google-site-verification=uH7dJ6PNrC3kcvLIvSSWRZTrAxMp_GZboSCPhLKQLug Gold Refinery in India

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Gold Refinery in India

How Many Gold Refineries are there in india?

There are 41 gold refineries in India.

When it comes to Gold Refineries in India you have to look at both the approved Indian gold refineries and the door step gold refiners where local people and gold traders go to smelt their own Jewellery to help provide them with money live when times are tough or prices are high.

On the official side there is The Association of Gold Refineries and Mints (AGRM) that states how many Gold Refineries there are in India but what we can show you is a List of 41 Indian Gold Refineries granted License to operate in India as approved refineries and mints.

Gold Smelting

Who is the Biggest Importer of Gold globally?

China on imports alone but India is by far the world’s largest importer and consumer of gold. According to GJEPC Chairman Colin Shah, “About 1,067 tonnes of gold import in 2021 can be attributed to the abnormal pandemic situation a year prior when imports had nosedived to 430.11 tonnes

The main destination of Gold exports from India are United Arab Emirates, Turkey, Switzerland, Qatar, and Hong Kong, notice all are mainly Jewellery centers?

Given how much Gold goes into India officially (and unofficially via the Hawala system) you would think that the LBMA would make more of an effort to approve Indian Refineries for LBMA Good Delivery Status but no, there is only one Indian Good Delivery Refinery and it’s partly owned by the Indian Government under their private entity MMTC and the other part by the LBMA darling jewel in the crown Swiss Refinery PAMP and are known as MMTC-PAMP.

Interestingly there are 12 Good Delivery Refineries in China, I’ll leave this one for another blog post.

Due to Gold not being able to be officially exported as Gold Bullion from India many times gold premiums trade at a discount to spot gold on a per ounce basis in India and stock piles of gold are held creating liquidity issues in country. During Covid this was particularly bad for many Indian Gold refineries and a number shut down completely. 

The issue that everyone knows is that gold goes into India (officially) but only comes out in jewellery form as Gold Bars are not allowed to be exported (officially). Out of the total import of gold in India, 25 to 30% is now gold dore import by only few of the 41 licensed gold refineries and all of it goes to bulk bullion traders.

Let’s say a certain jewellery company makes Gold Medallions and then ships them to Fujairah where they are then sent via a certain security company to a certain LBMA gold refinery in Switzerland and smelted into 9999 Gold!

That method seems to be ok with the LBMA and the people at SwissAid despite being a very grey area indeed. I guess that is one way to get your gold out of the country and into the LBMA system!

Whilst at a Gold conference in India the then Bombay Bullion Association (who later changed the name due to some strange things going on allegedly) were on stage talking openly about Hawala, a certain bullion bank known for manipulation of the gold market leaned over and ask me what that was about, this is what I explained to them later that day: What is Hawala https://www.investopedia.com/terms/h/hawala.asp

Gold Imports/Export regulations and taxes change so often its hard to keep up, so do seek professional advice when looking at India as a potential opportunity for your gold business.

Before we get into the Indian Gold Refinery List lets take a look at the Indian Gold Sector which has years of legacy 

Gold Refining meaning in Hindi

Indian Gold Jewellery

Gold Refining = गोल्ड रिफाइनिंग – The art of refining gold goes back thousands of years and since it early iterations its come along way and now they can refine all the way until 999.9 and above. 999.9 Gold represents 24 karat gold which is used in electronics, medical devices and treatments and Jewellery which as we all know is loved and adorned in India.

In the Jewellery sectors of India everything is recycled even the dust from the floor of the market is sold to the local gold refinery or smelter to recover any potential lost particles. Even carpets, crucible, chair covers and the like are bought and refined, its an entire sub industry that hardly anyone talks about, another blog post on that I feel might be appropriate.

Gold is Sacred in India

Gold in India takes second place to only Religion which is saying something! Every house is reputed to have a decent amount of gold based on their background which is why the Indian Government persists in trying to digitize the local gold, anything from using Temples to Banks but the Indian community just prefers to hold it in their possession and you can’t blame them. Let’s face it who trusts the Government anyway?

Gold Monetization Scheme

Govt. of India has launched Gold Monetization Scheme on 5th Nov.2015.

The goal of the Gold Monetization Scheme is to make it easier for households, institutions, corporations, and temple trusts across the country to put their dormant gold holdings to productive use, and in the long run, to reduce the country’s reliance on gold that is brought into the country from outside sources.

BIS has played an important role in finalization and implementation of the Gold Monetization Scheme in association with Department of Economic Affairs and Reserve Bank of India. Under the Gold Monetization Scheme, Assaying & Hallmarking (A&H) Centres recognized by BIS have been qualified to act as Collection and Purity Testing Centres (CPTC).

