Hartadinata Abadi

What Hartadinata Abadi does

PT Hartadinata Abadi, Tbk (IDX:HRTA) is an Indonesian vertically integrated gold jewelry and bullion manufacturer-retailer, publicly listed on the Indonesia Stock Exchange since 2017. Founded in 1989 by Ferriyady Hartadinata and incorporated in 2004, it is the only listed Indonesian gold jewelry company and captured 48.58% of the domestic gold jewelry and bullion market in 2025. Operations span gold jewelry manufacturing (four factories producing over 2 million grams per month under the Aurum Collection Center, Claudia Perfect Jewellery, Celine Jewellery, and Ardore brands), precious metal refining through 99%-owned subsidiary PT Emas Murni Abadi (EMA, ISO 9001:2015 certified, KAN-accredited, with capacity expanding from 10 to 30 tons annually), and retail/bullion distribution under the EMASKU brand (pure 99.99% gold bars from 0.1 gram to 1 kilogram with MUI sharia compliance and BullionProtect anti-counterfeiting technology via SICPA).

The company monetizes through three primary revenue streams: (1) wholesale distribution to over 900 Indonesian gold shops historically contributing the majority of revenue, (2) direct-to-consumer retail via 83 branded stores, e-commerce platforms (Shopee, Tokopedia, Blibli, Lazada), the HRTA Gold App and Website, and (3) institutional/B2B sales of EMASKU bullion to financial institution partners including Pegadaian, Bank Muamalat, BCA Syariah, and Bank Syariah Indonesia. Pricing is unit-based with gold bars at IDR 2,504,000 per gram (July 2026), varying by weight and design. Customer segments include retail consumers (gold for weddings, Eid — 30-35% of sales), investment-motivated buyers seeking small-denomination purity-guaranteed bars, wholesale partners, and export clients such as the USD 300 million Kundan Care Product Ltd arrangement in India.

The go-to-market combines B2B wholesale leverage (historically 90.85% of sales), institutional bank/pawnshop distribution, direct retail, and emerging export channels. A pawnshop subsidiary (PT Gemilang Hartadinata Abadi, 79 units across 5 provinces) and a reseller-network subsidiary (PT Emas Karya Abadi, managing the MOMAPAN membership program) round out the ecosystem. Strategic partnerships with upstream miners (Agincourt Resources, UNTR/Sumbawa Jutaraya, Danusa Tambang) under Indonesia's mineral downstreaming program secure raw material supply, while SBMA and Shanghai Gold Exchange engagements point to future international standard certifications and geographic expansion.

Name

Hartadinata Abadi

Legal name

PT Hartadinata Abadi, Tbk

Website

https://hartadinataabadi.co.id

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Hartadinata Abadi is Indonesia's largest vertically integrated gold jewelry manufacturer and bullion producer (48.58% domestic market share), producing EMASKU 99.99% pure gold bars through its refinery subsidiary and distributing via 1,000+ sales points, sharia-compliant bank partnerships, wholesale networks, and emerging export channels.

Ownership category

akta.pro rank

Product category

Gold Jewelry and Bullion Manufacturing

NAICS

Jewelry and Silverware Manufacturing (339910), Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers (423940), Jewelry Retailers (458310)

SIC

Jewelry, Precious Metal (3911), Wholesale-Jewelry, Watches, Precious Stones & Metals (5094), Retail-Jewelry Stores (5944)

akta.pro primary industry

Fine Jewelry Manufacturing (Precious Metals & Gem-Set) (CRAKAIAA)

akta.pro secondary industries

Fine Jewelry Wholesale & Trading (CRAKAAAL), Pre-owned Fine Jewelry Dealers (CRAKAKAC)

Keywords

• Gold jewelry manufacturing
• Gold bullion bars
• Precious metal refining
• Gold retail stores
• Pawnshop services

