Gold Refineries in India: List of Top Refineries, Capacity & Accreditation (2026 Update)
India is one of the world’s largest gold consumers, with an annual demand exceeding 800 tonnes, driven by cultural traditions, jewelry manufacturing, and investment needs.
Gold refineries in India play a pivotal role in purifying imported dore bars and recycled scrap into high-purity bullion, coins, and gold bars, supporting exports, domestic markets, and global trade.
As of 2026, the industry features over 40 BIS-licensed refineries, with key players like MMTC-PAMP leading in technology and accreditation.
LBMA-accredited refineries ensure international standards, making Indian gold trusted worldwide. This guide covers top gold refinery companies in India, their capacities, processes, regulations, and opportunities for foreign investors.
Introduction to India’s Gold Refining Industry
India’s Position as a Global Gold Consumer
India’s gold market is massive, with imports hitting $41.2 billion from April to October 2025 alone, marking a 21% year-on-year surge. By early 2026, gold prices have climbed to record highs, advancing nearly 6% internationally in the first weeks of the year.
This demand stems from weddings, festivals, and safe-haven investments amid economic uncertainties. Refineries process both imported dore (semi-pure gold from mines) and domestic scrap, contributing to a sector valued in billions.
Role of Refineries in Purification and Production
Gold refineries in India transform impure materials into 99.99% pure products, essential for jewelry (which accounts for 70-80% of demand), bullion bars, and coins. They enhance value addition, reduce import dependencies, and support exports. With rising focus on sustainability, modern facilities emphasize eco-friendly processes and traceability.
List of Major Gold Refineries in India
This section details the top gold refining companies in India, based on capacity, accreditation, and market impact. We’ve compiled a table for quick reference, followed by in-depth profiles.
| Refinery Name | Location (City, State) | Year Established | Capacity (Tonnes/Year) | Accreditations (LBMA, BIS, NABL, ISO) | Products Offered | Official Website |
|---|---|---|---|---|---|---|
| MMTC-PAMP India Pvt Ltd | Nuh, Haryana | 2008 | 200+ (Gold), 600 (Silver) | LBMA, BIS, NABL, ISO 14001 | Gold bars, coins, silver bullion | mmtcpamp.com |
| Shirpur Gold Refinery Ltd | Shirpur, Maharashtra | 1999 | 217 | BIS, NABL, ISO 9001 | Refined gold, silver, dore processing | shirpurgold.com |
| Kundan Gold Refinery | Delhi | 1996 | Not specified (Large-scale) | BIS, NABL | Gold bars, jewelry-grade gold | kundangold.com |
| Rajesh Exports Ltd | Bangalore, Karnataka | 1989 (Refining ops) | 2,400+ (Global, significant in India) | BIS, ISO | Bullion, jewelry manufacturing | rajeshindia.com |
| CGR Metalloys Pvt Ltd | Chennai, Tamil Nadu | 2000 | 150 | BIS, NABL | Gold refining, hallmarking | cgr.gold |
| Venus Precious Metals Refinery | Mumbai, Maharashtra | 1990s | Not specified | BIS | Precious metals refining | venusrefinery.com |
MMTC-PAMP India Pvt Ltd
A joint venture between India’s MMTC Ltd and Switzerland’s PAMP SA, this is India’s premier refinery. Located in Haryana, it processes over 200 tonnes of gold annually, focusing on high-purity products with positive weight tolerance. It’s the only LBMA-accredited facility in India, ensuring global acceptance.
Products include Lotus-design bars and digital gold options. In 2026, it’s leading sustainability with SBTi-approved carbon targets.
Shirpur Gold Refinery Ltd
Established as India’s first greenfield refinery, Shirpur in Maharashtra boasts a 217-tonne capacity. It specializes in eco-friendly recycling and dore processing, with ISO certifications. Publicly listed, it’s a key player for recycled gold.
Kundan Gold Refinery
Based in Delhi, Kundan is renowned for low refining charges and advanced labs. BIS and NABL certified, it handles large-scale operations for bullion and jewelry.
