A process for production of a PGM (platinum group metal)-enriched alloy containing iron and PGM(s) (platinum, palladium and/or rhodium) includes steps of: (1) providing a sulfur-free PGM collector alloy, (2) providing a copper- and sulfur-free material capable of forming a molten slag-type composition including silicon dioxide and magnesium and/or calcium oxide, (3) melting the PGM collector alloy and slag-forming material within a converter until a multi-phase system of a lower high-density molten mass of PGM collector alloy and an upper low-density molten mass of slag-type composition has formed, (4) contacting an oxidizing gas with the lower high-density molten mass of step (3) until conversion of the PGM collector alloy into a PGM-enriched alloy, (5) separating an upper molten slag formed in step (4) from the PGM-enriched alloy by difference in density, (6) allowing the separated molten masses to cool down and solidify, and (7) collecting the solidified PGM-enriched alloy.