Top Ten Precious Metals Refineries in the World (according to us😊)

June 4, 2025

Understanding the Role of a Gold Refinery in the Global Precious Metals Market

A gold refinery plays a critical role in the precious metals supply chain, converting raw gold or doré bars into investment-grade bullion and industrial-grade materials. These facilities are responsible for assaying, purifying, and casting gold into bars that meet international standards such as those set by the LBMA. As demand for responsible sourcing and traceable supply chains grows, the importance of choosing a reputable gold refinery has never been higher. This guide explores the top ten gold refineries in the world in 2025, detailing their capabilities, technologies, ESG practices, and global reach.

1. Valcambi SA (Switzerland)

Located in Balerna, in the southern canton of Ticino, Valcambi SA has been a cornerstone of Switzerland’s gold refining industry since its founding in 1961. It is currently owned by Global Gold Refineries Ltd, and remains one of the largest precious metals refineries in the world, with an annual capacity exceeding 2,000 metric tonnes of gold.

Valcambi is renowned for its technical precision and innovation in gold bar manufacturing. It was the pioneer behind the CombiBar®, a divisible gold product designed for retail investors, which allows easy physical ownership in smaller denominations. Its facility is fully integrated with automated casting and minting lines, reducing contamination and increasing operational efficiency.

The refinery holds LBMA Good Delivery accreditation for both gold and silver, which signifies its compliance with the highest global standards. Moreover, Valcambi’s refining processes are fully certified by ISO standards covering environmental responsibility, quality assurance, and occupational health and safety.

Valcambi plays a pivotal role in shaping global compliance norms. The company adheres to rigorous regulatory reporting standards, making it a preferred choice for central banks, sovereign wealth funds, and institutional investors seeking traceable and responsibly sourced gold.

In addition to gold, Valcambi refines silver, platinum, and palladium, and offers services in assay, vaulting, and semi-finished industrial products. The facility is powered in part by renewable energy and continues to reduce its carbon intensity year-on-year, reflecting a clear commitment to ESG principles.

You can learn more about their operations by visiting the official Valcambi website.

2. PAMP SA (Switzerland)

Located in Castel San Pietro in southern Switzerland, PAMP SA (Produits Artistiques Métaux Précieux) is one of the world’s most prestigious precious metals refineries. Founded in 1977, it now operates as part of the Geneva-based MKS PAMP GROUP, serving both institutional and retail investors globally.

PAMP refines gold, silver, platinum, and palladium with an annual gold refining capacity ranging from 450 to 600 tonnes. The refinery is especially known for its artistic approach to bullion, such as the iconic Lady Fortuna series of minted bars, which were among the first to feature decorative motifs.

Technologically, PAMP is a leader in refining security and anti-counterfeiting innovation. Their proprietary VERISCAN™ system allows each bar to be verified using smartphone or desktop scanners, helping combat gold fraud in real time. These advancements are particularly valuable as global demand for fraud detection in gold transactions continues to rise.

PAMP holds LBMA Good Delivery status for gold and silver and is certified by the Responsible Jewellery Council and the London Platinum and Palladium Market (LPPM). Its products meet the requirements of leading financial institutions, jewellery brands, and high-net-worth individuals worldwide.

Sustainability is embedded in PAMP’s operations. The refinery recycles precious metals from electronic waste and industrial by-products and has committed to reducing its carbon footprint across the supply chain. PAMP also participates in numerous initiatives supporting traceable, conflict-free sourcing from responsible mines.

For more information, visit the official PAMP website.

3. Argor-Heraeus SA (Switzerland/Germany)

Based in Mendrisio, Switzerland, Argor-Heraeus SA is a globally recognised precious metals refinery known for exceptional purity and sustainable refining practices. Established in 1951, the company became part of the Heraeus Group in 2017, a move that expanded its technical capabilities and global reach, especially into Europe and Latin America.

Argor-Heraeus focuses heavily on refining gold to 99.999% purity, a standard necessary for highly sensitive industrial applications such as semiconductors, aerospace systems, and medical technology. The refinery’s proprietary purification processes and laboratory controls ensure consistent output at this exceptional quality.

The company is accredited by the LBMA and is also an approved refiner under the COMEX and TOCOM standards. Their bars and custom-made alloys are used by central banks, private investors, and major electronics manufacturers. Argor-Heraeus is also one of the few refineries capable of handling platinum group metals (PGMs) with the same efficiency as gold and silver.

