Tamasia Pivot Business Becomes a Physical Gold Trader

The Tamasia gold buying and selling platform announced a business pivot. By uploading on Instagram account, it conveyed its official statement.

"We are Tamasia Indonesia, since establishment until now always trying the best for Tamasian. However, currently, Tamasia is in a condition that must comply with regulatory provisions, so it needs to transform business model. Therefore, we apologize to Tamasian if some changes occur.”

The company concluded, “Once again we apologize. Thank you for the trust given to us. That, is very valuable and we never intend to waste that trust.”

Previously, in a customer letter spread on social media, the company said, "Through this email, we want to convey that Tamasia will transform business model to buying precious metals/tamagold/physical gold through the media online that will reach the customer once the purchase has occurred,” the company wrote.

Based on this decision, the company took steps to encourage users who still have balances in Tamasia accounts to sell their gold until February 15, 2023.

"We apologize for this information. Once again, thank you for being loyal to be Tamasian," the letter concluded.

For the record, Tamagold is not new to Tamasia. According to official statement company, Tamagold which was inaugurated since April 2021 is a precious gold metal product that can be purchased at affordable sizes, starting from 0,1 gram, 0,2 gram and 0,5 gram. This product targets the middle class so they can buy mini gold at affordable prices and attractive packaging.

However, in practice, according to Twitter account tweet a Tamasia user, he admitted that he had difficulty accessing the Tamasia application since the beginning of the year and when he wanted to sell his gold balance in the application, it turned out that the resale price (buyback) is priced at IDR 800 per gram and a purchase price of IDR 880.088 for January 16, 2023.

Quoting from Antam's gold price as of that date, it was explained that the selling price of gold was IDR 1,04 million per gram and the price buyback Rp. 950 thousand per gram.

Not only is the selling price much different from Antam's price, Tamasia also imposes a higher price for physical gold printing of IDR 300 for 1 gram. This price is far from the price charged by similar players. Take for example, at Pegadaian the price is set at IDR 120 for the same size.

When asked for confirmation, Tamasia Co-founder Muhammad Assad admitted that he was no longer the CEO of the company. Via text message to DailySocial.id, he said, "I've been no longer the CEO of Tamasia," he said.

The position of CEO of Tamasia is now held by Dendy Dwi Putra. Until this news was published, Dendy did not respond to all questions sent by DailySocial.id.

Not registered with BAPPEBTI

Previously, companies similar to Orori were also reportedly not fulfilling their obligations. Until now, there has been no official statement from management regarding this information. Both the site and the headquarters of Orori closed. His social media accounts are bombarded with complaints of consumers not withdrawing his funds.

Both Tamasia and Orori are not registered with BAPPEBTI as digital gold traders. According to BAPPEBTI, so far only five companies already registered. They are IndoGold, Treasury, LakuEmas, Pluang, and Sakumas. These five companies formed the Association of Indonesian Digital Gold Traders (PPEDI) or the Indonesia Digital Gold Traders Society (IDGTS).

In accordance with the mandate of the Regulation of the Minister of Trade Number 119 of 2018 concerning General Policy for Trading the Physical Digital Gold Market on the Futures Exchange and BAPPEBTI Regulation Number 4 of 2019 as amended by BAPPEBTI Regulation No 13 of 2019 concerning Technical Provisions for Organizing the Physical Digital Gold Market on the Futures Exchange, BAPPEBTI has give approval to physical digital gold traders who have met the requirements, such as regulations regarding capital, gold storage, record keeping, and others.

According to regulations, every registered company is required to state where they carry out physical gold trading and record clearing transactions and transaction settlements. For example, Pluang and Sakumas conduct their physical gold trading at PT Bursa Berjangka Jakarta (BBJ) and record clearing transactions and settlement of transactions at PT Kliring Berjangka Indonesia (KBI).

The chairman of PPEDI and also the CEO of Lakuemas Junior Sambyanto said, the granting of permits to physical digital gold traders had been long awaited not only by traders, but also by the public who wanted certainty about the security of physical gold investments. "Lakuemas is proud to be one of the traders who received approval and is committed to advancing this industry through IDGTS together with other traders," he said as quoted from CNBC Indonesia.

The popularity of digital gold is also in line with the many investment application platforms or E-commerce which provides this option. The existence of a legal umbrella and the establishment of associations can provide protection and security guarantees for every digital gold investor, as well as a form of control and a clear foundation for investment service providers.

As is known, digital gold is gold whose ownership records are carried out digitally or electronically. Digital gold has become an investment instrument favored by people from all walks of life because its performance is considered more stable than other asset classes.

IndoGold as one of the traders who also sells gold through offline and online outlets, said that before the pandemic, people's habits for buying and selling activities were still dominated by physical transactions or on-site presence. Over time, during and after the pandemic, people's trust to transact online has started to become part of a trusted investment method.

"People can also accept online gold transaction methods. It is recorded that online transactions in 2022 have increased by almost 100% compared to the previous year," said IndoGold Managing Director Amri Ngadiman when contacted. DailySocial.id.

Even so, in the company's internal data as of last year, the contribution between outlets offline still dominates with a business percentage of 65% compared to the platform online by 35%. IndoGold itself has its own application and four outlets offline is in Tangerang. The company has three products: Gold Plan, Gold Installment Pawn, and Gold Pawn.