Silver Rate Today in Mumbai – 7 Nov 2026, 12 AM IST

The figures in the live table are bullion reference rates for Mumbai, quoted per gram for 999 fine silver and 925 sterling silver, refreshed every business day against MCX and IBJA benchmarks.

Mumbai is not just a market that buys silver, it is the market the rest of India prices against. Zaveri Bazaar, a 150 year old bullion district in Bhuleshwar, is Asia's largest bullion market by footfall, and the India Bullion and Jewellers Association headquartered there sets the daily reference price the national trade follows. This page covers today's rate, how it is set, making charges and GST, purity verification, where to buy and sell, Zaveri Bazaar's role as India's silver benchmark, the buying calendar, taxation and a detailed FAQ.

The weight table converts today's per gram rate into the denominations Mumbai buyers transact in, from a single gram through 10 grams, 100 grams and a kilogram, for both 999 and 925 purity.

Zaveri Bazaar's refiners, including the National India Bullion Refinery, supply investment bars from 100 grams up to a full kilogram, making Mumbai one of the few Indian cities where buying at that scale is genuinely straightforward rather than a special order.

A single day's rate tells you very little. The last ten sessions tell you whether today's print sits at the top of a run, at the bottom of a pullback, or in the middle of a flat stretch.

Read the net movement from the earliest session to today, the high and low that define the trading range, and whether daily changes are small and steady or large and alternating. Because Mumbai's rate is the national reference rather than a rate that follows another city, this ten day window is the most direct read of silver sentiment anywhere in the country.

The trend table sets today's Mumbai rate against its opening and closing values over seven days, 30 days and 12 months. The shorter windows capture sentiment; the 12 month window captures the structural story, chiefly industrial demand, ETF investment flows and the gold to silver ratio.

Notably, Mumbai itself is not a major silver-consuming industrial centre. The city's manufacturing base, chemicals, textiles, plastics and IT services across Bhiwandi, Thane and Navi Mumbai, does not draw heavily on silver the way electronics or solar manufacturing hubs elsewhere do. What drives Mumbai's rate is its role as the trading and refining centre, not local industrial demand.

Silver trades continuously in US dollars per troy ounce on COMEX and the London Bullion Market Association benchmark, converts at the prevailing USD to INR rate, and picks up customs duty, cess and GST before reaching Indian retail.

Unlike almost every other city on this site, Mumbai does not price against another market. The India Bullion and Jewellers Association, headquartered in Zaveri Bazaar, sets the daily silver reference rate directly from the international price and import costs, and this is the rate the rest of India, in turn, prices against.

Real interest rates, the US dollar, global industrial demand and investment flows move the international price. The rupee's exchange rate and Indian import duty changes move the local price on top of that.

Locally, Mumbai's genuinely multi-community population, Maharashtrian, Gujarati, Marwari, South Indian, Muslim, Christian, Parsi and Jain, each brings its own silver buying occasions spread across the calendar. That spread keeps demand active almost year round rather than concentrated on one community's festivals, and it also means gold price spikes translate quickly into a visible shift toward silver coins and utensils across a very wide customer base.

999 fine silver is 99.9 percent pure and is the form Zaveri Bazaar's refiners cast into investment bars from 100 grams to a kilogram. It is too soft on its own for jewellery or detailed idol work.

925 sterling silver, 92.5 percent pure with the remainder mostly copper, is the standard for jewellery, silver Ganesh idols bought heavily around Ganesh Chaturthi, and the utensils and gifting items common across Mumbai's wedding seasons.

Confirm which purity a quote refers to before comparing shops; the two are not interchangeable in price.

The rate on this page is the metal price. What you pay at the counter adds making charges, then GST at 3 percent on the total of metal plus making.

What making charges run in Mumbai

• Silver coins and bars from Zaveri Bazaar's wholesale-adjacent trade | roughly 3 to 7 percent, among the most competitive in the country given the density of dealers
• Silver Ganesh idols and puja items | 10 to 20 percent depending on detailing, with demand and prices both rising sharply just before Ganesh Chaturthi
• Jewellery and utensils | roughly 8 to 18 percent

A worked example: a 100 gram 999 silver bar with 4 percent making adds 4 percent to the metal value, then 3 percent GST on that subtotal, for a final bill roughly 7.1 percent above the pure metal value. Zaveri Bazaar's competitive density makes comparing a few shops genuinely worthwhile.