Headquarters

HQ city

Bandung

HQ country

Indonesia

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Gold Jewelry Manufacturing and Retail: Manufacturing and retail sale of gold jewelry through owned stores, franchises, and wholesale networks. Products include Aurum Collection Center (ACC), Claudia Perfect Jewellery, Celine Jewellery, Ardore, and Hartadinata Abadi Store brands. Revenue from jewelry sales contributed to IDR 44.55 trillion total revenue in 2025.
2. Gold Bullion Sales (EMASKU): Sale of pure gold bullion bars under EMASKU brand with 99.99% purity. Gold bar sales reached IDR 13.7 trillion in H1 2025, driving significant revenue growth. Products distributed through retail stores, financial institutions, and e-commerce platforms.
3. Gold Export: Export of gold jewelry products through partnerships such as the USD 300 million agreement with Kundan Care Product Ltd (India). Transaction value of USD 25-31 million per month for gold jewelry export.
4. Pawnshop Services: Gold pawnshop operations through PT Gemilang Hartadinata Abadi, providing pawn services for gold collateral with 79 pawn service units operating across 5 provinces in Indonesia.
5. Gold Refining Services: Precious metal refining services through PT Emas Murni Abadi subsidiary, with refinery capacity of 10 tons in 2023 targeting 30 tons per year. Refines gold from domestic mining for distribution to downstream industry.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels7 records

Core offering

PT Hartadinata Abadi, Tbk is an Indonesian vertically integrated gold company that manufactures 99.99% purity gold bullion bars under the EMASKU brand and designs gold jewelry under brands including Ardore, Aurum Collection Center (ACC), Claudia Perfect Jewellery, and Celine Jewellery. The company operates four manufacturing factories, a gold refinery subsidiary (PT Emas Murni Abadi), over 83 retail stores, a wholesale network of 900+ gold shops, and a pawnshop subsidiary (PT Gemilang Hartadinata Abadi), distributing through e-commerce platforms and financial institution partnerships.

Product overview

PT Hartadinata Abadi operates as a vertically integrated gold manufacturing and trading company with three core product lines unified under the HRTA Gold umbrella brand: (1) EMASKU pure gold bullion bars at 99.99% purity produced by subsidiary PT Emas Murni Abadi, (2) gold jewelry under the Ardore brand and sub-brands Aurum Collection Center (ACC), Claudia Perfect Jewellery, and Celine Jewellery, and (3) a Hartadinata Abadi Store flagship retail brand. The company distributes through over 1,000 sales points including its own retail stores, wholesalers, franchises, e-commerce platforms (Shopee, Tokopedia, Blibli, Lazada), the HRTA Gold App and Website, and B2B via the hrta.store app. Supporting operations include a gold pawnshop subsidiary (PT Gemilang Hartadinata Abadi) and a distribution reseller subsidiary (PT Emas Karya Abadi). Products feature BullionProtect anti-counterfeiting technology and range from 0.1 gram to 1 kilogram.

Differentiator

Problem solved

Functional benefit

Brands

• EMASKU®: Pure gold bar products (bullion) with 99.99% purity, produced with BullionProtect® anti-counterfeiting technology by SICPA. Available in sizes from 0.1 gram to 1 kilogram. Certified with SNI 8880:2020 and ISO 9001:2015. Has Sharia Compliance recommendation from MUI.
• ARDORE®
• Aurum Collection Center (ACC)
• Claudia Perfect Jewellery
• Celine Jewellery
• Hartadinata Abadi Store
• Gadai Hartadinata Abadi

