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I recently too several family portraits and they are very grainy (high ISO and low f-stop) due to low light conditions. Is there a way to reduce/eliminate the graininess in PhotoShop?
Before resorting to plugins, try Photoshop's own Reduce Noise. (Filter > Noise > Reduce Noise)
Run it on a duplicate of the background layer, and as a starting point, try setting Preserve details to 70%.
If needed, you can run it several times, and even go too far, since you can reduce the effect by reducing the layer's opacity.
If you post a sample image here, we might be able to help you further.
Noise Filter + Surface Blur
Smart Sharpen at 68% opacity
You should know about the different blur filters. This is useful for eliminating banding in blends.