Silver hallmarking is not yet as universally enforced as gold hallmarking, so buyer diligence matters even in a sophisticated market like Mumbai's.

• Look for a BIS hallmark stamp where the piece carries one, showing the purity grade
• Ask the jeweller to weigh the piece in front of you and confirm the purity claim against the day's rate
• For a larger purchase, ask for an acid or electronic purity test before paying

Zaveri Bazaar's established houses, some over a century old, and its 24-hour vigilance and security infrastructure make it one of the safer places in India to buy at scale, though the crowds during Dhanteras and Ganesh Chaturthi mean it pays to double check everything rather than rush.

No other city on this site sets the price everyone else follows. Mumbai does, and the reason sits in a few congested lanes in Bhuleshwar.

150 years, 3,000 shops, half a million visitors a day

Zaveri Bazaar, sitting between Crawford Market and the Mumbadevi area, is a 150 year old market of more than 3,000 jewellery and bullion shops packed into narrow lanes, drawing an estimated 500,000 visitors a day. It is widely regarded as Asia's largest bullion market, and is estimated to account for 60 to 70 percent of India's gold trading, with a genuinely large silver bullion and refining trade running alongside it.

The rate everyone else prices against

The India Bullion and Jewellers Association is headquartered in Zaveri Bazaar and publishes the daily reference rate for silver that the rest of the country's jewellers price against. Refiners including the National India Bullion Refinery cast silver into investment bars from 100 grams to a kilogram directly out of the district, making Mumbai one of the very few Indian cities where the bullion supply chain starts locally rather than arriving from elsewhere.

A market that may move

Space constraints and congestion in the historic lanes have led IBJA leadership to discuss relocating parts of the trade to a larger, purpose-built site in Kharghar, Navi Mumbai. Nothing has been finalised, but it reflects just how much the market has outgrown its original footprint.

What this means for a buyer

Buying in Zaveri Bazaar itself puts you as close to wholesale pricing as retail silver buying gets in India, though the crowds and bargaining culture reward buyers who compare a few shops before committing.

Mumbai offers the deepest silver trade of any Indian city, from wholesale-adjacent bullion dealers to modern branded retail.

• Zaveri Bazaar, Bhuleshwar | the benchmark wholesale and retail market, including established houses like Tribhovandas Bhimji Zaveri, founded 1864
• Branded showrooms across the city | for straightforward, fixed-price retail
• Navi Mumbai markets, Vashi, Kharghar, Airoli, Belapur and Panvel | pricing closely off the same Mumbai benchmark

What to check wherever you buy

• BIS hallmark where the piece carries one
• The day's rate displayed and the making charge quoted as a percentage in writing
• A proper GST invoice carrying weight, purity, rate and making charge

Exchange at a jeweller, ideally the one who sold it, with the piece weighed and purity-tested in front of you. Zaveri Bazaar's bullion dealers, given the density and competition in the market, generally offer among the sharpest resale rates in the country.

Organised gold and silver buying companies have a strong, established presence across Mumbai, more so than in almost any other city on this site. Avoid unlicensed street buyers regardless of the rate promised.

Mumbai's silver calendar is genuinely busier and more varied than most cities, reflecting its multi-community population.

• Dhanteras | the single biggest silver buying day in the city, with Zaveri Bazaar seeing queues from morning well past midnight
• Ganesh Chaturthi | strong demand for silver Ganesh idols and puja items
• Diwali and Navratri | further national buying peaks
• Maharashtrian and Gujarati wedding seasons | add further rounds of demand across the year rather than concentrating it

Because Mumbai's population spans Maharashtrians, Gujaratis, Marwaris, South Indians, Muslims, Christians, Parsis and Jains, each with their own occasions, the market stays active almost year round rather than falling quiet between major festivals.

Taxes on silver are set nationally, so nothing here is specific to Mumbai, but three layers matter to every buyer.

At purchase, GST at 3 percent applies on the value of the metal plus making charges. At sale, profit on physical silver held over the qualifying period is taxed as long term capital gains; shorter holdings are taxed at your slab rate, and your original invoice establishes the cost basis. Large cash purchases require PAN above the prescribed threshold, and Zaveri Bazaar's dealers, given the scale and scrutiny the market operates under, are generally rigorous about proper invoicing.

