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 Another 3.15%
Kepmendag 2008/2026 lowers Indonesia's gold export benchmark to USD 135,024.36 per kilogram and its reference price to USD 4,199.73 per troy ounce for exports from 15 through 31 October 2026.
- Published
- Established and published by the Ministry of Trade on 14 October 2026. The Ministry's official JDIH record identifies no separate State Gazette promulgation date for this ministerial decision.
- Effective
- The decision took effect when established on 14 October 2026. Its benchmark and reference price apply to covered gold exports from 15 through 31 October 2026.
- Added to Watch
- 15 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 the second half of October, the HPE for gold falls 3.15% from USD 139,409.07 to USD 135,024.36 per kilogram and the reference price falls from USD 4,336.11 to USD 4,199.73 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 15 to 31 October period rather than carrying forward the first-half October benchmark.
The Ministry of Trade established and published Kepmendag 2008/2026 on 14 October for gold exports during the second half of October. The decision sets the Harga Patokan Ekspor, or HPE, at USD 135,024.36 per kilogram and the Harga Referensi at USD 4,199.73 per troy ounce for 15 through 31 October 2026. The official JDIH record identifies no separate State Gazette promulgation date.
Both values are 3.15% below the first-half October levels of USD 139,409.07 per kilogram and USD 4,336.11 per troy ounce. The decision bases the values on the London Bullion Market Association Gold PM Fix average from 19 September through 9 October 2026.
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 31 October. A covered shipment exported from 1 November must use the replacement benchmark and the corresponding customs price instrument rather than this temporary value. Finance and compliance teams should calendar the month-end 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 15 through 31 October 2026 and confirm the exact product description, HS code, processing category, export date and quantity before filing the export declaration.
- Replace the first-half October HPE with USD 135,024.36 per kilogram and use the reference price of USD 4,199.73 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 2008/2026, 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 1 November onward.