Top Gold Refinery Companies in India Transforming the Precious Metals Market

Top Gold Refinery Companies in India Transforming the Precious Metals Market

India’s gold refinery industry features some of the world’s largest and most advanced companies, providing high-purity gold for jewelry, investment, and industrial applications.

Leading Gold Refinery Companies

• Shirpur Gold Refinery (Mumbai, Maharashtra): India’s first large-scale, public-listed refinery, with a state-of-the-art facility. Capacity: 217 MT/year. Specializes in gold dore refining, branded coins, bars (995/999 purity), jewelry, and industrial value-added products. Strong focus on technology, quality control, and international compliance standards.

• Kundan Gold Refinery (Delhi): One of India’s largest and most technologically advanced refineries, capable of handling about 300 kg/day. Known for trend-setting labs, world-class fire assay technology, and transparency in its services and charges. Focuses on environmental responsibility and quality, with capacity for minted coins and standard bars.

• CGR Metalloys: A major player refining about 150 tonnes/year, with plants in Kerala and Tamil Nadu. Operates both large-scale and smaller refineries; utilizes advanced equipment for high assay accuracy and actively opens urban recycling centers to maximize scrap collection. Bold plans to make India a global refining hub with improved recycling practices.

• Rajesh Enterprises (Mumbai): Manufactures advanced refining equipment and operates gold and silver refining services, achieving 99.99% purity. Supplies automated and tumbler refineries to other gold players.

• Jeweltech Jewel Equipments (Delhi): Boutique manufacturer specializing in Aqua Regia and electro-winning refiners, fume scrubbers, and customized lab setups for high-purity and environmental compliance.

• Venus Precious Metals Refinery (Mumbai): Provides full-service refining, precision melting, and consulting for jewelry sector; established expertise in handling high-purity requirements and technical support.

• MMTC-PAMP: Joint venture, BIS-certified, operating under MCX, NSE, and BSE standards. Leading processor of imported gold dore and domestic scrap gold.

Business Model and Technology Trends

Gold refineries in India typically operate through three main models:

• Dore Import and Processing: Refineries import unrefined gold (dore bars), process them to 99.99% purity, and sell the refined gold as bars, coins, or to jewelry makers.

• Scrap Gold Recycling: Collect old jewelry/gold scrap, refine for purity, and reenter the value chain as investment-grade bullion or jewelry. Increasing focus due to limited dore import quotas.

• Equipment and Consulting: Some companies manufacture refining systems and provide consultancy, driving industry-wide technological upgrades.

Latest technological trends include automated refining, IoT purity monitoring, eco-friendly (zero pollution) systems, and real-time assaying. Industry leaders prioritize environmental compliance, quality standards, and innovation to minimize refining waste and maximize resource efficiency.

Industry Impact and Outlook

India now has more than 32 refineries, with major ones certified by the Bureau of Indian Standards and recognized on national exchanges. Collectively, refinery capacity increased from 300 tonnes in 2013 to 1800 tonnes by 2021—making India one of the largest gold refining hubs globally.

Challenges include restricted dore import quotas, under-utilized capacity, and competition from unorganized small-scale refiners. Industry experts foresee continued growth via urban scrap collection, advanced purity standards, and digital integration, with an ambition to match Switzerland’s global refining dominance.

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The Indian gold refinery sector—led by Shirpur, Kundan, MMTC-PAMP, CGR Metalloys, and Rajesh Enterprises—drives innovation, environmental stewardship, and world-class manufacturing in the global precious metals ecosystem.