None of this is tax advice; thresholds and rates change with the Finance Act. For a large transaction, confirm current rules with a chartered accountant.

Silver is more volatile than gold day to day, since it carries a genuine industrial demand component alongside its investment role. That makes it higher risk, higher potential reward, not a straightforward substitute for gold.

In Mumbai specifically, where gold is central to weddings across every community, the shift toward silver coins and utensils when gold crosses comfort levels is immediate and visible in Zaveri Bazaar. Coins and bars in 999 purity carry the lowest making cost and recover the most value on resale; jewellery and idols in 925 carry making charges you do not recover.

For most Mumbai households the practical split is: ornamental and devotional silver bought for weddings, Ganesh Chaturthi and festivals, and separately, simple 999 coins or small bars bought purely as savings.

Silver in India traded around 37,000 to 40,000 rupees per kilogram in 2015 and 2016, and stayed close to that band through 2018 and 2019. The metal rose steadily after the pandemic, crossing 78,000 rupees per kilogram in 2023.

The RBI's annual average for financial year 2024 to 2025 stood at roughly 89,000 rupees per kilogram, and financial year 2025 to 2026 saw an increase of about 82 percent to roughly 1,62,000 rupees per kilogram, the sharpest annual rise in the modern data series. MCX spot silver briefly touched close to 3,59,000 rupees per kilogram in January 2026 before correcting.

Over the full decade, an investor holding physical silver from 2015 through 2025 saw their holding value roughly triple, before the sharp further move into 2026. Mumbai's local rates have tracked this national curve throughout, since the city prices off the same national IBJA benchmark as the rest of India, with Zaveri Bazaar's daily rate widely treated as the reference point.

Unlike gold, over half of global silver demand now comes from industry rather than jewellery or investment, chiefly solar panels, electric vehicles, semiconductors and 5G hardware. This structurally tighter supply picture is a genuine difference from gold, and it is a major reason silver has moved more sharply than gold in recent years.

India is the world's largest consumer of silver and imports over 80 percent of its requirement, much of it landing and clearing through Mumbai's ports before reaching bullion dealers nationwide. In September 2025 the government restricted imports of plain silver jewellery to curb duty evasion, and in May 2026 raised the import duty on silver bullion. Policy changes like these can move the domestic price independently of the global rate for a period.

Whether rates in Mumbai fall from current levels depends on factors nobody can predict with certainty, including global interest rates, industrial demand growth and rupee movement. Anyone telling you they know the answer with confidence is guessing. The practical approach is to buy against your own need and timeline rather than trying to time the market.

Silver is more volatile than gold day to day because of its industrial demand component, which means larger swings in both directions. Over the last decade silver has actually outpaced gold in percentage terms during rally phases, though it also falls harder during pullbacks.

Equity markets, centred in Mumbai through the BSE and NSE, have historically delivered higher long run returns than precious metals, but with far more volatility tied to company and economic performance rather than metal supply and demand. Debt instruments such as fixed deposits and bonds give predictable, lower returns with minimal price risk.

None of these asset classes is a straightforward substitute for another. Silver's role in a Mumbai household's savings is usually as a small, liquid, culturally familiar holding alongside other assets, not a replacement for equity or debt.

Physical silver, bought as coins, bars or jewellery from a Mumbai jeweller, gives you something you can hold, gift or wear, but it attracts 3 percent GST at purchase, requires safe storage, and jewellery carries making charges you do not recover on resale.

Silver ETFs, listed on the NSE and BSE, both headquartered in Mumbai, let you hold silver electronically without storage concerns or GST on the transaction, and can be bought and sold through a regular demat account. Both physical silver and silver ETFs are taxed the same way, at 12.5 percent on long term capital gains without indexation for holdings over 12 months, under the rules applicable for financial year 2025 to 2026.

Unlike gold, India currently has no sovereign bond equivalent for silver, so ETFs and physical metal remain the two main routes for most Mumbai investors.

India imports over 80 percent of the silver it consumes, mostly as bullion classified under HS Code 7106, with Mumbai's ports among the country's key entry points, cleared through customs and the ICEGATE electronic filing system before reaching refiners and bullion dealers nationwide.

