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State miner Antam digs deeper into gold products market
Antam has launched smaller gold bars aimed at lower-income households and gold jewelry aimed at middle-upper income households.
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Hello Kitty minted gold bars are among Antam’s innovations to enter the international market. (Antam's Instagram/File)
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tate-owned diversified miner PT Aneka Tambang (Antam) has delved into smaller gold bar and gold jewelry production to expand the market reach of its best-selling metal.
Antam said in a statement on Tuesday that the new products included 0.1 and 0.25 gram gold bars, which were lighter than the current smallest gold bar at 0.5 gram, as well as gold bracelets, wedding rings, pendants and necklaces.
"This initiative provides an opportunity for everyone in Indonesia to start investing in fine gold. Beforehand, gold investment was only attainable for the middle-upper communities,” said Antam operations and business transformation director Risono.
The publicly listed miner has been getting deeper into the gold products market ever since the government commenced a nickel ore export ban in January 2020. Such ores used to be one of the company’s best-selling products after gold and ferronickel.
Read also: Metal miner Antam sees net profit sink 80 percent in first half
In the first three months of the ban, Antam’s revenue fell 16.35 percent year-on-year (yoy) to Rp 5.2 trillion, due to falling nickel ore sales, according to the company’s financial report.
In this year’s first quarter, Antam’s sales grew 77 percent yoy to Rp 9.2 trillion, led by a surge in gold revenue. Gold contributed over 70 percent of total revenue in the Jan-March period.
