Silver rate in India today
Fine silver (999) in India is currently ₹ 2,019 per 10 grams, ₹ 201.9 per gram and ₹ 201,881 per kilogram. Sterling silver (925), the grade used for most jewellery and silverware, works out at ₹ 1,867 per 10 grams.
Internationally, spot silver is trading at $65.92 per troy ounce; every figure on this page is that benchmark converted into INR and adjusted for the India market.
The India silver market
Mumbai is where imported silver physically enters India. The bullion trade clears through Zaveri Bazaar, and because the metal lands here first the city carries the lowest handling cost in the country — which is why every other Indian market prices at or above the Mumbai rate.
Retail demand splits between investment bars and coins on one side, and the wholesale jewellery trade that supplies the rest of western India on the other.
Buying concentrates around Akshaya Tritiya, Dhanteras and the wedding season, when both jewellery and gifting demand rise together.
Buying silver in India
Confirm the purity stamp before agreeing a price. The difference between 999 and 925 is 7.5% of the metal value, and it is not something you can judge by eye.
Two things are specific to silver rather than gold and catch people out. Making charges are a far larger share of the final price, because the labour to craft a piece is much the same as for gold while the metal underneath costs a fraction as much. And silver takes considerably more space per rupee of value, which is worth thinking about before buying in quantity.
One local reference point: at current India rates a gram of 24K gold costs about 66× a gram of 999 silver. What that ratio means, and how it has moved historically, is covered separately.
The background, in one place
The figures above are specific to India. The reasoning behind them applies to silver everywhere, so it is written once:
- Purity is parts per thousand, not karats. 999 is fine silver (investment bars and coins), 925 is sterling (92.5% silver with copper — the jewellery standard), 900 is coin silver. Lower grades price at exactly their ratio of the 999 figure.
- Why silver moves more than gold — roughly half of silver demand is industrial, so it has two demand drivers instead of one and posts larger percentage swings in both directions.
- The international benchmark — silver trades in US dollars per troy ounce, and every local figure is that number converted. The local price can rise purely because the currency weakened.
- How a local rate is built — spot, exchange rate, import parity, premium. The chain is identical for both metals.
- Zakat — the silver nisab is 612.36 grams against 87.48 grams for gold, so which standard you follow changes whether Zakat is due at all.
- Weight converter — gram, tola, 10 gram, troy ounce and kilogram, and it works identically for silver.
On MCX: searches for the MCX silver rate are asking about a futures contract — a wholesale instrument quoted per kilogram for future delivery. We publish the physical spot-derived rate, because that is what determines what you pay at a counter. The two move together and never match exactly; futures price in the cost of carry.