A key strength of Argor-Heraeus is its comprehensive compliance framework. It has long been a proponent of responsible sourcing, with robust mechanisms in place for supplier due diligence, traceability, and ESG performance monitoring. The company’s approach to anti-money laundering compliance has positioned it as a preferred refining partner for high-compliance markets like the EU and Japan.

Argor-Heraeus is also active in the development of digital gold and blockchain traceability. It participates in multiple consortiums working to make physical gold investment more secure and transparent. The company regularly publishes sustainability and ethics reports aligned with OECD and UN guidelines.

You can visit the official Argor-Heraeus website to explore their full product and service offerings.

4. Metalor Technologies (Switzerland/Global)

Metalor Technologies is a global leader in precious metals refining, headquartered in Neuchâtel, Switzerland. The company was founded in 1852 and has grown into one of the world’s most trusted names in the sector, operating facilities across Europe, the Americas, and Asia—including a high-capacity plant in Singapore.

The Singapore facility, situated in the Singapore Freeport zone, is a strategic hub for serving the growing demand for investment-grade bullion in Asia. This location allows Metalor to benefit from GST exemptions on precious metals, boosting its competitiveness in the regional market.

Metalor refines gold, silver, platinum, and palladium. It is known for its vertically integrated operations, combining refining, assaying, recycling, and industrial component manufacturing under one roof. The company supplies high-purity metals to industries ranging from electronics and automotive to jewellery and healthcare.

The refinery is accredited by the LBMA, the London Platinum and Palladium Market (LPPM), and is ISO-certified for environmental, quality, and occupational health management systems. Metalor also actively supports initiatives related to Fairmined and Fairtrade gold, sourcing directly from artisanal miners that meet strict ethical standards.

As part of its ESG and compliance focus, Metalor places strong emphasis on responsible sourcing. It works closely with regulatory bodies to uphold best practices in supply chain auditing, anti-corruption, and anti-money laundering frameworks. This makes it a preferred refinery for institutions with strict sourcing mandates.

Metalor continues to invest in technological upgrades and process digitisation, contributing to more efficient, secure, and traceable bullion markets. Its Singapore site, in particular, is a model of how regulation and infrastructure can support global bullion flows in a compliant environment.

Learn more by visiting the official Metalor Technologies website.

5. Asahi Refining (North America)

Asahi Refining is a major player in the North American precious metals industry, with its primary facilities located in Salt Lake City, Utah and Brantford, Ontario. The company entered the spotlight after acquiring the gold and silver refining assets of Johnson Matthey in 2015, inheriting decades of technical excellence and compliance infrastructure.

With its acquisition, Asahi inherited not only the physical infrastructure but also the trust of long-standing institutional clients across bullion banking, mining, and jewellery industries. The refinery processes gold, silver, and PGMs, delivering products that meet LBMA Good Delivery and COMEX standards. Their annual refining capacity is in the hundreds of tonnes, servicing clients across North America and Asia.

Asahi is widely recognised for its environmental initiatives. Its Utah facility features a zero-waste water recycling system, reducing environmental discharge by over 40%. This positions it as a leader in sustainable refining operations. The company’s ESG programmes align closely with international frameworks, such as the OECD Due Diligence Guidance and Responsible Gold Mining Principles.

The company also adheres to rigorous compliance frameworks. Asahi’s trade and client onboarding policies are tightly integrated with tax compliance requirements across multiple jurisdictions. With increased scrutiny on precious metals supply chains, Asahi remains a dependable refining partner for high-integrity sourcing.

Technology-wise, Asahi leverages advanced analytical instrumentation for quality assurance and is investing in blockchain-enabled traceability for select institutional clients. Their bars are highly liquid, often appearing in ETFs and bank vaults due to their consistent quality and serialised tracking systems.

To find out more about their refining services and sustainability efforts, visit the official Asahi Refining website.

6. Heraeus Precious Metals (Germany/Global)

Headquartered in Hanau, Germany, Heraeus Precious Metals is the core business of the Heraeus Group, one of the largest family-owned companies in Germany with a history dating back to 1851. The company operates globally, with production and recycling facilities in Europe, the Americas, and Asia, making it one of the most geographically diversified players in the industry.

