According to data from Camimex, the only gold refiners in Mexico are Industrias Peñoles and Grupo México.

Refining gold involves high investment costs. It also requires specialized technology and compliance with strict environmental and traceability regulations. To make this business profitable, large volumes and market concentration are also needed, dominated by operators with consolidated infrastructure.

Gold refiners in Mexico

Gold has two main uses. On the one hand, it is used to manufacture products. On the other, it serves as an investment in bullion. In manufacturing, jewelry stands out. The metal is also used in electronics, dentistry, industry, decoration, medals, and official coins. Meanwhile, bullion remains a store of value and a refuge from the devaluation of assets in fiat currencies.

In Mexico, gold mining and metallurgical production totaled 2.19 million ounces in 2024. This was a 2.9% decrease compared to 2023. However, its value rose. It reached 96.05 billion pesos, an increase of 23.9%. Thus, gold contributed 30.7% of the sector’s total value. Furthermore, only Industrias Peñoles and Grupo México are involved in primary gold refining. Together, they processed 906,537 ounces in 2024.

Gold is traded on global markets. Its prices tend to follow London market benchmarks. When the price rises, the supply of recycled gold also increases. This is what happened in 2024. With record prices, the supply of recycled gold grew by 11% to 44 million ounces. Thus, total supply—mining production plus recycling—reached 162 million ounces.

Demand for jewelry

Global demand also rose. It increased by 1.4% compared to 2023, reaching 146 million ounces. The investment segment was the main driver. It grew by 24.7% and reached 38 million ounces. In addition, central banks continued to buy. Although the volume fell 0.6% to 34 million ounces, 2024 was the third consecutive year above 30 million.

In contrast, jewelry demand fell. It declined 8.6% to 64 million ounces. The reason was the rising price of the metal. There were no significant changes in bullion and coinage. The volume remained at 38 million ounces. Finally, the technological use of gold showed dynamism. It grew by 6.9% to reach 10.5 million ounces, driven by the expansion of infrastructure for artificial intelligence.