The Digital Gold Physical Market is a physical gold trading mechanism in which transactions and records of ownership are carried out digitally (electronically).
Gold is one of the world's commodities that has a stable value and is resistant to inflation from time to time. Because of this nature, gold commodities are often used as tools or hedging assets against inflation. With these characteristics, gold owners can easily sell or exchange the gold they own, as the value of gold is recognized worldwide. As technology develops, the gold investment culture continues and shows development by utilizing technology. If in the past people bought gold in physical form, either in the form of bars or jewelry, now gold can be bought in digital form known as digital gold.
Digital Physical Gold Trading allows people to own gold but there is no need to think about an adequate place to store gold because gold ownership is only in the form of a digital balance. To ensure the safety of the public transacting gold digitally, the Ministry of Trade issued Regulation of the Minister of Trade Number 119 of 2018 concerning General Policies for Digital Gold Physical Market Trading on the Futures Exchange which was then clarified in Bappebti Regulation Number 4 of 2019 concerning Technical Provisions for the Implementation of the Digital Gold Physical Market on the Futures Exchange and Bappebti Regulation Number 13 of 2019 concerning Amendments to Bappebti Regulation Number 4 of 2019 2019 Regarding Technical Provisions for the Implementation of the Digital Gold Physical Market on the Futures Exchange.
The issuance of a series of regulations regarding Digital Gold Physical Market Trading makes every transaction made by traders with their customers must be reported to the Futures Exchange for supervision.
However, the implementation of the Digital Gold Physical Market is not only limited to the supervision of the transaction report. In Bappebti Regulation Number 4 of 2019 and its amendments, Digital Gold Traders must place physical gold at the Clearing House as the underlying of the digital gold to be traded. The goal is so that this Digital Gold Trader can only trade digital gold according to the amount of gold they owns. When the physical gold placed in the Futures Clearing House has been sold, then the Digital Gold Trader cannot sell the gold anymore. The task of the Futures Clearing House is to ensures the sufficiency of gold that can be sold by Gold Traders.
In addition to the Exchange and Futures Clearing Institution, the ecosystem for implementing the Digital Gold Physical Market must also be supported by the presence of Gold Storage Facility Managers. This institution plays a role in receiving and regulating the entry and exit of gold handed over by Physical Gold Traders to be traded.
- Before trading, Digital Gold Traders must place physical gold on ILB as the Gold Storage Manager
- The Gold Storage Manager will synchronize the system with ICH as a Clearing House to convert the gold that has been stored into digital gold balances that can be traded by Digital Gold Traders
- The Clearing House will record the Digital Gold Balance owned by Digital Gold Traders;
- Digital Gold Traders can Trade with their Customers
- Digital Gold Traders report every transaction that occurs with their customers in real-time to ICDX as a Futures Exchange
- Customers can check whether the gold balance transacted on the Digital Gold Trader has been reported through the system provided by ICH
In the Implementation of the Digital Gold Physical Market, ICDX Group has obtained permission from Bappebti as an Exchange to hold the Digital Gold Physical Market on September 9, 2021, through the Decree of the Head of the Commodity Futures Trading Supervisory Agency Number 01/BAPPEBTI/SP-BBPF/09/2021. The presence of ICDX as an Exchange is supported by ICDX Logistik Berikat (ILB) as a Gold Storage Facility Manager which has obtained approval from BAPPEBTI on October 8, 2021, through the Decree of the Head of the Commodity Futures Trading Supervisory Agency Number 01/BAPPEBTI/SP-PTPED/10/2021 and the Indonesia Clearing House (ICH) as a Clearing Institution that has obtained approval from BAPPEBTI on September 9, 2021, through the Decree of the Head of the Commodity Futures Trading Supervisory Agency Number 01/BAPPEBTI/SP-KBPF/09/2021.
PT Aneka Tambang Tbk or commonly abbreviated as ANTAM is part of MIND ID which is engaged in mining, especially nickel, bauxite, and gold. To support its business activities, the company has 16 gold boutiques located in 12 cities in Indonesia. ANTAM was officially listed as ICDX member on October 31, 2024.
Indogold began as a family business in the field of buying and selling precious metal gold which has been active since 1978. Since receiving Bappebti's license as a Digital Gold Physical Merchant in 2023, Indogold has further expanded its business scope to be able to trade its gold through digital platforms.
PT Indonesia Logam Pratama with the brand name Treasury is the first digital physical gold trader to obtain an official license from BAPPEBTI since December 13, 2021. ILP has been officially listed as a physical trader of digital gold on ICDX since September 10, 2021.
Lakuemas is one of the subsidiaries of PT. Central Mega Kencana (CMK) which is a multinational company engaged in jewelry retail such as Mondial, Frank & Co., Miss Mondial, and The Palace. Lakuemas has an online gold buying and selling platform that can be accessed through websites, mobile applications and is supported by offline stores in various large Indonesian malls.
Sharia Koin Indonesia is a company that buys and sells physical gold based on sharia principal. PT Syariah Koin Indonesia through the ShariaCoin mobile application applies sharia principles by using Wadiah Yad Amanah contracts or gold deposit contracts.
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