What Kundan Refinery does

Kundan Refinery Pvt Ltd is the precious-metals flagship of the privately held Kundan Group, a Garg-family Indian conglomerate founded in 1971 and headquartered in New Delhi. The company's core operation is India's largest private-sector gold refinery, established in 2012 with a daily output capacity of 300 kg and purity grades ranging from 99.50% to 99.99%. Refining is performed using aquaregia and incortation processes for gold and electrolysis/chemical precipitation for silver, with quality assurance backed by a NABL-accredited in-house laboratory that performs fire assay, XRF (X-ray fluorescence), and ICP spectroscopy, and provides 24-hour lot settlement.

Kundan operates an integrated precious-metals value chain spanning mining (six exploration blocks across Madhya Pradesh, Uttar Pradesh, and Karnataka), bullion import/export and exchange-based trading (direct clearing memberships in MCX, NCDEX, and NSE since 2004), coin and bar minting (Kalpataru, Lakshmi, Tola series), the MyGoldKart digital gold and silver platform (backed by Brinks vaults and IDBI Trustee), and the Zeya retail jewellery brand (with Vaani Kapoor as brand ambassador). Revenue is generated through refining transaction fees, physical product sales (coins, bars, jewellery), spreads on digital gold transactions, and a separate renewable-energy segment (hydroelectric and wind) operated through wholly-owned subsidiaries.

The group also holds government accreditations including Premier Trading House (2009), Four Star Export House, Star Export House (1990), and BIS Hallmark certification. Reported financials for the listed-minerals entity Kundan Minerals & Metals show FY2026 sales of Rs 4,757.39 crore (up 11.22% YoY) with net profit of Rs 108.32 crore (down 15.33%), while the broader group is described as operating at "multi-billion USD" turnover. The company remains family-controlled with no external institutional investors.

Name

Kundan Refinery

Legal name

Kundan Refinery Pvt Ltd

Website

https://kundangroup.com

Company type

Private

Founded year

1971

Operating status

Operating

Headcount range

251–500 employees

Short description

Kundan Refinery is India's largest private gold refinery (300 kg/day, up to 99.99% purity) and the precious-metals arm of the Garg-family Kundan Group, serving bullion traders, jewellery manufacturers, retail consumers via Zeya stores, and digital gold investors via MyGoldKart.

Ownership category

akta.pro rank

Product category

Precious Metals Refining and Bullion Trading

NAICS

Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Nonferrous Metal (except Aluminum) Production and Processing (3314), Metal Service Centers and Other Metal Merchant Wholesalers (423510)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330), Wholesale-Metals Service Centers & Offices (5051), Gold And Silver Ores (1040)

akta.pro primary industry

Precious Metals Smelting & Refining (IMAKAEAE)

akta.pro secondary industries

Precious Metals Bullion & Concentrates Trading (Gold, Silver, PGM) (IMAKAJAD), Precious Metals Minting & Bullion Products (IMAKAEAJ)

Keywords

• Gold refining services
• Precious metals bullion
• Gold silver minting
• Digital gold platform
• Jewellery retail

Headquarters

HQ city

Delhi

HQ country

India

HQ region

Asia

Offices13 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Gold and Precious Metal Trading: Import and export of gold, silver, and other precious metals. Trading through commodity exchanges (MCX, NCDEX) for hedging and price risk management. Turnover reported at multi-billion USD scale.
2. Gold Refining Services: Refining of gold and other precious metals with regular output of 300 kg. Services include assaying, processing, and quality certification. Concessional rates on import duty provided to associates.
3. Gold and Silver Coins/Bars (Retail Products): Manufacturing and sale of gold and silver coins, bars, and minted products in various designs and purities (up to 99.99%). Sold through retail stores and directly to consumers.
4. Zeya Jewellery Retail: Jewellery brand 'Zeya' operates flagship retail stores selling gold jewellery. Expansion through new store openings in cities like Chandigarh and Lucknow.
5. MyGoldKart Digital Gold Platform: Digital gold and silver investment platform allowing customers to buy, sell, gift, and redeem 24K (99.9%) pure gold/silver. Revenue from spread on transactions and delivery fees.
6. Renewable Energy Operations: Hydroelectric plants and wind mill projects generating renewable energy. Turnover of 2 billion USD reported for energy division.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Kundan Refinery is India's largest private gold refinery, refining gold and silver to purities of 99.50% to 99.99% with a daily output of 300 kg. The company also mints gold and silver coins and bars, trades bullion on commodity exchanges (MCX, NCDEX, NSE), operates the MyGoldKart digital gold investment platform, and retails gold jewellery under the Zeya brand.

Product overview

Kundan Refinery is a multi-billion USD conglomerate operating across the gold value chain. The company operates India's largest private gold refinery (300 kg daily capacity), a minting division producing gold/silver coins and bars up to 99.99% purity, and bullion trading through MCX/NCDEX memberships. The product portfolio includes physical gold/silver products (coins, bars), the MyGoldKart digital gold platform for online investment, and the Zeya jewellery brand. The group also has business segments in mining (6 exploration blocks in India) and renewable energy (hydroelectric and wind projects).

