Regulation Watch · Tax Compliance · Indonesia, for exports of gold products covered by the gold export-duty regime, including exports by eligible PT PMA and PT PMDN mining, refining, manufacturing, trading, jewellery and bullion businesses.
Gold Export Benchmark Falls 1.68% for Early November
Kepmendag 2061/2026 lowers Indonesia's gold export benchmark to USD 132,756.02 per kilogram and its reference price to USD 4,129.18 per troy ounce for exports from 1 through 14 November 2026.
- Published
- Kepmendag 2061/2026 was established by the Ministry of Trade on 28 October 2026 and officially announced on 29 October 2026. The Ministry's official JDIH record identifies no separate State Gazette promulgation date. The preceding Kepmendag 2008/2026 was established and published on 14 October 2026.
- Effective
- Kepmendag 2061/2026 applies its benchmark and reference price to covered gold exports from 1 through 14 November 2026. It replaces the Kepmendag 2008/2026 values that applied from 15 through 31 October 2026.
- Added to Watch
- 15 October 2026
- Updated
- 30 October 2026
Who is affected
Indonesian exporters of covered gold products; mining, refining, manufacturing, jewellery, bullion and trading companies, including PT PMA businesses; foreign and domestic shareholders; directors; customs brokers; and finance, tax, treasury, trade-compliance, logistics and sales teams responsible for export declarations, shipment pricing and margin control.
Practical impact
For 1 through 14 November, the HPE for gold falls 1.68% from USD 135,024.36 to USD 132,756.02 per kilogram and the reference price falls from USD 4,199.73 to USD 4,129.18 per troy ounce. The HPE is the customs value used to calculate export duty on covered gold products, while the applicable duty rate continues to depend on the product and processing category under PMK 80/2025. Exporters must update shipment costing and customs instructions for the correct early-November period rather than carrying forward the second-half October benchmark.
The Ministry of Trade established Kepmendag 2061/2026 on 28 October and officially announced it on 29 October for gold exports during the first half of November. The decision sets the Harga Patokan Ekspor, or HPE, at USD 132,756.02 per kilogram and the Harga Referensi at USD 4,129.18 per troy ounce for 1 through 14 November 2026. The official JDIH record identifies no separate State Gazette promulgation date.
The HPE is 1.68% below the second-half October level of USD 135,024.36 per kilogram, while the reference price falls from USD 4,199.73 to USD 4,129.18 per troy ounce. The Ministry states that stronger major currencies and higher international bond yields reduced demand for gold relative to higher-yielding financial instruments. The values were set using technical data and input from the Ministry of Energy and Mineral Resources based on London Bullion Market Association publications, with coordination across the relevant ministries.
The change is operational rather than informational. Under PMK 80/2025, covered gold exports are subject to export duty according to the product and its processing category, and the period-specific HPE is used in the customs calculation. A shipment team should not apply one headline percentage across every form of gold or carry forward the prior HPE.
Exporters should review each shipment's export date, product description, HS code, processing category, weight and applicable duty rate, then update the customs broker instruction, PEB data, payment, invoice, costing and margin analysis. Where a contract was priced before the new benchmark, the exporter should also confirm how export-duty and price changes are allocated under the agreed Incoterms and tax clauses.
The decision lasts only through 14 November. A covered shipment exported from 15 November must use the next replacement benchmark and the corresponding customs price instrument rather than this temporary value. Finance and compliance teams should calendar the mid-month reset and keep the official decision, tariff basis, calculations, payment evidence and shipment documents together for audit and reconciliation.
Required action
- Identify every covered gold shipment exported from 1 through 14 November 2026 and confirm the exact product description, HS code, processing category, export date and quantity before filing the export declaration.
- Replace the second-half October HPE with USD 132,756.02 per kilogram and use the reference price of USD 4,129.18 per troy ounce when applying the duty schedule under PMK 80/2025.
- Recalculate export duty, selling price, treasury funding and shipment margin, and align the values used by the exporter, customs broker, freight provider and overseas buyer.
- Review contracts and Incoterms for responsibility for export duty, price adjustments and customs delay, especially where a quotation or purchase order was prepared using the prior benchmark.
- Retain Kepmendag 2061/2026, the applicable PMK 80/2025 tariff line, calculation workpaper, export declaration, payment evidence, invoice and shipping documents in one audit file.
- Monitor the Ministry of Trade and Ministry of Finance for the replacement benchmark and customs price instrument for exports from 15 November onward.