{"id":3654,"date":"2026-09-25T06:12:41","date_gmt":"2026-09-25T06:12:41","guid":{"rendered":"https:\/\/thejewellerytube.com\/?p=3654"},"modified":"2026-09-25T06:54:00","modified_gmt":"2026-09-25T06:54:00","slug":"top-10-gold-refineries-india-2026","status":"publish","type":"post","link":"https:\/\/thejewellerytube.com\/en_gb\/top-10-gold-refineries-india-2026\/","title":{"rendered":"Top 10 Gold Refineries in India 2026"},"content":{"rendered":"

Capacity, Market Position & the Economics of Gold Refining<\/h1>\n\n\n\n

India is one of the world’s most important gold markets, and behind the country’s jewellery industry is a rapidly evolving refining ecosystem. Gold refineries convert imported dor\u00e9 and recycled jewellery scrap into high-purity bullion, bars and minted products that ultimately enter the jewellery, investment and bullion markets.<\/p>\n\n\n\n

In 2026, India’s organised gold-refining industry remains strategically important despite significant challenges from high gold prices, import economics, recycling flows and changing bullion-market regulations.<\/p>\n\n\n\n

This article looks at 10 important and active gold-refining companies\/refining groups associated with India’s organised refining ecosystem<\/strong>, using publicly available capacity information and current industry evidence.<\/p>\n\n\n\n

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Important:<\/strong> This is not an official Government of India ranking. \u201cTop 10\u201d here means major\/important refiners identified through publicly available industry and company information. Installed capacity is not the same as actual gold refined in a year.<\/p>\n<\/blockquote>\n\n\n\n

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India\u2019s Gold Refining Industry in 2026<\/h2>\n\n\n\n
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India’s formal gold-refining industry has expanded dramatically over the last decade.<\/p>\n\n\n\n

According to industry research cited in an Augmont Enterprises filing, India had 57 BIS-accredited gold refineries as of September 2024<\/strong>, compared with 33 in 2022. The same source estimates India’s 2024 refining market at 373 tonnes<\/strong>, including 258 tonnes from imported dor\u00e9 and the balance from scrap supply.<\/p>\n\n\n\n

Organised refining capacity has also grown substantially. World Gold Council research shows capacity rising from around 300 tonnes per year in 2013 to about 1,800 tonnes in 2021<\/strong>, while industry filings estimate approximately 1,900 tonnes per year in FY2024<\/strong>.<\/p>\n\n\n\n

This creates an interesting economic situation: India has built substantial refining capacity, but the actual quantity of gold available for refining can fluctuate significantly depending on dor\u00e9 imports, recycled gold and the economics of legal imports.<\/p>\n\n\n\n

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Top 10 Gold Refining Companies \/ Refiners in India \u2013 2026<\/h1>\n\n\n\n

1. MMTC-PAMP<\/h2>\n\n\n\n

Location:<\/strong> Haryana
Reported refining capacity:<\/strong> Approximately 300 tonnes of gold per year<\/strong><\/p>\n\n\n\n

MMTC-PAMP is one of the most prominent names in India’s organised precious-metals industry. The company states that it has an installed capacity of 300 tonnes of gold and 600 tonnes of silver per year<\/strong>.<\/p>\n\n\n\n

The company also describes itself as India’s largest gold refiner and says its refinery is LBMA accredited<\/strong>. Its operations cover refining, bullion, minted products and other precious-metal services.<\/p>\n\n\n\n

MMTC-PAMP’s scale makes it a significant part of India’s formal bullion supply chain.<\/p>\n\n\n\n

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2. Augmont Enterprises<\/h2>\n\n\n\n

Locations:<\/strong> Maharashtra and Uttarakhand
Current installed capacity:<\/strong> Approximately 284 tonnes per year across two facilities<\/strong><\/p>\n\n\n\n

Augmont has become one of India’s important integrated precious-metals businesses.<\/p>\n\n\n\n

Current company information reported for March 2026 indicates that Augmont operated two gold and silver refining facilities, with installed capacities of approximately 144 tonnes per year at Rudrapur and 140 tonnes per year at Mumbai<\/strong>.<\/p>\n\n\n\n

Interestingly, actual gold refining volumes are much lower than installed capacity. Augmont reportedly refined 13.34 tonnes of gold in FY2026<\/strong>, compared with 15.08 tonnes in FY2025.<\/p>\n\n\n\n

This illustrates an important point when comparing refineries: capacity does not equal utilisation<\/strong>.<\/p>\n\n\n\n

