Rafinor
Rafinor is Romania's only modern precious metals refinery, refining gold and silver to 999.9 purity and producing investment bars, industrial gold products, and analytical services for legal entities, distributors, and individual investors across Romania.
- Company typePrivate
- Founded2012
- HeadquartersBucharest, Romania
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Rafinor does
Rafinor is Romania's first and only modern precious metals refinery, operating a vertically integrated platform that combines refining, investment-bar manufacturing, precious metals trading, and laboratory analysis under a single Bucharest-based facility. The company processes gold and silver to 999.9 purity using advanced wet chemical methods, including aqua regia chlorination and chemical separation, supplemented by X-ray spectrometry and the traditional cupellation method for composition analysis. Refining capacity exceeds six tons of gold annually, with 2025 marking the launch of a silver refining line that broadens the platform into a multi-metal recycling and production operation.
The company's product portfolio spans minted investment gold bars (2.5g–100g, 999.9 purity with tamper-proof certified packaging), casted semi-finished bars (50g–1000g) produced on Romania's first fully automated kilobar manufacturing line, and industrial products including 24K gold granules, sheets, plates, and strips serving jewelry, medical, and technology end-markets. Supporting services include precious metals trading linked to international spot rates and certified analytical services for third parties.
Commercially, Rafinor operates a dual B2B and B2B2C model: it sells directly to authorized legal entities and corporate clients while distributing minted retail products through an authorized reseller network (Magnor Shop, Select Gold System, Styl SRL, Nucor SRL), with MAGNOR serving as the anchor commercial partner under a strategic distribution agreement covering EUR 10 million of 2025 deliveries. The company holds regulatory authorizations from ANPC, environmental authorities, and ISU, plus ISO 9001/14001/45001 certifications, and reports EUR 40 million-plus revenue in 2025 with a stated EUR 100 million three-year turnover target.
Rafinor firmographics
Firmographics- Name
- Rafinor
- Legal name
- Rafinor SRL
- Website
- https://rafinor.com
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Rafinor is Romania's only modern precious metals refinery, refining gold and silver to 999.9 purity and producing investment bars, industrial gold products, and analytical services for legal entities, distributors, and individual investors across Romania.
- Ownership category
- akta.pro rank
Rafinor industry classification
Industry- Product category
- Precious Metals Refining
- NAICS
- Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Nonferrous Metal (except Aluminum) Smelting and Refining (331410)
- SIC
- Primary Smelting & Refining Of Nonferrous Metals (3330)
- akta.pro primary industry
- Precious Metals Smelting & Refining (IMAKAEAE)
- akta.pro secondary industry
- Precious Metals Minting & Bullion Products (IMAKAEAJ)
Keywords
Where Rafinor is headquartered
LocationHeadquarters
- HQ city
- Bucharest
- HQ country
- Romania
- HQ region
- Europe
Offices1 record
Markets served
Rafinor business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Investment Gold Bars Sales: Sale of minted and casted investment gold bars in various weights (2.5g to 1kg) with purities of 999.9 and 995, sold directly to distributors and legal entities
- Precious Metals Refining Services: Refining services for gold and silver from various sources including raw materials, jewelry, coins, industrial waste, and recycled precious metals. Uses advanced aqua regia and wet chemical methods achieving up to 99.99% purity
- Trading of Precious Metals: Purchase of gold, silver, and platinum from authorized companies. Prices set based on global spot rates with fast and secure transactions
- Industrial Products: Sale of 24-karat gold granules, gold sheets, plates, and strips for jewelry manufacturing, medical, technology, and industrial applications
- Precious Metals Analysis Services: Spectral analysis and chemical analysis (cupellation) services for determining purity and composition of precious metals, providing testing reports and certification
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Minted Gold Bars - Various weights |
| Unit Pricing | Pay-as-you-go | Casted Gold Bars - Various weights |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels8 records
Rafinor product offering
Product offeringCore offering
Rafinor is Romania's first and only modern precious metals refinery that refines gold and silver to 99.99% purity using advanced aqua regia wet chemical methods, manufactures investment gold bars (minted and casted) with certified purity of 999.9 and 995, produces industrial precious metals products (24K gold granules, sheets, plates, strips), purchases precious metals from authorized companies, and provides chemical (cupellation) and spectral analysis services. The company operates a vertically integrated model spanning refining, manufacturing, trading, and laboratory analysis under one facility in Bucharest.
