MCX Expands Domestic Refiner Pool and Updates Delivery Norms

The Multi Commodity Exchange (MCX) has revised its delivery norms by integrating BIS-certified bullion and an expanded list of accredited refiners, as per The Economic Times news report.  

This initiative seeks to bolster the supply of gold and silver from domestic sources and reduce dependence on imports. 

MCX Aligns with BIS Standards 

As per the report, MCX has aligned its Good Delivery norms with the Bureau of Indian Standards (BIS), allowing the delivery of locally refined metal on the exchange. The enhancement aims to increase supplies from domestic refiners and recyclers, thus reducing the reliance on imported gold and silver. 

This decision comes in the wake of government-imposed import curbs and duty hikes on precious metals in May 2026, affecting particularly the silver market. 

Impact on Silver Supply 

India imports approximately 7,000 to 8,000 tonnes of silver annually to meet domestic demand. The newly approved refiners within the MCX framework can now process and deliver silver recovered as a by-product. This adjustment addresses tightened import supplies and improves domestic availability. 

Expansion of Accredited Refiners List 

Previously, MCX had approved 3 refiners - M.D. Overseas, Kundan Refinery, and Zaveri & Company. With the new update, Titan Company, Augmont Enterprises, Parker Precious Metals LLP, and Sovereign Metals have been added, aligning with the revised Good Delivery norms. 

Creating a Market-Driven Ecosystem 

Under the revised framework, MCX-approved refiners can procure old jewellery and recycled gold directly from the open market. They can refine this gold into India Good Delivery-standard bars for delivery against MCX gold futures contracts, bypassing traditional mechanisms like the Gold Monetisation Scheme. 

Read More: MCX Share Price In Focus As UTI Mutual Fund Buys 14.65 Lakh Shares Worth ₹425 Crore Through Bulk Deal! 

Boosting Domestic Gold Availability 

This framework provides a transparent outlet for monetizing household gold, increasing domestic bullion availability, and reducing reliance on imports. India is estimated to hold over 30,000 tonnes of gold in households, much of which remains idle. 

Multi Commodity Exchange of India Share Price Performance  

As of July 7, 2026, at 10:18 AM, Multi Commodity Exchange of India share price on NSE was trading at ₹2,618.70, down by 6.94% from the previous closing price. 

Conclusion 

MCX's decision to expand its refiner pool and update delivery norms aligns with BIS standards, aiming to increase domestic supplies of gold and silver. By empaneling more refiners, MCX has created a market-driven approach that allows for the acquisition and refining of recycled gold, reducing reliance on the Gold Monetisation Scheme. 

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