Comeback To India Market, PT Hartadinata Abadi Tbk Continues Jewelry Export Cooperation

Photo: Doc. Hartadinata Abadi

JAKARTA - PT Hartadinata Abadi Tbk (HRTA), an integrated gold and gold bullion jewelry manufacturing company in Indonesia, continues to cooperate in exporting gold jewelry to India until the first quarter of 2024.

Previously, cooperation with India was hampered due to regulations from the Government of India, and as an alternative HRTA exports to the United Arab Emirates market. Now, HRTA has added a 91.6 percent gold jewelry export cooperation contract with Bright Metal Refiners (BMR) from December 15, 2023 to March 15, 2024.

The addition of this contract is a continuation of the cooperation previously carried out which has been started since April 18, 2023. BMR ordered gold jewelry with a total of at least 500 kg which will be fulfilled within the period of the cooperation contract.

President Director of HRTA, Sandra Sunanto is optimistic that the order currently being made by BMR is 40 kg per day, with a total minimum order of 500 kg potentially being completed in less than 1 month.

"With the addition of this cooperation contract, the Company's gold jewelry export with a level of 91.6 percent will reach 5 tons by the end of 2023," said Sandra, Saturday, December 23.

India's market remains a prospective export destination for the Company because it is the country with the 2nd highest gold consumption in the world after China. Gold jewelry has become part of the culture for the people in India.

India's total national gold demand reached 481 tons by September 2023, which is estimated to reach 700 tons by the end of 2023. On the other hand, domestic gold production in India is unable to meet domestic needs. Therefore, the Company can maximize these opportunities to encourage increased HRTA performance.

Sandra stated that HRTA will continue to increase the coverage and volume of gold jewelry exports not only to Indian countries but also to other countries such as the United Arab Emirates, Singapore, Australia, the United States, and European countries. In addition, HRTA is also ready to become a partner for the Government of Indonesia in the success of the downstream program, especially in the Indonesian gold industry.

Exports of gold jewelry provide added value for Indonesian gold commodities that can encourage an increase in the contribution of state revenue. With the strategic achievements made by the Company, HRTA is increasingly strengthening its position as the most integrated gold and gold bullion jewelry Company from the intermediate industry (midstream) to downstream industries in Indonesia.