Mid-States Recycling & Refining

What Mid-States Recycling & Refining does

Mid-States Recycling & Refining is a privately held precious metals refinery founded in 1982 and headquartered in Des Plaines, Illinois, with a satellite sales office on Chicago's Jewelers Row. The company grew out of Simmons Refining Co., which established its reputation in the late 1960s; key personnel from that predecessor remain with the firm, including a head chemist with 40+ years of experience and a trading manager who is an original Simmons employee. Mid-States operates as a full-service refiner handling gold, silver, platinum, palladium, rhodium, and iridium in-house, with high-frequency induction smelting furnaces, a certified fire assay laboratory, XRF (X-Ray Fluorescence) and ICP-MS (Inductively Coupled Plasma Mass Spectrometry) analysis, and electrolytic deposition for silver refining. Specialized capabilities include high-temperature PGM melting using zirconia crucibles, dual-method PGM analysis combining XRF and ICP, and Aqua Regia-based diamond and gemstone recovery through custom glass reactor systems.

The company sells exclusively to licensed commercial clients — jewelers, pawnbrokers, dental labs and practices, industrial and electronic scrap generators, photofinishers, hospitals, glass manufacturers, and chemical and research facilities — and does not deal directly with the public. Revenue comes from multiple streams: melt/assay and per-ounce refining fees on scrap lots (typically 97–99% return on contained metal), sale of RJC-compliant jeweler's metals including fine gold shot, sterling silver casting grain, platinum-iridium casting grain, master alloys, and karat gold solders, an in-house metal trading desk that enables price locking and hedging on the COMEX and LME, and bullion bar and coin sales. Customers can ship material via insured FedEx/UPS (insured through G4S International) or USPS Registered Mail, drop off in person at the Des Plaines refinery or Chicago sales office (with an open-door policy permitting them to witness weighing, melting, and sampling), and access 24-hour tracking through the office.msrr.net client portal. Pre-calculated estimates are provided through the Karat Kalculator web tool and iOS app; market pricing and target-price alerts are available via subscription emails. Service tiers include the premium Concierge Service (up to 99% return) and MSR Express (60-minute on-site gold settlement at up to 98.5%). A separate branded sub-brand, Cremation Recycling, addresses precious-metal recovery in the cremation segment.

The firm complies with USA Patriot Act anti-money-laundering requirements and is RJC chain-of-custody compliant across its precious metals products. With 1M+ completed projects and 2,000+ clients nationwide since 1982, Mid-States competes on accuracy (fire assay certified to ±0.05% deviation), transparent in-house processing, and operational continuity from a deeply tenured staff.

Name

Mid-States Recycling & Refining

Legal name

Mid-States Recycling, Inc.

Website

https://midstatesrecycling.com

Company type

Private

Founded year

1982

Operating status

Operating

Headcount range

11–50 employees

Short description

Mid-States Recycling & Refining is a privately held, Illinois-based precious metals refinery founded in 1982 that serves 2,000+ licensed commercial clients across the U.S. — jewelers, pawnbrokers, dental labs, and industrial scrap generators — performing in-house fire assay, XRF, and ICP-MS analysis of gold, silver, and platinum-group metal scrap.

Ownership category

akta.pro rank

Product category

Precious Metals Refining

NAICS

Secondary Smelting, Refining, and Alloying of Nonferrous Metal (except Copper and Aluminum) (331492)

SIC

Secondary Smelting & Refining Of Nonferrous Metals (3341)

akta.pro primary industry

Precious Metals Smelting & Refining (IMAKAEAE)

akta.pro secondary industries

Metals Recycling & Processing (Ferrous/Non-Ferrous) (BPALADAF), Catalyst & Precious Metal Scrap Recycling (Auto Catalysts, Refinery/Petrochemical Catalysts) (IMAKAMAI), Precious Metals Minting & Bullion Products (IMAKAEAJ)

Keywords

• Precious metals refining
• Gold refining services
• Silver refining
• Platinum group metals
• Scrap metal recovery

Headquarters

HQ city

Des Plaines

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Precious Metal Refining and Processing: Mid-States processes gold, silver, platinum, palladium, rhodium, and iridium scrap materials from commercial clients. They charge melt/assay fees per lot or per troy ounce plus refining charges per ounce of fine metal accountable. Returns up to 99% of contained precious metal value for high-volume lots. Settlement options include check, wire transfer, ACH, or return as physical bullion.
2. Jeweler's Metals Sales: Sales of fine metals, pre-alloyed casting grains, sheet, wire, and solders for jewelry manufacturing. Includes Fine Gold Shot (99.99%), Sterling Silver Casting Grain, Platinum Casting Grain (90/10 Platinum-Iridium), and various karat gold casting grains and solders. Products are RJC Certified compliant.
3. Metal Trading and Consignment Accounts: In-house metal trading department enables customers to hedge or lock metal prices on global exchanges (London, New York/COMEX). Customers can consign metal to pool accounts for future pricing decisions, maintaining flexibility on settlement timing.
4. Bullion Investment Products: Purchase and sale of government-issued coins, bank-hallmarked bullion investment bars, rounds, and privately minted products. Customers can receive fine metal as part of their settlement in the form of grain, shot, bars, or coins.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Mid-States Recycling & Refining provides precious metal refining services for gold, silver, platinum, palladium, rhodium, and iridium sourced from licensed commercial clients such as jewelers, pawnbrokers, dental labs, and industrial scrap generators. The refinery operates in-house fire assay, XRF, and ICP analysis, performs diamond and gemstone recovery, and resells refined metals as Jeweler's Gold, Jeweler's Silver, Jeweler's Platinum, alloys, solders, and investment bars and coins.

