Hartadinata Focuses on Physical Gold Sales as Digital Market Remains Tepid
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JAKARTA, investortrust.id — PT Hartadinata Abadi Tbk, or HRTA, is doubling down on physical gold sales as Indonesia’s digital gold market shows limited signs of growth.
According to Thendra Crisnanda, Director of Investor Relations at HRTA, the volume of digital gold transactions in the country remains small and lacks the momentum to become a major driver of growth for the company.
“There are only two main players right now—Pluang and Treasury. One institution records annual sales of just 200 to 300 kilograms,” Thendra said during a media visit to Investortrust’s newsroom in The Convergence Indonesia, Jakarta, on Thursday, May 22. “Compare that to Hartadinata, which sells 15.2 tons per year.”
He added that most digital gold buyers in Indonesia transact in small amounts, typically under Rp 1 million ($62). The digital segment is also held back by price discrepancies between digital and physical gold, and public distrust rooted in past fraudulent gold schemes.
Semi-Digital Model with Physical Guarantees
Rather than fully shifting to digital sales, HRTA is strengthening its support for digital players by acting as a physical gold supplier. The company promotes a “semi-digital” model where all digital gold offerings are backed by tangible assets.
“Our current focus is on preparing the physical gold as the underlying asset for partners who are serious about digital offerings,” Thendra explained.
Strong Demand for Gold Amid Price Surge
HRTA’s strategy appears to be working. In the first quarter of 2025, the company sold 4.47 tons of gold, up 18.77% year-on-year, driven by rising consumer interest in gold as a safe haven.
Gold prices have surged sharply since late 2024. By the end of that year, prices had climbed 34.63% year-on-year. The rally continued in early 2025, with a 45.07% increase in the first quarter compared to the same period last year. By March 2025, gold prices had already risen 16% year-to-date.
CEO Sandra Sunanto reiterated the company’s commitment to traditional channels during her visit to Investortrust, emphasizing Hartadinata’s long-term belief in physical assets over digital trends that have yet to mature in the local market.