Rajesh Exports Ltd (Gold Refining Division)
The world’s largest gold refiner overall, with significant Indian capacity in Bangalore. It integrates refining with jewelry export, processing thousands of tonnes globally.
CGR Metalloys Pvt Ltd
In Chennai, this 150-tonne facility offers refining and hallmarking, with BIS licensing.
Venus Precious Metals Refinery
Mumbai-based, focusing on precious metals with BIS approval.
Other Notable Refineries
Include National India Bullion Refinery (Mumbai) and Hindustan Platinum (Mumbai), part of the 43+ BIS-licensed entities.
For a visual overview of gold-related locations in India:
LBMA-Accredited Gold Refineries in India
What is LBMA Accreditation?
The London Bullion Market Association (LBMA) sets global standards for gold and silver bars, requiring refineries to meet strict criteria on purity, production, and ethics. Accreditation involves audits and Good Delivery List inclusion.
Importance for International Trade
LBMA approval builds trust for exports, enabling seamless trading on global markets like London OTC. It matters for investors seeking conflict-free, high-quality gold.
List of LBMA-Approved Refineries in India
As of 2026, only MMTC-PAMP holds this status, the first and sole in India for both gold and silver. Efforts are underway for more, but it remains a benchmark.
Gold Refining Process in India
The process ensures purity from impure inputs.
Sourcing Gold Dore and Scrap
Refineries source dore from imports (e.g., Switzerland, contributing $12.8B in 2025) or domestic recycling.
Smelting and Purification Techniques
Involves melting at high temperatures, then methods like chlorination (Miller Process) or electrolysis (Wohlwill Process) to remove impurities.
Assaying and Quality Control
XRF and fire assays verify purity in NABL labs.
Casting and Final Products
Pure gold is cast into bars or coins.
Certification and Hallmarking
BIS hallmarking ensures compliance.
Here’s a diagram of the gold refining process:
Government Regulations and Compliance for Gold Refineries
Bureau of Indian Standards (BIS) Role
BIS licenses refineries, requiring one-year operation and NABL labs or LBMA status.
NABL Certification Requirements
Ensures lab accuracy for testing.
Import/Export Compliance
Duties may drop to 4% in 2026 budget; imports via authorized channels.
Hallmarking Regulations
Mandatory for purity assurance.
India’s Role in the Global Gold Refining Market
India as a Major Gold Importer
Fifth-largest importer, with $47B in 2023, rising in 2026.
Refining for Jewelry, Bullion, and Exports
Supports $38.1B exports in Nov 2025; jewelry exports up 19.64%.
Comparison with Global Leaders like Dubai and Switzerland
India focuses on recycling vs. Dubai’s trading hub or Switzerland’s precision; potential for growth as a global player.
Can Foreign Investors Refine Gold in India?
Opportunities through FDI and Joint Ventures
Yes, foreign companies can participate via FDI or partnerships, as in MMTC-PAMP. 100% FDI allowed in mining/refining.
Key Considerations for International Participation
Comply with BIS, navigate duties, and leverage schemes like R-GMS. With gold at $5,000/oz potential in 2026, it’s attractive.
FAQs on Gold Refineries in India
How Many Gold Refineries Are There in India?
Over 40 BIS-licensed as of 2026, with 43+ noted in recent reports, focusing on gold and silver. Many are in Mumbai and Delhi.
Is MMTC-PAMP LBMA Approved?
Yes, it’s India’s only LBMA-accredited refinery for gold and silver, ensuring global standards.
Can Foreigners Refine Gold in India?
Foreign investors can through FDI or joint ventures, subject to regulations.
What is the Largest Gold Refinery in India?
MMTC-PAMP, with 200+ tonnes capacity, or Rajesh Exports globally.
Are Indian Gold Bars Accepted Internationally?
Yes, especially LBMA-approved ones from MMTC-PAMP.
Conclusion: The Future of Gold Refining in India
India’s gold refineries are evolving, with potential duty cuts and sustainability drives positioning the sector for growth in 2026. For investors, opportunities abound.