Product overview
Rafinor is Romania's first and only precious metals refinery, specializing in gold and silver processing. The company operates a vertically integrated portfolio combining manufacturing of investment gold bars (both minted and casted) with comprehensive refining and trading services. Minted gold bars (2.5g-100g, 999.9 purity) feature premium finish and tamper-proof packaging, while casted bars (50g-1000g) are produced using automated manufacturing. Industrial products include 24K gold granules, sheets, plates, and strips for jewelry, medical, and technology sectors. Supporting services include gold/silver refining (6+ tons/year capacity, 99.99% purity), precious metals trading, and laboratory analysis via cupellation and spectrometry methods.
Differentiator
Problem solved
Functional benefit
Products and services
- Minted Gold Bars Rafinor's minted investment gold bars with exceptional finish and guaranteed 999.9 purity, available in weights from 2.5g to 100g. Each bar is sealed in certified tamper-proof packaging with the Rafinor hallmark including logo, weight, metal name, purity, and serial number. Sold to legal entities directly and to individual investors through authorized distributors.
- Casted Gold Bars (Semi-finished) Rafinor's cast (semi-finished) gold bars with purities of 999.9 and 995, crafted by pouring molten gold into molds emphasizing traditional craftsmanship. Available in weights from 50g to 1000g. Produced using fully automated kilobar and bar manufacturing equipment pioneered by Rafinor in 2024. Each bar is individually sealed with serial numbered assay certificate package.
- Industrial Gold Products Custom industrial products including 24-carat gold granules, gold sheets, gold plates, and gold strips for jewelry manufacturing, medical, technology, and other industrial applications. Production uses advanced technologies to refine gold to highest purity from ethically verified and certified sources.
- Gold and Silver Refining Services Professional gold and silver refining using advanced wet chemical chlorination (aqua regia) and wet chemical separation methods. Refining capacity exceeds 6 tons of gold per year, achieving up to 99.99% purity (999.9). Services include processing raw gold/silver, old jewelry, coins, industrial waste, and recycled precious metals. Serves jewelry manufacturers, recyclers, and industrial buyers.
- Precious Metals Trading Rafinor purchases gold, silver, and platinum from authorized companies at competitive prices linked to international market spot rates. Services include secure logistics, insured transport, documentation management, and fast payment. Rafinor works exclusively with authorized legal entities and accredited professionals for AML-compliant precious metals trading.
- Chemical Analysis (Cupellation) Gold and silver purity testing using the traditional cupellation method dating to antiquity, which separates gold and silver from impurities through high-temperature heating in a special furnace. The cupel absorbs base metals while noble metals remain in pure form, providing highly accurate results recognized internationally as the benchmark standard in refining.
- Spectral Analysis (Spectrometry) Precious metals analysis using X-ray spectrometry to detect gold, silver, platinum, palladium, and rhodium. Results available within 5-60 seconds with precision margin of approximately ±0.1-0.2 carats or ±0.5% composition. Non-invasive method that does not damage samples.
Quantifiable outcome
- Over 100% revenue growth in 2025
- +4 more outcomes
Companies that use Rafinor
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Rafinor technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Rafinor partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and supporting.
- Italian Partners (European refineries)coreBilateral relationships established with major refineries across Europe for efficient processing of recycled precious metals and their integration into secure and transparent economic flows. Supported by Romanian Ministry of Foreign Affairs through Romanian Embassy in Italy, facilitating collaboration with Italian partners.
- Romanian Ministry of Foreign Affairs / Romanian Embassy in ItalysupportingRomanian Embassy in Italy played crucial role in strengthening collaboration with Italian partners. Gabriela Dancău, Ambassador of Romania to Italy, and Iulia Schnecker, Minister-Counsellor for Commercial and Economic Promotion, facilitated building strong connections between RAFINOR and Italian partners.
- Chamber of Commerce and Industry of Romania (CCIR)supportingCCIR facilitated access to RomExpo infrastructure necessary for gold bullion production. Mihai Daraban, President of CCIR, supports development of national industrial sector through providing access to infrastructure for innovation and investment.
- RomExposupportingRomExpo provides infrastructure access for RAFINOR's gold bullion production operations, supporting the company's goal of fostering local economic growth.
- MAGNORcoreStrategic partnership between RAFINOR and MAGNOR (holding company owning most diversified trading platform for gold, electronics and pre-owned luxury products). MAGNOR serves as main commercial partner and distributor for investment gold bars. RAFINOR delivers EUR 10 million worth of investment gold bars to MAGNOR in 2025, with estimated sales of 150 kg through MAGNOR store network.
- Turkish Technical SpecialistssupportingRAFINOR team benefits from continuous training alongside technical specialists from Turkey, one of world's most important hubs for precious metals processing, along with Italy.