Heraeus refines and supplies a full suite of precious metals including gold, silver, platinum, palladium, rhodium, ruthenium, and iridium. It is particularly renowned for its capabilities in platinum group metals (PGMs), which are essential in industrial catalysts, automotive applications, and the emerging hydrogen economy. Heraeus is a key supplier to companies involved in hydrogen fuel cells and electrolysers, providing highly pure and traceable metal inputs.

The company operates under LBMA Good Delivery certification and is also recognised by the LPPM and other regional bodies. Its strict quality assurance and material analysis processes are supported by in-house R&D, driving continuous innovation in precious metals processing.

Heraeus is a leader in digitising metal flows and monitoring systems. The firm is investing heavily in automation and AI-driven quality control systems, which streamline casting, bar inspection, and customer compliance reporting. These efforts enhance transparency and align with modern internal audit strategies for large-scale metal trading companies.

The group is also at the forefront of sustainability. Heraeus runs several circular economy programmes, offering closed-loop refining for clients in electronics and automotive manufacturing. It actively supports carbon-neutral refining initiatives and has pledged to reduce emissions across its global network.

To explore Heraeus' global network, technologies, and sustainable metal solutions, visit the official Heraeus Precious Metals website.

7. MMTC-PAMP (India)

MMTC-PAMP India Pvt. Ltd. is located in Sona, Haryana, and is India’s only refinery accredited by the LBMA Good Delivery List for both gold and silver. Founded in 2008 as a joint venture between MMTC Ltd (a Government of India enterprise) and PAMP SA Switzerland, MMTC-PAMP bridges Swiss-quality refining with India’s vast domestic demand for bullion and jewellery.

The refinery processes over 150 tonnes of gold annually, delivering bullion to domestic banks, jewellery manufacturers, and retail investors. Its facilities meet international standards in refining, assaying, bar casting, and minting. MMTC-PAMP is a major supplier to India’s central bank and handles a large portion of the country’s gold imports for conversion into 999.9 fine bars.

What truly sets MMTC-PAMP apart is its strong focus on ethical sourcing and supply chain traceability. The company has pioneered the eMineTrace™ platform, a blockchain-based tool that tracks gold back to its mine of origin. This allows full transparency from source to finished product and addresses India’s ongoing challenges with illicit or non-compliant bullion. It also helps with gold inventory auditing for banks and traders operating under tight regulatory oversight.

Sustainability is at the core of its operations. MMTC-PAMP is India’s first precious metals facility to be certified as carbon neutral. The company uses recycled water, solar power integration, and closed-loop waste management systems to reduce environmental impact.

It also offers a comprehensive range of retail products including commemorative coins, minted bars, and digital gold options through popular fintech platforms. Their retail bullion range has helped demystify gold investment for the Indian middle class.

For more on their services, certifications, and product catalogue, visit the official MMTC-PAMP website.

8. Rand Refinery (South Africa)

Based in Germiston, Gauteng, Rand Refinery Limited is the largest integrated single-site precious metals refining and smelting complex in Africa. Established in 1920 by the Chamber of Mines, it has refined more than 50,000 tonnes of gold—equivalent to about one-third of all the gold ever mined in human history.

Rand Refinery plays a strategic role in South Africa’s mining economy and is the primary processor of gold doré bars mined across the continent. It is internationally recognised with LBMA Good Delivery status, COMEX, TOCOM, and DMCC approvals. Rand also operates the world-renowned Krugerrand minting operation, producing the iconic South African gold coin sold worldwide.

The refinery handles the full value chain, from smelting and refining to assaying and fabrication. It supplies banks, sovereign mints, and industrial clients with high-purity gold, silver, and by-products such as platinum group metals. Its processing facilities use both electrolytic and chemical methods to meet global standards.

A leader in ESG in the African context, Rand has invested significantly in clean energy, water recycling, and supply chain due diligence. Its sourcing policy incorporates audits and documentation from upstream suppliers in accordance with OECD due diligence standards. It also contributes to sustainable mining initiatives through partnerships with artisanal and small-scale miners (ASMs) in West Africa.

The refinery has taken a proactive approach to compliance and transparency. It supports harmonised industry standards for responsible sourcing and has established a robust in-house compliance department for AML/CFT and KYC procedures—key pillars in today’s gold trade.

