Antam Gold Supply Limited to 20% Market Availability, Lawmaker Alleges
Jakarta – A member of Commission VI of the House of Representatives, Kawendra Lukistian, has raised concerns about the limited availability of physical gold from PT Aneka tambang Tbk (Antam) in the market, estimating current circulation at around 20%.
During a work meeting with Antam’s Managing Director, Achmad Ardianto, at the Parliament Complex in Senayan, Jakarta, on monday, September 29, 2025, Kawendra urged a thorough internal review to prevent individuals from controlling gold distribution.He warned that restricted supply could contribute to price increases and inflation.
“I’ve heard from colleagues that finding Antam gold stock is difficult – only about 20% is available. If this is a deliberate tactic to wait for price increases, it could significantly contribute to inflation.Please investigate,” Kawendra stated.
Responding to the concerns, Achmad Ardianto explained that Antam’s gold distribution heavily relies on wholesalers. These partners purchase gold from Antam on a back-to-back basis and then distribute it to gold shops and consumers regionally. Approximately 70% of Antam’s business operates through this model, meaning Antam doesn’t retain ownership of that portion of the 43 tons of gold.
Antam directly distributes gold to only 15 precious metal boutiques, representing around 30% of its output, limited by the company’s working capital. “our working capital capability currently allows for approximately 30% direct distribution,” Ardianto explained.
Moreover, Antam is currently facing constraints in securing raw materials, having been unable to import gold in recent months while domestic supply remains limited. This situation necessitates a more cautious approach to production and distribution.
“The key to smoother distribution lies in securing our source materials. We haven’t been able to import recently,and domestic sellers are scarce. Raw materials are difficult to obtain. If we can secure them, distribution can be accelerated,” Ardianto concluded.