Augmont was also added to additional MCX Good Delivery categories in July 2026, expanding the range of its gold products eligible for exchange delivery.<\/p>\n\n\n\n

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3. Zaveri & Co.<\/h2>\n\n\n\n

Headquarters:<\/strong> Ahmedabad, Gujarat
Reported refining capacity:<\/strong> Approximately 216 tonnes per year<\/strong><\/p>\n\n\n\n

Zaveri & Co. is part of the Zaveri Group, a long-established Indian bullion and jewellery business.<\/p>\n\n\n\n

The group operates across bullion, gold refining, jewellery manufacturing and retailing. Public industry information has reported refining capacity of approximately 216 tonnes per year<\/strong>.<\/p>\n\n\n\n

Zaveri & Co. also became part of the expanded MCX Good Delivery framework in 2026, with its eligible gold products listed for exchange delivery.<\/p>\n\n\n\n

The company’s Ahmedabad presence is particularly relevant to Gujarat’s large jewellery and bullion ecosystem.<\/p>\n\n\n\n

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4. JBL Refineries<\/h2>\n\n\n\n

Location:<\/strong> Uttarakhand
Reported capacity:<\/strong> Approximately 150 tonnes per year<\/strong><\/p>\n\n\n\n

JBL Refineries is one of the larger names in India’s organised refining sector.<\/p>\n\n\n\n

Industry data cited in SEBI filings lists JBL with approximately 150 tonnes per year of refining capacity<\/strong>.<\/p>\n\n\n\n

Uttarakhand has historically attracted significant refining investment because of the state’s industrial infrastructure and the policy environment that supported the growth of India’s organised refining sector.<\/p>\n\n\n\n

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5. CGR Metalloys<\/h2>\n\n\n\n

Location:<\/strong> Kerala
Reported capacity:<\/strong> Approximately 150 tonnes per year<\/strong><\/p>\n\n\n\n

CGR Metalloys has been operating in precious-metals processing since the 1990s.<\/p>\n\n\n\n

The company describes itself as having established an integrated precious-metals refinery and provides refining, assaying, hallmarking, minting and bullion-related services.<\/p>\n\n\n\n

Its current website states that the refinery processes various gold-bearing alloys and scrap and uses sophisticated recovery processes to maximise precious-metal recovery.<\/p>\n\n\n\n

CGR is also identified as an active gold refiner in 2026 Responsible Minerals Initiative-related disclosures.<\/p>\n\n\n\n

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6. Sovereign Metals<\/h2>\n\n\n\n

Location:<\/strong> Gujarat
Reported capacity:<\/strong> Approximately 110 tonnes per year<\/strong><\/p>\n\n\n\n

Sovereign Metals is an important Gujarat-based precious-metals refiner.<\/p>\n\n\n\n

Industry research identifies approximately 110 tonnes per year<\/strong> of refining capacity.<\/p>\n\n\n\n

The company has also been part of India’s exchange-linked bullion ecosystem. In 2026, Sovereign Metals remained included in the MCX Good Delivery framework for eligible gold products.<\/p>\n\n\n\n

Gujarat’s importance as a jewellery manufacturing, diamond and bullion centre gives refiners operating in the state access to a large downstream precious-metals ecosystem.<\/p>\n\n\n\n

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7. M.D. Overseas<\/h2>\n\n\n\n

Locations:<\/strong> Uttarakhand and Rajasthan
Reported capacity:<\/strong> Approximately 109.5 tonnes per year<\/strong><\/p>\n\n\n\n

M.D. Overseas is another important participant in India’s organised bullion-refining sector.<\/p>\n\n\n\n

Industry filings report approximately 109.5 tonnes per year<\/strong> of refining capacity.<\/p>\n\n\n\n

M.D. Overseas is also part of the MCX Good Delivery ecosystem. In 2026, the exchange framework included its gold products in eligible delivery categories.<\/p>\n\n\n\n

This exchange eligibility is significant because Good Delivery status can improve a refinery’s access to organised bullion-market infrastructure.<\/p>\n\n\n\n

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8. Kundan Refinery<\/h2>\n\n\n\n

Locations:<\/strong> Haryana \/ Uttarakhand
Reported capacity:<\/strong> Approximately 109.5 tonnes per year<\/strong><\/p>\n\n\n\n

Kundan is another established name in India’s precious-metals industry.<\/p>\n\n\n\n