To explore their refining, minting, and sourcing services, visit the official Rand Refinery website.

9. ABC Refinery (Australia)

Located in Sydney, New South Wales, ABC Refinery is a key pillar of the Australian precious metals ecosystem. It is a subsidiary of the Pallion Group and is currently the only independent refinery in Australia to be accredited by the LBMA Good Delivery list for both gold and silver. This recognition makes it one of the most trusted names in the Asia-Pacific bullion trade.

ABC Refinery’s capacity has grown significantly in recent years. It now processes hundreds of tonnes of gold and silver annually, serving mining companies, institutional investors, jewellers, and central banks. Its state-of-the-art facilities support casting, minting, refining, and assaying of a wide range of precious metals, including customised alloy solutions for industrial use.

One of the refinery’s key technological innovations is its proprietary ALS™ (Advanced Laboratory System), which has significantly reduced its chemical footprint—cutting chemical usage by more than 60%. This aligns with growing demand for environmental responsibility in the precious metals sector. ABC Refinery also recycles precious metals from waste streams such as circuit boards and industrial scrap.

Security and quality assurance are top priorities. ABC Refinery incorporates advanced robotics and automated bullion handling systems, ensuring consistency and minimal contamination. Each bar is individually serialised and traceable, with full audit trails available for institutional clients and sovereign buyers.

The company is also active in developing tokenised bullion and blockchain-enabled ownership structures, keeping pace with global trends in fintech and decentralised asset management. It is a member of several international trade organisations promoting responsible sourcing and ethical refining practices.

To learn more about ABC Refinery’s full range of services, visit the official ABC Refinery website.

10. Shenzhen Yuexin Gold & Lead Co. (China)

Shenzhen Yuexin Gold & Lead Co. Ltd., located in Shenzhen, Guangdong Province, is one of the most prominent emerging refineries in China’s rapidly evolving precious metals sector. In 2023, the refinery gained recognition on the LBMA Good Delivery List for gold, marking a significant milestone in the company's international acceptance.

Yuexin operates modern refining facilities that serve China’s substantial demand for high-quality industrial gold used in electronics, semiconductors, and jewellery. Its annual capacity is steadily increasing as it gains more contracts from state-linked enterprises and private bullion traders in Asia. With its location in the Pearl River Delta region, the refinery is well positioned to serve both export and domestic consumption markets.

The company focuses on high-purity gold production and offers various formats including kilobars, investment bars, and industrial-grade gold sheets. Shenzhen Yuexin adheres to China’s national standards (GB/T 4134) and international benchmarks for assay, fineness, and weight tolerances. Each bar is sealed with serialised markings, and clients are provided with documentation for customs clearance and taxation purposes.

Shenzhen Yuexin is also stepping up efforts in compliance, transparency, and traceability. As part of the Chinese government's push for cleaner industry, Yuexin has begun integrating improved emissions controls, waste treatment systems, and ethical sourcing documentation. The company is currently developing partnerships with international trade organisations and participating in dialogues about LBMA-approved assaying techniques.

While relatively new to the global scene, Shenzhen Yuexin represents a new generation of Chinese refineries looking to meet and exceed international standards for bullion refining, documentation, and ESG compliance.

To view their product range and certifications, visit the official Shenzhen Yuexin website (Chinese language).

Final Thoughts

Choosing the right gold refinery is about more than just capacity—it’s about trust, traceability, technological capability, and compliance with global standards. Whether you’re a miner, bullion trader, asset manager, or industrial user, partnering with a credible and accredited refinery ensures that your metal is processed to the highest quality and environmental benchmarks.

The refineries featured in this guide represent the gold standard of the precious metals industry in 2025. They each bring unique strengths, from blockchain traceability and carbon-neutral refining to PGM innovation and global delivery capabilities.

If you're looking to identify a suitable refinery for your business needs—whether for refining doré gold, sourcing investment-grade bullion, or establishing long-term processing relationships—get in touch with our team at SE Asia Consulting. We work closely with industry-leading refineries and can provide strategic introductions, technical due diligence, and commercial support tailored to your requirements.

Contact us today to discuss how we can assist with refining arrangements, compliance advisory, or onboarding you with the world’s most trusted precious metals partners.