Two major jewellery firms are in discussions with the Telanagana government, to develop gold refineries in the state. These refineries will come up at Maheshwaram Industrial Park in Rangareddy district.

Currently, the industrial park has three gold refineries, including Caps Gold and Malabar Gold & Diamonds. Construction work is underway to complete the work on the latter's manufacturing facility. The company is investing over Rs 700 crore in the manufacturing unit and refinery, and expects to generate employment opportunities for around 2,500 people.

Furthermore, Malabar Gold & Diamonds will unveil its largest gold refinery in December 2023.

Hyderabad houses 300 to 400 jewellery manufacturing units, and it is attracting investments from national and international firms. Meanwhile, the state government is focusing on providing attractive incentives and managing the shortage of skilled workers by taking additional commitment for training.