Gold Smelting Market Report 2026

The gold smelting market size has grown strongly in recent years. It will grow from $29.56 billion in 2025 to $31.55 billion in 2026 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to expansion of gold refining capacity, growth in jewelry and investment demand, development of metallurgical processes, availability of smelting technologies, increasing recycling of precious metals.

The gold smelting market size is expected to see strong growth in the next few years. It will grow to $40.58 billion in 2030 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing adoption of low-emission smelting technologies, rising demand for recycled gold, expansion of high-purity gold applications, growing focus on energy optimization, increasing automation in smelting operations. Major trends in the forecast period include increasing adoption of energy-efficient smelting furnaces, rising use of electrolytic refining processes, growing focus on emission-controlled smelting, expansion of recycled gold smelting operations, enhanced emphasis on process automation.

The growth of the jewelry and luxury goods industries is expected to drive the expansion of the gold smelting market. These industries involve the creation, manufacturing, and distribution of high-value items such as fine jewelry, watches, designer accessories, and luxury fashion products. As disposable incomes rise, consumer spending on high-end items increases, which fuels demand for premium brands, exclusive designs, and personalized luxury experiences. Gold smelting ensures a pure, high-quality supply of gold, which is crucial for producing fine jewelry and luxury goods that meet industry standards and consumer expectations. For example, in February 2025, the World Gold Council reported that gold demand in 2024 reached 4,553.7 tons, an increase of 61.2 tons from 2023. This growth in the jewelry and luxury goods sectors is driving the demand for gold smelting.

Companies in the gold smelting market are focusing on expanding their refining capabilities through initiatives such as the inauguration of new facilities to improve efficiency, increase production capacity, and strengthen their market presence. For example, in August 2024, Royal Ghana Gold Refinery, a Ghana-based joint venture, opened its first commercial gold refinery in partnership with Rosy Royal Minerals and the central bank. The new facility, with a daily processing capacity of 400 kilograms of gold, can refine up to 120 tons annually, enough to process all of Ghana's gold production. This move aims to address challenges such as revenue loss from exporting unrefined gold and the smuggling of artisanal gold.

In October 2024, StoneX Group Inc., a financial services company based in the U.S., acquired the precious metal recovery and refining business of JBR Recovery Ltd., a UK-based company, for an undisclosed sum. This acquisition strengthens StoneX’s position in the precious metals market by integrating recycling and refining capabilities, enabling the company to manage the full lifecycle of metal trading. JBR Recovery specializes in extracting and recycling gold, silver, and other platinum group metals.

Major companies operating in the gold smelting market are Advanced Chemical Company , Aida Chemical Industries Co Ltd , Agosi AG , Almalyk Mining and Metallurgical Complex (AMMC) , Argor‑Heraeus SA , Asahi Pretec Corp , Asaka Riken Co Ltd , Atasay Kuyumculuk Sanayi Ve Ticaret AS , Aurubis AG , Bangko Sentral ng Pilipinas , Boliden Ronnskar , C Hafner GmbH + Co KG , Chimet SpA , Dowa , Heimerle + Meule GmbH , Inner Mongolia Qiankun Gold and Silver Refinery Share Co Ltd , Ishifuku Metal Industry Co Ltd , Istanbul Gold Refinery , Italpreziosi , JX Nippon Mining & Metals Co Ltd.

North America was the largest region in the gold smelting market in 2025. The regions covered in the gold smelting market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gold smelting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The gold smelting market consists of sales of smelted gold, gold ingots, and bullion. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 1-3 business days.