Silver Rate Today in Mumbai
as on 22 Feb '26
1 kg
₹2,70,469.00
(+5.40%)
100 gm
₹27,046.90
(+5.40%)
10 gm
₹270.47
(+5.40%)
1 gm
10 gm
100 gm
1 kg
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Being the financial capital of India and having one of the largest markets for precious metals in Asia, Mumbai is a crucial part of the silver trade in the country. The well-developed infrastructure, proximity to the ports, and availability of established bullion markets in Mumbai make it a crucial location for silver trading.
Whether it is investors looking to diversify their portfolios or jewellers and industrial units, the silver markets in Mumbai meet the varied needs while keeping an eye on international as well as domestic trends.
Home to the India Bullion and Jewellers Association (IBJA) and the iconic Zaveri Bazaar, Mumbai is the main gateway for silver imports in Western India. Unlike gold, which is largely a retail investment, silver in Mumbai is met with huge demand from the industrial belts of Maharashtra (Pune, Nashik) for electronics and automotive manufacturing.
As of , silver has begun a historical super-cycle. The white metal is currently trading at record highs, fueled by a global supply deficit and explosive demand from the green energy sector. Current Silver prices in Mumbai are:
- 1 Kg Silver: ₹0
- 100 Grams Silver: ₹0
- 1 Gram Silver: ₹NaN
Silver prices in Mumbai are affected by a complex interplay of global and local factors:
- International silver spot prices (USD/ounce): Prices on COMEX (Commodity Exchange) and LBMA (London Bullion Market Association) have a direct effect on Mumbai silver rates.
- US Federal Reserve interest rate decisions: Higher interest rates strengthen the dollar and put pressure on silver prices.
- Industrial demand: Electronics, solar panels, medical equipment, and the automotive industries are major demand drives of silver's industrial use.
- Geopolitical tensions: Silver serves as a safe-haven commodity during economic uncertainty.
- US dollar strength: There is an inverse relationship between the dollar and the price of silver.
- USD to INR exchange rate: Rupee depreciation causes silver prices to rise in India.
- Import duty: Mumbai, being responsible for a substantial portion of India's silver imports, import duty (currently rationalised to 6% in the last Union Budget) changes have an immediate effect on landed costs.
- Industrial demand from Maharashtra: Maharashtra is an industrial hub for EVs and Solar panels. A spike in production orders from industrial zones such as MIDC Pune directly surges the local premium for silver bars in Mumbai.
- Festival and wedding season: Dhanteras, Diwali, Gudi Padwa and Akshaya Tritiya increase retail demand.
- GST implementation: Goods and services tax affects the retail prices of Silver in Mumbai.
Global factors:
Domestic & Mumbai-specific factors:
The spot price is the current market price at which silver can be bought or sold for immediate delivery. Silver spot prices in Mumbai are determined through:
- International spot price: The price on international exchanges such as COMEX or LBMA (London).
- Dollar-Rupee rate: Converting the global price to INR.
- Import Cost: Including 6% import duty and 3% GST.
- Local premium: The IBJA publishes opening and closing rates on a daily basis. This rate is used as the standard by the jewellers throughout the state.
If an individual buys silver from a jeweller, they pay the retail price, which is always higher than the spot price. Spot Price is the current price of silver for immediate ownership and delivery, used by large traders.
On the other hand, retail price includes the cost of refining, minting (into coins/bars), logistics, shop overheads and the jeweller's profit margin. Additionally, intricate silver jewellery attracts making charges (labour costs) which can range from 10-40% according to design.
Understanding the tax structure helps buyers calculate the actual cost of silver purchases in Mumbai:
On silver purchases:
- Import duty: As per the current customs regulations, it is 6%. Included in the base price (paid by importer).
- GST on Silver value: 3%
- GST on making charges: 5% on fabricated silver articles and jewellery
- Making charges: Varies according to jeweller, design complexity and type of article.
- Hallmarking charges: Rs. 35 per article with a minimum charge of Rs. 150 per consignment (as per BIS guidelines) for physical silver purchases.
On sale of silver investments [Physical, ETFs, Mutual Funds, Digital Silver]
When one sells silver instruments in Mumbai, the taxes and charges involved are:
On Physical Silver, Digital Silver and Mutual funds:
- LTCG: For silver investments held for 24 months or more, LTCG is 12.5%.
