RAFINOR, Romania’s sole gold refinery, has reported a significant 45% increase in demand for investment gold bars in the first half of 2025 compared to the same period last year. Amid ongoing economic and geopolitical uncertainties, more Romanians are turning to gold as a trusted form of capital protection, reflecting a broader global trend.
Global concerns over inflation, financial market instability, and geopolitical crises have reinforced gold’s reputation as a safe-haven asset. According to the World Gold Council, global gold demand reached 1,206 tonnes in the first quarter of 2025—the highest Q1 figure in a decade—with analysts predicting this upward trajectory will continue.
Claudiu Diaconu, CEO of RAFINOR, highlights a rising preference for locally refined gold products. “We’re witnessing growing interest not only from seasoned investors but also newcomers seeking portfolio diversification,” Diaconu said. “There is a clear shift towards Romanian-made gold bars, signaling a desire to support the national industry and view Romanian investment gold as a strategic asset.”
With proven expertise and abundant resources, Romania is poised to become a major player in the gold refining sector. Diaconu emphasized that RAFINOR’s production capacity and quality standards meet a growing market demand for secure, tangible investments.
RAFINOR manufactures gold bars of 999.9% purity in sizes ranging from 2.5g to 20g, with an annual refining capacity of 6 tons—expected to increase to 8 tons in 2026 and 15 tons within two years. The refinery’s efficient operations ensure timely fulfillment of national demand without logistical delays.
Earlier this year, RAFINOR formed a strategic partnership with retailer MAGNOR to distribute Romanian-made investment gold bars through 26 stores nationwide. These bars are individually packaged, quality-checked, and certified by RAFINOR’s in-house laboratory, the National Authority for Consumer Protection (ANPC), and accredited European laboratories. RAFINOR gold bars are also available through STIL Diamonds retail outlets.
Purchasing gold domestically offers customers advantages including lower costs, faster delivery, enhanced security, and greater transaction transparency. Additionally, it supports the local economy and strengthens Romania’s precious metals industry.
Looking ahead, RAFINOR aims to expand its distributor network and product portfolio while targeting an annual turnover exceeding EUR 100 million in the coming years. The company is also advancing its international presence by collaborating with European refineries, which currently process over half of its industrial output.
“RAFINOR represents more than an industrial enterprise—it embodies Romania’s ambition to become a key hub on Europe’s gold map,” Diaconu stated. “Our vision is to establish Romania as Eastern Europe’s leading precious metals refiner by combining advanced technology, local expertise, and strategic partnerships.”
As Romania’s pioneer and only gold refinery, RAFINOR continues a proud national tradition while integrating cutting-edge refining technologies. Besides investment gold bars, RAFINOR supplies semi-finished products and industrial materials used in jewelry, medical devices, green energy, automotive, and technology sectors, including 24K gold granules, sheets, plates, and bands.
In 2025, the company plans to begin silver processing, primarily for industrial applications, reinforcing its position as the leading precious metals processor in Romania and aiming to exceed EUR 100 million in annual turnover within three years.