Differentiator

Problem solved

Functional benefit

Brands

• Zeya: Jewellery brand launched in 2019, with flagship stores in Chandigarh and Lucknow. Brand ambassador: Vaani Kapoor.
• MyGoldKart
• Alainne
• Kalpataru
• Kundan Care Lab

Products and services

• Gold Refining Services Refining of gold and other precious metals using aquaregia and incortation processes, with daily output capacity of 300 kg. Purity ranges from 99.50% to 99.99%. Includes assaying, processing, and quality certification services for institutional clients, jewellery manufacturers, and bullion traders.
• Minted Gold and Silver Coins and Bars Manufacturing of physical gold and silver coins, bars, and customized minting products in various designs (Kalpataru Tree Coin/Bar, Tola Coin, Lakshmi Coin/Bar, Tirupati Balaji Silver Bar, Diya Coin, Lakshmi Ganesha Coin/Bar) with purity up to 99.99%. Sold to retail consumers and institutional buyers.
• Bullion Trading Trading of precious metals (gold, silver, platinum) as a direct clearing member of MCX and NCDEX commodity exchanges. Hedging against price fluctuations, exchange-based trading, and delivery of gold bars accepted on NSE platform. Active in bullion trading for over 16 years.
• MyGoldKart Digital Gold and Silver Platform Digital gold and silver investment platform allowing users to buy, sell, gift, and redeem 24K (99.9%) pure gold/silver at live market rates. Available via web, iOS, and Android apps. Customer gold is stored in high-security Brinks vaults with SEBI-regulated IDBI trustee oversight, and physical delivery is handled by BVC Logistics.
• Zeya Jewellery Brand

Quantifiable outcome

• 300 kg daily gold refining capacity
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• BrinkscoreTechnology or Integration · 1 January 2020Global leader in logistics and safe vault provider. All customer gold/silver stored in high security vaults provided by Brinks for the MyGoldKart digital gold platform.
• IDBI TrusteecoreStrategic or Co-development Partner · 1 January 2020SEBI regulated independent trustee partner for MyGoldKart digital gold platform. Ensures complete protection of customer wealth and regulatory compliance.
• BVC LogisticsminorChannel Partner/ Reseller/ Distributor · 1 January 2020Reliable partner for secure delivery and transit across India. Handles deliveries for MyGoldKart digital gold platform.
• National Stock Exchange of India Limited (NSE)coreTechnology or Integration · 1 January 2020Kundan Gold Bars accepted for delivery on NSE platform, enabling exchange-based trading and settlement of refinery products.
• Multi Commodity Exchange of India Limited (MCX)coreTechnology or Integration · 1 January 2004Direct clearing member of MCX since 2000/2004. Provides hedging options against price fluctuations and exchange-based trading capabilities for precious metals.
• National Multi-Commodity Exchange of India Limited (NCDEX)coreTechnology or Integration · 1 January 2004Direct clearing member of NCDEX since 2000/2004. Enables commodity trading and price risk management for the company's precious metals business.

Scale indicators10 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Augmont Gold: One of India's largest digital gold platforms, providing buy, sell, and redeem digital gold with bank and fintech partnerships. Directly comparable to MyGoldKart as a digital gold distribution and vaulting competitor targeting Indian retail investors.
• Joyalukkas: Major Indian gold jewellery retailer with global store presence, competing for the same retail gold consumer segment as Zeya. Comparable in product mix (gold-heavy) and expansion into Tier-2 cities, though larger and more internationalised.
• Malabar Gold & Diamonds: One of India's largest gold jewellery retailers with extensive store network and in-house gold sourcing. Directly comparable to Kundan's Zeya retail jewellery brand in terms of product mix, customer base, and expansion strategy in Tier-1/Tier-2 Indian cities.
• MMTC-PAMP: India's leading gold refining and digital gold joint venture between MMTC (Government of India) and PAMP (Switzerland). Directly comparable to Kundan Refinery as the dominant private-sector competitor in Indian gold refining, minting, and digital gold distribution.
• Rajesh Exports: India's largest gold jewellery exporter and refiner with vertically integrated operations spanning refining, bullion trading, and jewellery retail under the 'Shubh' brand. Closely comparable to Kundan across the gold value chain and is publicly listed, providing a relevant benchmark.
• SafeGold: Digital gold infrastructure provider backed by Augmont, MMTC-PAMP and others, offering 'Gold as a Service' APIs to banks and fintechs. Directly comparable to MyGoldKart's digital gold offering and a key competitor for retail digital gold customers.

Emerging players

• Senco Gold and Diamonds: Listed Indian gold jewellery retailer with pan-India store presence and branded gold offerings. Comparable to Zeya on gold retail format and consumer base, though smaller in scale and lacking a refining or mining platform.
• Muthoot Group (Muthoot Bullion / Muthoot Gold): Indian gold loan and bullion conglomerate that has expanded into gold coins, bars, and trading. Compares to Kundan on the institutional bullion trading and gold product manufacturing side, with overlap in B2B and retail gold products.

Broad incumbents

• Titan Company (Tanishq): Tata group's jewellery and watch conglomerate, with Tanishq as India's leading branded gold jewellery retail chain. Comparable to Kundan on jewellery retail and gold consumer products, but at much larger scale with multi-brand portfolio and national footprint.

Regional players

• PAMP Suisse (MKS PAMP GROUP): Swiss-based global precious metals refiner and LBMA good-delivery brand, partner in MMTC-PAMP. International comparison for Kundan Refinery on refining standards, LBMA-equivalent accreditation status, and global bullion trading, though not directly competing in Indian retail.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/kundancoins
• Facebookfacebook.com/KundanCoins
• LinkedInlinkedin.com/company/kundangroup

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Kundan Refinery