So far 48 A&H centres and 01 Jeweller have been qualified to act as CPTC. The gold collected by CPTCs is to be refined by refineries licensed by BIS.

Digital Gold India

The team making good headway in this direction is FinMet India Pvt Ltd who is currently offering an operating model for banks for gold monetisation. FinMet team has leveraged its global experience and good understanding of the Indian market to offer a technology based solution to the banks.

MCX will collaborate with more Indian Gold Refineries in the near future.

The Multi Commodity Exchange of India (MCX) is accepting bullion bars purified by Indian gold refineries for delivery through its contracts. This is contingent on the refiners satisfying the MCX-set standards, according to a statement from the Exchange.

MCX has now approved a total of 3 Indian gold refineries namely Augmont Enterprises, M D Overseas and Kundan Care Products to provide gold as good delivery. M D Overseas did in fact buy a membership of the Singapore Mercantile Exchange (SMX), which was later acquired by The Intercontinental Exchange (ICE).

MCX Gold

Entities Allowed to Import Gold Bars into India

  • Metals and Minerals Trading Corporation Limited (MMTC)
  • Handicraft and Handloom Export Corporation (HHEC)
  • State Trading Corporation (STC)
  • Project and Equipment Corporation of India Limited. (PEC)
  • STCL Limited
  • MSTC Limited
  • Diamond India Limited (DIL)
  • Gems & Jewellery Export Promotion Council (G&J EPC)
  • Star Trading House (only for Gems & Jewellery sector) or a Premier Trading House

Any other agency authorized by Reserve Bank of India (RBI).

Conditions for Import of Gold Bars into India

The following conditions are applicable for all entities to import gold bars into India:

  1. Import of gold in the form of coins and medallions is prohibited.
  2. Entities/units in the SEZ and EOUs, Premier and Star Trading Houses would be permitted to import gold exclusively for the purpose of exports. These entities will not be permitted to clear imported gold for any purpose other than for exports.
  3. Gold imported against any authorization such as Advance Authorization/Duty Free Import Authorization (DFIA) should be utilized for export purposes only and there can be no diversion for domestic use.
  4. All gold imports must be routed through customs bonded warehouses;
  5. The import of gold dore bars will be permitted only against a license issued by the Directorate General of Foreign Trade;
  6. Entities or units in the SEZ and EOUs, Premier and Star Trading Houses would be permitted to procure gold from the refinery of the license holder exclusively for the purpose of exports only and these entities would not be permitted to clear such gold for any purpose other than for exports.
  7. For each consignment of gold dore bars imported, the license holder must submit a report on utilization of gold dore bars, gold produced after refining, gold issued to exporters and the proof of export for the goods manufactured and exported by these exporters to the central excise officer.
Gold Refinery

Indian Gold Refinery List

M/s Ggc Gujarat Gold Centre Pvt Ltd, Gujarat Hosiery
Milll Compound, Behind Vijay Petrol Pump, Rakhial Road
City : AHMEDABADDistt : Ahmedabad State : Gujarat Pin
: 380021 Tel : 22748532 Fax : 07922748287 Email :
gujaratgold@gmail.com

M/s India Govt. Mint, ShahidBhagat Singh Road, Fort,
City : FORT Dist : Mumbai City State : Maharashtra Pin :
400001 Tel : 22662555 Fax : 22661450
igm.mumbai@spmcil.com, Ph. 022-22661373
Shri GorakhYadav – Mob no. 9869246777

M/s Shirpur Gold Refinery Limited
Dahiwad, Shirpur, Dhule 425405
rajesh.oamecha@shirpurgold.com
Mob No. 9158030066
Subash.parekh@shirpirgold.com
Mob No. 9158008019, Ph. 02563-276524

M/s Edelweiss Metals Limited,
Plot No.35,36.37,38 & 40 B, GIDC Phase III,
GIDCNaroda City : Ahmedabad,Gujarat
Phone:9879728442, 079-
6621241,kiransinh.solanki@edelweissfin.com,
lab@edelweissfin.com
Email : pradeep.nagori@edelseissfin.com

M/s MMTC-PAMP India Pvt. Ltd.
Rojka-Meo Industrial Estate, Tehsil Nuh,
District Mewat, Haryana – 122103
Tel : 0124-2868000 Fax : 0124-2868099
Email : ankur.goyal@mmtcpamp.com
Sh Rajesh Khosla,Mob 9810018875
rajesh.khosla@mmtcpamp.com

M/s Jalan and Company
C-16, Lajpat Nagar-2, Central Market,Delhi
ShIshwarJalan ,Mob 9810009929
jalan@jalanco.com

M/s Kundan Care Products Ltd, Haridwar,
Plot No. 70 & 81, Sector 6-A, SIDCUL,
Ranipur, Haridwar, Uttarakhand
Email-ID:lab@kundangroup.com
analysis@kundangroup.com,refinery@kundangroup.com
ContectPerson:MrBhupender,
Mob No.09720102955,Land Line No.01334664418

