Investor Relations / Company Update / Investor News / PT Hartadinata Abadi Tbk Expands Gold Jewelry Export Performance with New Partner in India
05 Sep 2023
Bandung, May 17, 2023 – PT Hartadinata Abadi Tbk (HRTA) has once again entered into a cooperation agreement for gold jewelry exports with one of the gold business players in India, Bright Metal Refiners (Bright Gold). Bright Gold is a gold and silver refining company located in New Delhi, India. Bright Gold has been certified by NABL (National Accreditation Board for Testing and Calibration Laboratory) and BIS (Bureau of Indian Standards) for purifying and recycling precious metals.
India itself has a strong gold jewelry culture. Per capita gold consumption in India reached 0.55 grams, with a total national gold demand of 774 tons in 2022. However, gold production in India cannot meet domestic demand. Therefore, we see the potential in addressing the demand-supply gap that can be fulfilled by players in the gold industry in Indonesia, including HRTA, which can capture this opportunity.
HRTA aims to achieve additional sales of around 2 tons of 91.6% pure gold jewelry exports to Bright Gold for 2 months starting from May 2023, with the possibility of extension. The commercial value of the gold jewelry export transaction is estimated to contribute approximately USD 123.66 million or equivalent to IDR 1.82 trillion to the company's consolidated revenue. This cooperation is a continuation of the export performance achievement previously carried out with Kundan Group, demonstrating the trust of export partners in the quality of gold jewelry products produced by the company.
Sandra Sunanto, CEO of HRTA, emphasized that "HRTA is committed to continuously supporting the government's downstreaming program to increase the added value of gold jewelry through exports, which ultimately contributes positively to Indonesia's foreign exchange reserves, especially from the gold industry." The increase in export contributions from Bright Gold is higher than the previous Indian partner, targeting a contribution of 400 – 500 kg of gold jewelry per month. We are optimistic that export activities will further drive HRTA's business growth in 2023. We are open to future cooperation opportunities with foreign export partners.
Alongside the increase in gold jewelry export contributions, Sandra sees the growth drivers of the company coming from positive domestic implications supported by government incentives such as the exemption of income tax for end buyers of gold bars and the reduction of value-added tax for gold jewelry. Active government support has had a positive impact on the company's business both domestically and internationally.
About PT Hartadinata Abadi Tbk (HRTA)
As a manufacturer and provider of gold jewelry that has built trust among all stakeholders for over 34 years, HRTA is a leading player in the gold jewelry industry in Indonesia. HRTA has an integrated business model, ranging from 4 factories (manufacturing), a precious metal refining plant (refinery), wholesale sales, retail sales, as well as the e-commerce channel emaskita.id and a gold pawnshop network.
HRTA's integrated business model provides an advantage with a guaranteed market presence. Since its establishment, HRTA has established relationships with more than 900 gold stores throughout Indonesia. For more information, visit www.hartadinata.co.id or the official Instagram @hartadinata.abadi.
For further information, please contact:
Ong Deny
Corporate Secretary
PT Hartadinata Abadi Tbk
Phone: (022) 5402326 / 5403002
Email: [email protected] / [email protected]
www.hartadinataabadi.co.id
India itself has a strong gold jewelry culture. Per capita gold consumption in India reached 0.55 grams, with a total national gold demand of 774 tons in 2022. However, gold production in India cannot meet domestic demand. Therefore, we see the potential in addressing the demand-supply gap that can be fulfilled by players in the gold industry in Indonesia, including HRTA, which can capture this opportunity.
HRTA aims to achieve additional sales of around 2 tons of 91.6% pure gold jewelry exports to Bright Gold for 2 months starting from May 2023, with the possibility of extension. The commercial value of the gold jewelry export transaction is estimated to contribute approximately USD 123.66 million or equivalent to IDR 1.82 trillion to the company's consolidated revenue. This cooperation is a continuation of the export performance achievement previously carried out with Kundan Group, demonstrating the trust of export partners in the quality of gold jewelry products produced by the company.
Sandra Sunanto, CEO of HRTA, emphasized that "HRTA is committed to continuously supporting the government's downstreaming program to increase the added value of gold jewelry through exports, which ultimately contributes positively to Indonesia's foreign exchange reserves, especially from the gold industry." The increase in export contributions from Bright Gold is higher than the previous Indian partner, targeting a contribution of 400 – 500 kg of gold jewelry per month. We are optimistic that export activities will further drive HRTA's business growth in 2023. We are open to future cooperation opportunities with foreign export partners.
Alongside the increase in gold jewelry export contributions, Sandra sees the growth drivers of the company coming from positive domestic implications supported by government incentives such as the exemption of income tax for end buyers of gold bars and the reduction of value-added tax for gold jewelry. Active government support has had a positive impact on the company's business both domestically and internationally.
About PT Hartadinata Abadi Tbk (HRTA)
As a manufacturer and provider of gold jewelry that has built trust among all stakeholders for over 34 years, HRTA is a leading player in the gold jewelry industry in Indonesia. HRTA has an integrated business model, ranging from 4 factories (manufacturing), a precious metal refining plant (refinery), wholesale sales, retail sales, as well as the e-commerce channel emaskita.id and a gold pawnshop network.
HRTA's integrated business model provides an advantage with a guaranteed market presence. Since its establishment, HRTA has established relationships with more than 900 gold stores throughout Indonesia. For more information, visit www.hartadinata.co.id or the official Instagram @hartadinata.abadi.
For further information, please contact:
Ong Deny
Corporate Secretary
PT Hartadinata Abadi Tbk
Phone: (022) 5402326 / 5403002
Email: [email protected] / [email protected]
www.hartadinataabadi.co.id
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