Industry research has reported approximately 109.5 tonnes per year<\/strong> of refining capacity.<\/p>\n\n\n\n

Kundan’s gold products are also included in the MCX Good Delivery framework. In 2026, its eligible products included 1 kg gold bars and smaller gold products.<\/p>\n\n\n\n

Kundan’s position illustrates how India’s refining industry is increasingly connected to organised bullion exchanges, retail investment and jewellery manufacturing.<\/p>\n\n\n\n

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9. Narondas Manordas<\/h2>\n\n\n\n

Location:<\/strong> Maharashtra
Reported capacity:<\/strong> Approximately 100 tonnes per year<\/strong><\/p>\n\n\n\n

Narondas Manordas is one of the established names in India’s precious-metals refining landscape.<\/p>\n\n\n\n

Historical industry data cited by the World Gold Council and subsequent industry filings place its refining capacity at around 100 tonnes per year<\/strong>.<\/p>\n\n\n\n

Although its reported capacity is below the largest Indian refiners, its inclusion in the industry’s major-refiner lists reflects the broader development of organised refining outside the largest national players.<\/p>\n\n\n\n

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10. Emerald Jewel Industry India<\/h2>\n\n\n\n

Location:<\/strong> Tamil Nadu
Gold capacity:<\/strong> Approximately 40 tonnes per year<\/strong><\/p>\n\n\n\n

Emerald Jewel Industry India is particularly interesting because it combines large-scale jewellery manufacturing with precious-metals processing.<\/p>\n\n\n\n

The company’s current infrastructure information states an installed capacity of 40 tonnes of gold per year<\/strong>, alongside substantial diamond, platinum and silver capabilities.<\/p>\n\n\n\n

Emerald is also an active contemporary industrial operation: Responsible Jewellery Council certification information shows a current certification period beginning in May 2026, while 2026 credit-rating information reports improved operational and financial performance for FY2026.<\/p>\n\n\n\n

The company therefore demonstrates the increasingly integrated nature of India’s jewellery manufacturing and precious-metals ecosystem.<\/p>\n\n\n\n

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India Gold Refining Capacity \u2013 The Bigger Picture<\/h1>\n\n\n\n

The development of India’s refining industry has been dramatic.<\/p>\n\n\n\n

Period<\/th>Organised refining capacity<\/th><\/tr>
2013<\/strong><\/td>~300 tonnes\/year<\/td><\/tr>
2021<\/strong><\/td>~1,800 tonnes\/year<\/td><\/tr>
FY2024<\/strong><\/td>~1,900 tonnes\/year estimated<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Industry research indicates that organised capacity increased by roughly six times<\/strong> between 2013 and FY2024.<\/p>\n\n\n\n

However, the refining market itself is considerably smaller than total installed capacity. In 2024, approximately 373 tonnes<\/strong> of gold entered the identified refining market, including dor\u00e9 and scrap supply.<\/p>\n\n\n\n

This difference between installed capacity and actual available feedstock<\/strong> is one of the most important economic stories in India’s refining industry.<\/p>\n\n\n\n

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What Does a Gold Refinery Actually Do?<\/h1>\n\n\n\n

Gold refineries process gold-bearing material and recover high-purity precious metal.<\/p>\n\n\n\n

The two major sources of feedstock in India are:<\/p>\n\n\n\n

1. Imported Gold Dor\u00e9<\/h3>\n\n\n\n

Dor\u00e9 is semi-refined gold, generally produced at mining operations before being sent to specialist refineries.<\/p>\n\n\n\n

Indian refiners can process imported dor\u00e9 into high-purity bullion suitable for the domestic market.<\/p>\n\n\n\n

2. Recycled Gold<\/h3>\n\n\n\n

Old jewellery, manufacturing scrap and other gold-bearing materials can be recovered and refined.<\/p>\n\n\n\n

Recycling becomes particularly important when gold prices rise because consumers may become more willing to sell or exchange old jewellery.<\/p>\n\n\n\n

The World Gold Council has highlighted the growth of organised recycling and the importance of exchange-eligible recycled gold in strengthening India’s formal refining ecosystem.<\/p>\n\n\n\n

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Why Refining Capacity Does Not Mean Refining Output<\/h1>\n\n\n\n

This is an important point for investors, jewellery businesses and industry observers.<\/p>\n\n\n\n

A refinery with 300 tonnes of annual capacity does not necessarily refine 300 tonnes in a year<\/strong>.<\/p>\n\n\n\n

Actual output depends on:<\/p>\n\n\n\n