M/s Diamond Forever International
Plot No 17, Sector- IIDC, IIE, Rudrapur
Distt: Udham Singh Nagar
Uttrakhand-263153
Sh. Akhil Jain, Mob. 9811507766
Email. info.rudrapur@diamondforever.in

M/s Augmont Enterprises Pvt. Ltd.
Khasra No 60/4, Rungta Industries Compound
RampuraDehat, Kashipur Road, Rudrapur
Distt: Udham Singh Nagar, Uttrakhand: 263153
Sh. Dhananjay, Mob. 9970303044, 9756910703
Email. singhbb2007@hotmail.com

M/s M.D.Overseas Ltd.
Unit No. 1 & 6(Shed Nos), Khasra No 7/2,
RampuraDehat, Shyampuria Milling Industries, Kashipur
Road, RudrapurDistt: Udham Singh Nagar, Uttrakhand263153
Sh. Manish Rawat,
Mob. 8826105566
Email. refinery@mdoverseas.com,
delhi@mdoverseas.com

M/s Paraj Exim
Shed No 5, Khasra No 7/2, Shyampuria Milling
Industries, Kashipur Road, Rudrapur
Distt: Udham Singh Nagar, Uttrakhand-263153
Sh. Pankaj Kumar,
Mob. 8392911214
Email. lab@parajau.com, info@parajau.com

M/s CGR Metalloys Private Limited,
Room 31/05/2018 Operative No.2,40/1013,Paily Pillai
Towers,Opp College Ground Bus Stop, MG Road Dist :
Ernakulam State : Kerala Pin : 682011
Tel : 04842352649 Fax : 04842356250 Mobile :
9745587555 Email : mail@chemmanurrefinery.com

M/s CGR Metalloys Private Limited, B-30,GS Business
Park, KINFRA PARK,Kalamassery, Ernakulam District,
Kerala– 683110, Email – mail@cgr.gold,
Phone – 0484 -2357793,2356483

M/s Bangalore Refinery (P) Ltd., No.6/1, Plot No.20-A,
Kiadb Main Road, 1st Cross, 1st Phase, Peenya Industrial
Area, Bangalore-580058, Karnataka
Tel : 080 28372445 Mobile : 9845028000 Email :
ketan@bangalorerefinery.com

M/s Titan Company Limited, Jewellery Division, No.29
Sipcot Industrial Complex, Hosur, Distt- Krishnagiri
Tamil Naidu -635126
Telephone: 04344-664799
Fax: 04344-276524
Email:corpcomm@titan.co.in

M/s India Government Mint. P-104, Diamond Harbour
Road, Alipore,Kolkata- 700053 Email :
calmint@spmcil.com
Tel : 033-24014821 Fax : 033-24010553 Mobile :
9432013103

M/s India Government Mint, IDA Phase -II,
Cherlapally, R.R.District, Hyderabad
State : Telangana Pin : 500051 Tel : 27261731 Fax :
27262951 Mobile : 7382334362 Email :
igm.hyderabad@spmcil.com

OMGL Refinery LLP, Khasra No. 7/2, Shyampuria
Milling Industries compound, City : Rudrapur Dist :
Udham Singh Nagar State : Uttarakhand Mobile :
8937074739 Email : info@omglrefinery.com

Zaveri and Company Private Limited, 43/1/1, Gava
Rice Mills Compound, Kashipur, By Pass Road City :
Rudrapur Dist : Udham Singh Nagar State :
Uttarakhand Pin : 263153 Tel : 05944-242355 Fax : –
Mobile : 9099866006 Email : zrudrapur@yahoo.in

Salasar Synthetics, Plot No. 9 A, Sector 4, IIE, Sidcul,
City : Pant Nagar Dist : Udham Singh Nagar State :
Uttarakhand Mobile : 98100017892 Email :
salasarsyntheticsgold@gmail.com

M/s ABANS Jewells Private Limited
Khasra No.54/3/2, Jindal Paddy Product Compound,
Village Rampura Dehat, Kashipur Road, Rudrapur,
Udham Singh Nagar Uttarakhand 263153
Sh. Anup Mittal, Mob- 9892680866
Email . rudrapur@abans.co.in

M/s. Khandwala Finstock Pvt. Ltd
Khasra No.60/4/E, Rungta Ind. Compound, Village
Rampura Dehat, Kashipur Road, Rudrapur, Udham
Singh Nagar Uttarakhand 263153, Sh. Rajiv Shah,
Mob. 099017835
Email. devangkifs@gmail.com

M/s RG Refineries
Khasra No.60/4 , Rungta Ind. Compound, Village
Rampura Dehat, Kashipur Road, Rudrapur, Udham
Singh Nagar Uttarakhand 263153
Sh. Preet Mohinder Singh,
Mob. 9988991421
Email. preet610@gmail.com

M/s Golden Star Trading Private Limited, No.D-1/C,
Ist Cross Street, Ambattur Industrial Estate, DistrictChennai, Tamil nadu-600 058.