Scale indicators10 records
Recent moves7 records
Expansion highlights6 records
Rafinor competitors and assessment
Company assessmentBroad incumbents
- Aurubis AG: European leading multi-metal producer including precious metals recovery from copper recycling and primary refining operations. Comparable in non-ferrous metals refining and as an industrial-scale European refiner with similar regulatory complexity.
- Heraeus Precious Metals: One of the world's largest precious metals refiners, headquartered in Germany, offering refining services, investment products, and industrial precious metals across multiple continents. Comparable as a large-scale established precious metals refiner with multi-metal capability and global footprint.
- Tanaka Kikinzoku Kogyo: Japanese precious metals refiner and manufacturer producing industrial precious metals, investment bars, and technology materials. Comparable as a vertically integrated refiner-minter serving both industrial and investment segments globally.
Direct peers
- Degussa Goldhandel: German precious metals company operating refinery and retail services for gold, silver, and platinum investment products across Europe. Comparable as a precious metals specialist with European retail distribution and refining operations.
- Sharps Pixley: UK-based precious metals dealer and refiner offering investment gold bars, silver, and platinum products through retail and wholesale channels. Comparable as a precious metals specialist with investment bar sales and refining services in the European market.
- Valcambi SA: Swiss LBMA-accredited precious metals refinery producing minted gold bars (including CombiBar), industrial precious metals, and refining services. Directly comparable in minting investment gold bars and refining services for the investment and industrial markets.
- Metalor Technologies International: Swiss-based global precious metals refinery and mint producing gold, silver, and platinum group metals bars for industrial and investment markets. Directly comparable as a vertically integrated refiner-minter serving investment and industrial customers with similar purity standards.
- PAMP SA: Swiss-based LBMA-accredited precious metals refinery and mint specializing in gold, silver, platinum, and palladium bars, ingots, and custom products. Directly comparable as a refiner-minter serving global investment markets with certified purity products.
Emerging players
- Atasay Kuyumculuk: Turkish jewelry manufacturer and precious metals processor with refining capabilities and investment bar production. Comparable as a regional precious metals manufacturer with refining and minting operations serving investment and industrial markets.
- Istanbul Gold Refinery (IGR): Turkish LBMA-accredited precious metals refinery producing investment gold bars, industrial gold products, and refining services. Comparable as a regional refiner serving investment and industrial markets; mentioned by Rafinor as a Turkish hub for technical training.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Rafinor social profiles
Digital presenceRafinor compliance and trust
Trust signalCompliance7 records
Rafinor financial estimates
Financial estimateRevenue estimate
Valuation estimate
Rafinor leadership team
Management profileNumber of profiles
Profiles8 records
Rafinor funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Rafinor M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Rafinor
What does Rafinor do?
Rafinor is Romania's first and only modern precious metals refinery that refines gold and silver to 99.99% purity using advanced aqua regia wet chemical methods, manufactures investment gold bars (minted and casted) with certified purity of 999.9 and 995, produces industrial precious metals products (24K gold granules, sheets, plates, strips), purchases precious metals from authorized companies, and provides chemical (cupellation) and spectral analysis services. The company operates a vertically integrated model spanning refining, manufacturing, trading, and laboratory analysis under one facility in Bucharest.
Is Rafinor a public or private company?
Rafinor is a private company. It is classified as corporate owned and is currently operating.
When was Rafinor founded?
Rafinor was founded in 2012. It employs 11 to 50 people.
Where is Rafinor based?
Rafinor is headquartered in Bucharest, Romania, in the Europe region.
How does Rafinor make money?
Five revenue lines are on record. Investment Gold Bars Sales are the primary driver. The others are precious Metals Refining Services, trading of Precious Metals, industrial Products and precious Metals Analysis Services.
Who are Rafinor's main competitors?
Broad incumbents on record are Aurubis AG, Heraeus Precious Metals and Tanaka Kikinzoku Kogyo. Direct peers are Degussa Goldhandel, Sharps Pixley, Valcambi SA, Metalor Technologies International and PAMP SA. Emerging players are Atasay Kuyumculuk and Istanbul Gold Refinery (IGR).
Does Rafinor have an API?
No public API is recorded for Rafinor.
What industry is Rafinor in?
Rafinor's product category is Precious Metals Refining. Its primary akta.pro industry code is IMAKAEAE, Precious Metals Smelting & Refining, with a secondary code of IMAKAEAJ, Precious Metals Minting & Bullion Products. Its NAICS code is 33141 and its SIC code is 3330.