Import policy has shifted more than once recently. Silver bullion duty was cut to 6 percent in 2025 to curb smuggling, plain silver jewellery imports were restricted from September 2025 to limit duty evasion through trade agreements, and bullion duty was then raised again in May 2026. Because these rules change, the duty in effect at any given time should be confirmed rather than assumed.

More than half of global silver demand today comes from industry rather than jewellery, with solar panels, electric vehicles, semiconductors and medical devices among the largest consumers. This industrial pull is a genuine structural difference from gold and a real driver of silver's price behaviour.

• 999 fine silver: silver that is 99.9 percent pure, used for coins and bars
• 925 sterling silver: silver mixed with copper for strength, the standard for jewellery
• Making charges: the fee a jeweller adds for crafting a piece, on top of the metal value
• Hallmark: the BIS purity certification mark stamped on eligible pieces
• HUID: the unique six digit hallmark identification number used to trace a certified piece
• Tola: a traditional unit of weight equal to approximately 11.66 grams
• Troy ounce: the international unit silver is quoted in globally, equal to 31.1035 grams
• IBJA: the India Bullion and Jewellers Association, source of the national reference rate
• MCX: the Multi Commodity Exchange, headquartered in Mumbai, where silver futures trade in India
• LTCG: long term capital gains, the tax on profit from silver held beyond the qualifying period
• Silver ETF: an exchange traded fund that holds physical silver and trades like a stock
• Wastage: metal lost during crafting, sometimes billed separately from making charges

Zaveri Bazaar's story began in the 19th century, when skilled Gujarati and Marwari jewellers settled near Mumbadevi Temple in Bhuleshwar, drawn by the area's proximity to the docks, which allowed easy import of bullion and tools, and to Crawford Market, which provided logistics for distribution.

Today the market is estimated to account for roughly 65 percent of all gold trading and dealing in India, and it houses the headquarters of major retailers including Tribhovandas Bhimji Zaveri, established in 1864, alongside long running silverware and precious stone trading families.

Nationally, rising silver prices through 2024, 2025 and 2026 have made buyers more price sensitive, and jewellery volumes in weight terms have come under pressure even where spending in rupee terms held steady. This national pattern is a reasonable guide to Mumbai's own retail trade.

What has held up in Mumbai is festive and wedding buying, particularly around Diwali and Akshaya Tritiya, along with the city's role as a hub for jewellery manufacturing and export that keeps demand for raw silver steady even when retail jewellery volumes soften. Investment buying of coins, bars and ETFs has also grown as a share of demand, given Mumbai's deep access to financial markets.

Silver and property serve fundamentally different purposes as assets, and comparing them directly can be misleading. Property in Mumbai requires an especially large upfront commitment given the city's real estate prices, carries registration and stamp duty costs, and cannot be sold in part if you need only a portion of your money back. Silver can be bought and sold in small increments, from a single gram upward, and converted to cash at a jeweller within minutes.

Property can generate rental income and tends to appreciate with local development, but it is illiquid and requires ongoing maintenance. Silver generates no income and must be stored securely, but it carries no maintenance burden and its value is set by a transparent national benchmark rather than local negotiation.

Most Mumbai households do not choose between the two. Property tends to serve as a long term family asset, while silver serves as a smaller, liquid holding for near term needs and cultural occasions.

If you are in Mumbai and considering a silver or lab grown diamond jewellery purchase, Lucira offers hallmarked silver and certified lab grown diamond pieces with transparent, itemised pricing and doorstep delivery across India, alongside Experience Centres in Chembur and Borivali for those who prefer to see pieces in person.

Every Lucira piece is priced against the live daily rate shown on this page, with making charges and certification costs shown separately, the same transparency you should expect from any established jeweller in Zaveri Bazaar.

A proper invoice from a Mumbai jeweller should show five separate lines: the net silver weight in grams, the purity, the rate applied per gram that day, the making charge as a percentage or flat fee, and GST at 3 percent applied on the metal plus making charge combined.

If a piece carries stones or beads, the invoice should state the net silver weight separately from the gross weight, since you should only be charged the silver rate on the silver itself, not on the stones. Ask for this breakdown before paying if it is not shown automatically.

A hallmarked piece should also show the HUID number on the invoice, which lets you verify the certification independently through the BIS CARE app. In Zaveri Bazaar, many shops also offer independent purity verification at the Dharam Kaanta, a long standing checking house that has served the market for decades.