M/s CGR Metalloys Private Ltd.,
V/717E, Industrial Development Area,
Muppathadam P.O., Aluva, Ernakulam Dist.,
Kerala-683110

M/s. Emerald Jewel Industry India Limited
300, 301/1a, 1b, Unit-1, Mettupalayam Road,
Nsn Palayam, Coimbatore-641031, Tamil Nadu
Tel: 0422-4222000, Fax:0422-2461540
E-mail id- jeevabharath@ejindia.com
SHRI K. V. JEEVABHARATH- 8220743444

M/s Sonigara Jewellers Pvt. Ltd
Plot No. 43, Sr. No. 44 & 45
Parvati Industrial Estate
Opp to Adinath Society
Pune -411009 Contact no. : 020-24220402
E-mail Id : heuurefinery@gmail.com
website : www.heuugold.com

M/S. Bright Metal Refiners.
Shyampuria Milling Industries Compound, Khasra No.
7/2, Vill. Rampura dehat, Kashipur Road, Rudrapur,
Distt : Udham Singh Nagar Uttarakhand- 263153
Contact person Sh. Ajay Kumar Rana
Mob-9758186667
Email . jblrefineriesuk@gmail.com

M/S.ALTIM METALS PVT. LTD.
Plot no. 27, Mini Industrial Estate, Kichha
Road, Kishanpur, Kicha, behind NALANDA
Residential School, Dist: Udham Singh Nagar,
Uttarakhand, india-263148
Contact person -.Sh. Dipay Savla, C.E.O.
M +91 9920054987
Email-id- dipay.savla@dindayal.net

M/s Yash Oro India Private Limited,
Sy.No. 1939 & 1940, Nandigama (Village &
Mandal)Kottur, Hyderabad, Distt. Ranga Reddy,
Telangana-509228

M/s Narondas Manordas
165 /B Sonawale Estate, Tardeo Tardeo Mumbai
400007 Email: nm1788#gmail.com, Tel 022-23117500

National India Bullion Refinery ACA
NIBR Compound CTS No 1285 A?H, Kanjur Village
Road, Nehru Nagar,, Kanjur Marg East, Mumbai
400042 Email: info@nibraca.in, Mob 9833807072

AUPTAG REFINERY PVT. LTD., 25 ,
RAMWADI GYAN BLDG ., 1ST FLOOR ,
ROOM NO. 41 , KALBADEVI ROAD Mumbai
Email : auptagref2017@gmail.com Tel : 022-
22013172 Mobile : 9321048919

AJ Gold & Silver Refinery ,
Manpul Chowk, Village Bantera, Tappa Kohla , P.O.
Majhiar, Tehsil Nadaun,
Dist Hamirpur Himachal Pradesh, 177038

M/s Sunanda Polymers ,
Plot No-15, Village- Khadeem, Parwanoo,
Dist- Solan, Himachal Pradesh, 173220

M/s Harshini Maple Leafs, No. 16/1 First Floor,
Shanthi Complex, Veerapan Street, Sowcarpet,
Chennai-600001

M//s Shree Ambica Touch, Plot no.9,Panchratna
Industrial Estate ,Opp. Chehar Bhawani Temple,Near
Laxmi Narayan Petrol
Pump,Changodar,Ahmedabad,Gujarat Pin : 382213
shreeambicanabl@gmail.com,
Shri Bhaumik B Soni – Mob no. 9825598642

M/s Parker Precious Metals LLP
50B,Changodar Industrial Estate,Bavla
Road,Changodar,Ahmedabad Gujarat 382213
parkermetal2018@gmail.com
Mob No. 9601886590
Mr Nikul Darji, Ph. 079 29796180

M/s Tasha Gold Private Limited
Site V, Plot No. N-19, Kasna
Industrial Area Noida
Distt: Gautam Buddh Nagar
Uttar Pradesh- 201310
M +919335721900, +919741140719, +919838076541
Email- id:- tashagoldpvtltd@gmail.com

Quality Assay And Hallmarking Centre Pvt.Ltd
Address:- Room No.52/6092,2nd Floor, Zahara
Complex, Bellard Road, Kannur, Kerala
Pin:-670001

M D Overseas Private limited,
F-223, Industrial area, IID, Khushkhera, Bhiwadi,
Alwar, Rajasthan 301019
Contact details: manish@mdoverseas.com
Mob:8826105566(Shri Manish Rawat-Plant Incharge)

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