Products and services

• EMASKU Gold Bars Pure gold bullion bars at 99.99% purity produced by PT Hartadinata Abadi with ISO 9001:2015 and SNI 8880:2020 certification, featuring BullionProtect anti-counterfeiting technology developed with SICPA, and the only bullion with Sharia Compliance Recommendation from MUI. Available in sizes from 0.1 gram to 1 kilogram, targeting both new and established gold investors in Indonesia.
• Ardore Gold Jewelry Gold jewelry brand launched in 2023 representing PT Hartadinata Abadi's premium jewelry line, embodying the company motto 'from heart to true beauty'. Positioned as Indonesia's most dependable, up-to-date, and proficient jewelry brand, sold through HRTA retail stores, App, Website, and dedicated Ardore channels.
• Eden Collection New jewelry collection from HRTA Gold inspired by eight blooming flowers, presenting colors, textures, and shine that enhance beauty across multiple designs. Sold through HRTA Gold Stores, the HRTA Gold App, and the HRTA Gold Website.
• RANARA 24K Pure gold (24K) jewelry line from Hartadinata Abadi featuring a refined structure and an elegant Rainbow Luster sheen, marketed as fine jewelry with distinctive character and lasting value. Available at HRTA Gold Stores, the HRTA Gold App, and HRTA Gold Website.
• Hartadinata Abadi Store Retail Chain Flagship retail store concept of PT Hartadinata Abadi offering one-stop shopping for buying and selling gold jewelry and gold bars. The chain has grown to 83+ stores across Java, Sumatra, Sulawesi, and Kalimantan in Indonesia since the first store opened in March 2022 at Trans Studio Mall Bandung.
• Aurum Collection Center (ACC) Jewelry Gold jewelry retail sub-brand of PT Hartadinata Abadi and one of the brands in the Hartadinata retail chain, originally opened as Toko Mas ACC in 1997/1998 on Jalan Cibaduyut, Bandung. Offers gold jewelry products including ACC Premium tier for established customers.
• Claudia Perfect Jewellery Premium gold and diamond jewelry retail sub-brand of PT Hartadinata Abadi operating modern outlet formats in the Hartadinata retail chain, offering high-quality gold jewelry products.
• Celine Jewellery Gold jewelry retail sub-brand of PT Hartadinata Abadi operating modern gold jewelry outlet formats in the Hartadinata retail chain across Indonesia.
• Gadai Hartadinata Abadi (Gold Pawnshop Services) Gold collateral pawnshop service operated by subsidiary PT Gemilang Hartadinata Abadi under the Gadai Hartadinata Abadi brand. Operates 79 pawn service units across 5 Indonesian provinces with OJK permits, targeting 100 units. Provides gold-backed pawn loans for individual customers and small businesses.
• Gold Refining Services (PT Emas Murni Abadi) Precious metal refining services at 99.99% purity operated by 99%-owned subsidiary PT Emas Murni Abadi (EMA), ISO 9001:2015 certified and KAN-accredited for gold testing. Annual refining capacity of 10 tons in 2023 with plans to expand to 30 tons, refining domestic mining gold output (including from PT Agincourt Resources and PT Sumbawa Jutaraya) for distribution to downstream industry.

Quantifiable outcome

• 144.4% year-over-year revenue growth to IDR 44.55 trillion in 2025
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core, strategic and minor.

