gold market.
Furthermore, Australia is the world’s sixth-largest gold exporter, and its Perth Mint is considered a proxy gold market and one of the largest gold refineries in the world, having a membership in the London Bullion Market Association (LBMA). China also initiated a push into bullion banking after lifting the ban on individual ownership of gold and launching gold deposit and savings products.
Gold has been a valuable commodity for Indonesia, as the 20th largest gold exporter in the world, has the potential to further develop its gold industry and create more benefits for its people and economy. One way to do this is through the establishment of a bullion bank, which can provide various services related to gold trading, financing, and gold storage. In this article, we will explore the opportunities and challenges of bullion banking in Indonesia.