Product overview

Mid-States Recycling & Refining operates as a precious metals refinery offering a unified suite of refining and recovery services centered on gold, silver, platinum, and palladium group metals. The core product is its Precious Metal Refining service, which encompasses specialized sub-services for Gold Refining, Silver Refining, and Platinum Refining. Supporting the refining core are add-on modules including Gemstone Removal Services, the MSR Express expedited settlement service, Concierge Service premium tier, and the Karat Kalculator online estimation tool. The company also offers a complementary Jewelers Metals product line (Jeweler's Gold, Silver, Platinum, Alloys, and Solders) for casting and manufacturing, plus a Bars & Coins investment products offering. A separate sub-brand, Cremation Recycling, serves the cremation market. All precious metal products carry RJC chain of custody compliance.

Differentiator

Problem solved

Functional benefit

Brands

• MSR Express: Fast gold payouts in 60 minutes with express settlement service offering up to 98.5% payment on gold.
• Concierge Service

Products and services

• Precious Metal Refining Core refining service for gold, silver, platinum, palladium, rhodium, and iridium sourced from jewelers, pawnbrokers, dental labs, and industrial clients, with melt, assay, and payout settlement.
• Gold Refining Refining of karat gold scrap, filings, sweeps, and jewelry into bullion or store credit with fire assay accuracy within ±0.05% deviation.

Quantifiable outcome

• Up to 99% return on contained gold content for lots with 80+ troy ounces
• +4 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered minor and core.

• Jay Pays (Jaypays.com)minorOthersMid-States partners with Jay Pays, a licensed secondhand diamond dealer, to whom they refer recovered gemstones from their stone removal processing. Customers can forward recovered diamonds and gemstones to Jay Pays for top-dollar purchase. Mid-States does not receive commissions or referral fees from this partnership.
• G4S InternationalcoreOthersG4S International provides insurance coverage for Mid-States' courier shipping operations. When customers arrange shipping through Mid-States' Express Courier Service, G4S provides the insurance coverage based on the declared value of shipments. This covers both incoming scrap metal shipments and outbound refined metal returns.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Sims Limited (Sims Metal Management): Global metals recycling company with a precious metals division handling e-scrap, PGM-bearing catalysts, and industrial by-products. Comparable in secondary precious metal refining but operates at much larger scale and broader geographic footprint.
• Tanaka Kikinzoku Kogyo: Japanese global leader in precious metals refining and PGM products with industrial, jewelry, and electronics exposure. Overlaps with Mid-States on PGM refining and industrial scrap processing at significantly larger scale.
• Heraeus Precious Metals: Global precious metals and technology group operating one of the world's largest precious metals refineries. Competes with Mid-States in PGM and industrial precious metals recovery with broader product portfolio and global logistics.
• Materion Corporation: Diversified advanced materials manufacturer with a precious metals refining and products business serving industrial and jewelry customers. Overlaps with Mid-States in jewelers' metals and precious metal products but is a much larger, publicly traded portfolio company.

Direct peers

• Dillon Gage: US precious metals refiner and bullion dealer serving jewelers, pawnbrokers, and investors with refining, assay, and trading services. Closely matches Mid-States' customer base and full-stack service model including metal trading.
• Sabin Metal Corporation: US-based precious metals refiner specializing in platinum group metals recovery from industrial catalysts, scrap, and spent process materials. Directly comparable to Mid-States' PGM refining business with similar customer mix across industrial and chemical sectors.
• Asahi Refining: North American precious metals refiner (formed from Republic Metals and Johnson Matthey Gold & Silver Refining acquisitions) serving jewelry, industrial, and investment customers. Closest scale-equivalent US competitor with similar refining and bullion product suite.
• Hoover & Strong: US manufacturer and distributor of recycled precious metals, casting grain, sheet, wire, and solders for the jewelry trade. RJC-certified supplier competing directly with Mid-States' Jewelers Metals product line.
• Rio Grande (Rio Jewelry): Major US supplier to jewelers offering casting grain, sheet, wire, and findings in precious metals including recycled-content alloys. Comparable on the jeweler's metals side and partial overlap on metal refining services.
• Gannon & Scott: Precious metals refiner focused on recovering gold, silver, platinum, and palladium from industrial scrap, sweepings, and electronic waste. Comparable mid-sized US refiner serving similar B2B scrap-generating customers with in-house assay capability.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/msrrefining

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mid-States Recycling & Refining