- STCG: For silver investments held for less than 24 months, STCG is taxed at the individual tax slab.
On Silver ETFs:
- LTCG: For silver investments held for 12 months or more, LTCG is 12.5%.
- STCG: For silver investments held for less than 12 months, STCG is taxed at the individual tax slab.
Maharashtra does not collect any separate state-level tax on silver. Mumbai is subject to uniform taxation policies across the country, which makes it fairly cost-effective for purchasing silver as compared to some other states.
Mumbai accounts for one of the largest silver consumption centres in India and is characterised by its diversity in demand patterns. Key consumption drivers of silver in Mumbai are:
- Industrial applications: Electronics manufacturing, solar energy sector, medical equipment, and chemical industries in the Mumbai Metropolitan Region create a significant industrial demand for silver.
- Investment demand: Urban professionals and investors buy silver bars, coins, and ETFs for portfolio diversification.
- Jewellery and silverware: Traditional silver jewellery, utensils, and decorative items for festivals and weddings.
- Religious and cultural use: Silver articles for religious ceremonies, gifts, and festivals.
- Export-oriented manufacturing: Mumbai houses several units producing silver articles for export.
To ensure a safe and transparent transaction, buyers should be vigilant in watching out for the following:
- Fake German Silver: Be wary of street sales of German Silver. This is actually an alloy of copper, zinc and nickel, and it contains 0% silver, but it resembles silver in appearance.
- Buy-back policy: Many jewellers deduct 10-15% if one sells silver back to them. Always ask for the buy-back terms in writing.
- Weight discrepancies: Silver is more affordable than gold, which often results in consumers overlooking minor weight discrepancies. Always measure the weight on a digital scale, up to 2 decimals.
- BIS hallmark verification: Look for the BIS hallmark, purity grade, assaying centre mark, jeweller's identification and HUID (Hallmark Unique Identification).
- Detailed invoice: Make sure the bill mentions weight, purity, item description, GST breakup, making charges and total amount.
- Unclear making charges: Hidden/Excessive fabrication costs with no breakdown.
No. Mumbai has one of the lowest silver prices in India. Since it is a port city, it does not have to bear the inland transport and logistics costs that other cities, such as Delhi or Bangalore, have to bear. Additionally, the high trading volume of silver in Mumbai results in competitive pricing.
Strategic timing can help buyers get lower rates and cultural value. Mumbaikars traditionally prefer purchasing silver on:
- Auspicious occasions:
- Dhanteras: One of the most auspicious days to buy precious metals.
- Diwali: Silver coins are purchased to be used during the Diwali puja.
- Akshaya Tritiya: It is believed that all purchases made on this day bring prosperity.
- Gudi Padwa: Maharashtrian New Year, auspicious for new beginnings.
- Pushya Nakshatra days: Said to be exceptionally good for buying precious metals in Hindu tradition.
- Navratri: A nine-day festival in which many like to make large purchases, such as precious metals.
- Market timing considerations:
- Price dips: Keep an eye on international markets for temporary price corrections
- Currency movements: The movement of the rupee against the dollar can create buying opportunities.
Buyers in Mumbai have several legal safeguards and recourse options if they encounter problems with their silver purchases:
- BIS care app: Check the HUID code for the hallmarked silver. If it doesn't match or is absent, report it on the app or website.
- Consumer court: Buyers can file a complaint with the Mumbai District Consumer Disputes Redressal Forum.
- IBJA: In case of a dispute with member jewellers, India Bullion and Jewellers Association will step in as mediator.
Always check the current rate of silver, BIS Hallmark (mandatory for purity assurance), compare the making charges (it varies from jeweller to jeweller) and ask for a GST Invoice. Avoid buying silver without a bill, as it makes resale difficult.
The maximum price recorded for 1 kg of silver in Mumbai was ₹0 on .
As of , the price for 1 gram of silver in Mumbai is Rs. . These are spot rates and do not include GST and other charges. Buyers would end up paying more in retail rates with other costs added in.
Dhan is a popular investment platform that allows investors to invest in silver markets without having to worry about physical delivery. Here's a step-by-step guide:
Step 1: Open a Demat account (If new to Dhan)
Step 2: Add some funds to the Dhan account.
Step 3: Select the Silver investment option.
- Silver ETFs
- Silver Mutual Funds
- Silver Futures/Options
Step 4: Place the order
Step 5: Monitor and manage
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