• PT Danusa Tambang Nusantara (DTN)coreStrategic or Co-development Partner · 1 April 2026Collaboration supporting Indonesian government's mineral downstreaming program. MoU for buying and selling precious metals between DTN and HRTA, and refining services between DTN and PT Emas Murni Abadi (EMA). DTN optimizes the metal supply chain while HRTA secures raw materials for production.
• PT Agincourt ResourcescoreStrategic or Co-development Partner · 1 April 2026Gold produced by PT Agincourt Resources refined at PT Emas Murni Abadi's facility in Bandung. Precious metals sales agreement between PTAR and HRTA for distribution to national market. Supports domestic gold supply chain development.
• Shanghai Gold Exchange (SGE)strategicStrategic or Co-development Partner · 24 November 2025SGE delegation visit to Hartadinata Abadi marking beginning of potential strategic collaboration. Supports HRTA's journey toward LBMA certification and strengthens international relations.
• PT Bank BCA SyariahcoreChannel Partner/ Reseller/ Distributor · 18 November 2025Cooperation agreement for supply and delivery of EMASKU gold bars with 99.99% purity to BCA Syariah customers. Develops business activities of each party and strengthens precious metals market position.
• PT Bank Muamalat IndonesiacoreChannel Partner/ Reseller/ Distributor · 24 October 2025Strategic cooperation agreement signed October 24, 2025 for provision and delivery of EMASKU branded gold bars with 99.99% purity for Bank Muamalat customers. Strengthens sharia-compliant precious metals market.
• PT United Tractors (UNTR) / PT Sumbawa JutarayacoreStrategic or Co-development Partner · 28 August 2025Cooperation agreement for sale and purchase of precious metals with PT Sumbawa Jutaraya, gold mining subsidiary of UNTR. UNTR's gold mine in Sumbawa (8,697 hectares, IUP valid 2015-2035) started operations Q4 2024. Strengthens HRTA position in precious metals market.
• Singapore Bullion Market Association (SBMA)strategicStrategic or Co-development Partner · 24 April 2025SBMA delegates visited Hartadinata Abadi strengthening international relations. Introduction of HRTA's role in Indonesia's gold ecosystem including potential contribution to Bullion Bank development and Asian gold industry synergies.
• PT PegadaiancoreChannel Partner/ Reseller/ Distributor · 14 January 2025Strategic cooperation supporting Indonesia's gold ecosystem development. HRTA supplies EMASKU gold bars to Pegadaian for their bullion business activities, supporting gold investment literacy. EMASKU offers competitive pricing with lower spreads for maximum buyer profits.
• Bank Syariah Indonesia (BSI)coreChannel Partner/ Reseller/ Distributor · 30 November 2024BSI Gold collaboration presenting sharia-compliant gold products to BSI customers. Partnership expands public access to gold as long-term financial planning instrument.
• Blu by BCA DigitalminorGTM or Marketing Partner · 23 July 2023Sponsorship at Blu's second anniversary event. Collaboration on BluAjar room installation and mascot Raja Emas parade. Joint marketing for gold saving activities.
• Kundan Care Product LtdcoreChannel Partner/ Reseller/ Distributor · 28 February 2023Gold jewelry export cooperation worth USD 300 million (equivalent to IDR 4.5 trillion). Transaction value USD 25-31 million per month with one-year duration. First major export partnership expanding HRTA's global presence.
• PT Aneka Tambang (ANTAM)coreStrategic or Co-development Partner · 22 June 2021Synergy for launch of EmasKITA & Kencana Products on June 22, 2021. Joint product development between HRTA and ANTAM for precious metal products.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• PT Pegadaian: Indonesia's largest state-owned pawnshop and bullion bank. While a customer/partner of HRTA for EMASKU supply, it also competes vertically by offering its own gold products and increasingly expanding into gold investment services across retail and institutional channels.
• Luk Fook Holdings: Hong Kong-based gold and platinum jewelry retailer with extensive Asian retail network. Comparable branded retail jewelry business model with multi-geography presence, useful benchmark for HRTA's retail expansion strategy outside Indonesia.
• Richemont: Swiss luxury conglomerate (Cartier, Van Cleef & Arpels) operating in premium jewelry and hard luxury. While higher price-point, it represents the aspirational benchmark for HRTA's Ardore brand positioning and its premium gold jewelry direction.
• Chow Tai Fook Jewellery Group: Hong Kong-listed gold and diamond jewelry giant with vertically integrated operations across mainland China and international markets. Comparable in scale, gold purity standards, branded retail chain, and 99.99% gold bar products — a global benchmark for HRTA's gold retail ambitions.
• Titan Company (Tanishq / Mia by Tanishq): India's largest jewelry retailer (Tata Group) with vertically integrated gold and diamond jewelry operations. Comparable scale and emerging-market gold retail model, including branded retail chains, in-house manufacturing, and bullion product lines — a benchmark for HRTA's India export strategy.
• UBS Gold and Precious Metals (physical gold division): Global bullion bank and precious metals trader offering LBMA-certified gold products. Relevant as the structural benchmark for HRTA's LBMA certification pathway and as a potential institutional competitor entering the Indonesian bullion market via partnerships with local banks.

Direct peers

• Malabar Gold & Diamonds: Vertically integrated gold jewelry manufacturer and retailer with strong presence in India, Middle East, and Southeast Asia. Comparable business model combining in-house manufacturing, multi-brand retail, and international expansion — directly relevant for HRTA's export ambitions.
• Kalyan Jewellers: Indian gold jewelry manufacturer-retailer with rapidly expanding international footprint across Middle East and Southeast Asia. Comparable vertically integrated model with branded retail, BIS-hallmarked gold, and a similar trajectory from wholesale to branded retail dominance.
• PT Aneka Tambang (ANTAM): Indonesia's state-owned precious metals miner and refiner, producing Logam Mulia gold bars and partnering with HRTA on EmasKITA/Kencana products. Comparable in producing 99.99% purity bullion for the Indonesian market and competing for the same banking channel shelf space.
• Kingold Jewelry (002333.SZ): Chinese gold jewelry manufacturer serving wholesale and retail markets. Comparable as a manufacturing-focused gold jewelry company competing on scale and craftsmanship in a regional market, offering a relevant benchmark for HRTA's manufacturing economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/PTHartadinata-AbadiTbk-165509657351445
• LinkedInlinkedin.com/company/hartadinataabadi
• Instagraminstagram.com/hartadinata.abadi
• TikToktiktok.com/@hartadinata.abadi
• Xx.com/hartadinata_HA

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hartadinata Abadi