• A quoted rate below the day's published benchmark, which usually means lower purity than claimed
• Gross weight billed as if it were net silver weight, especially on stone set pieces
• Making charges quoted verbally but not itemised on the final bill
• Pressure to buy quickly in the crowded lanes of Zaveri Bazaar without time to compare rates
• No willingness to weigh the piece in front of you before billing

Zaveri Bazaar is well regulated with CCTV coverage and private security given the scale of trade there, but first time visitors can still find the sheer density of over 7,000 shops overwhelming, so sticking to known or referred shops is a reasonable approach for a large purchase.

Silver tarnishes when exposed to air and humidity, unlike gold, so storage matters more, and Mumbai's coastal, monsoon prone climate makes this especially relevant. Keep pieces in an airtight pouch or box, ideally with an anti tarnish strip, away from direct sunlight and humid areas of the house.

For larger holdings of coins or bars, a bank locker remains the most secure option in a dense city like Mumbai, though it carries an annual rental cost and long waitlists at some branches. A home safe is a reasonable middle ground for smaller quantities, provided it is fixed and insured.

Keep your original purchase invoice with your stored silver, since it establishes purity, weight and cost basis if you need to sell or claim insurance later.

Many jewellers in Mumbai, including large chains headquartered in Zaveri Bazaar, offer monthly instalment schemes where you deposit a fixed amount each month for a set period, typically 11 months, and the jeweller adds a bonus instalment or discount at the end, redeemable against silver or gold jewellery.

Before joining one, confirm in writing whether the redemption value is locked at the rate on the day of each deposit or the rate on the day of redemption, since this materially changes the scheme's value, and check whether the bonus is forfeited if you exit early or miss an instalment.

These schemes are not regulated the way bank deposits are, so only join one with an established, well known jeweller, of which Mumbai has several with over a century of trading history.

• Jewellery from a Mumbai jeweller: wearable and giftable, but making charges reduce resale value
• 999 coins and bars: lowest making cost, best for pure savings, requires storage
• Silver ETFs: no storage or GST, held in a demat account, cannot be worn or gifted physically, and easily bought given Mumbai's role as India's financial capital
• Digital silver apps: bought and stored online in small amounts, redeemable for physical delivery in some cases, but not regulated the same way as ETFs
• MCX futures: for active traders managing price risk, headquartered in Mumbai itself, but not suited to casual buyers

Most Mumbai households use a mix, jewellery for weddings and festivals, and coins, bars or ETFs for pure savings, rather than picking one route exclusively.

Under the rules applicable for financial year 2025 to 2026, profit on physical silver or silver ETFs held for more than 12 months is taxed as long term capital gains at 12.5 percent without indexation. Holdings sold within 12 months are taxed as short term gains at your income tax slab rate.

Your gain is calculated as the sale price minus your original purchase cost, including making charges you paid, which is why keeping your original invoice matters. A 4 percent health and education cess applies on top of the tax, along with any applicable surcharge.

Tax rules change through Finance Act amendments most years, so confirm the current holding period and rate with a chartered accountant before a large sale, rather than relying on this or any other page.

Unlike gold, there is no prescribed ceiling on how much silver an individual can hold in India, provided it is acquired through disclosed, taxed income and you can produce invoices if asked.

Cash payments for a single silver purchase above the prescribed threshold require your PAN card to be furnished to the jeweller, and payments above two lakh rupees in cash for a single transaction are not permitted under income tax rules regardless of PAN. Paying digitally or by cheque avoids this limit entirely and is the more practical route for larger purchases, particularly for high value transactions common in Zaveri Bazaar.

Always retain your purchase invoices in Mumbai, since they are your primary evidence of legitimate ownership if silver holdings are ever questioned.

Zaveri Bazaar, in Bhuleshwar near Mumbadevi Temple and Crawford Market, remains India's single largest jewellery market, home to over 7,000 shops in a maze of narrow lanes, some family businesses trading for over a century, and is generally where you will find the widest selection and the most competitive making charges in the country given the scale and competition among sellers.

Beyond Zaveri Bazaar, established showroom chains across the city's suburbs offer a calmer, fixed price alternative for buyers who prefer not to navigate the old market's crowds.

For any significant purchase, visiting two or three shops in Zaveri Bazaar to compare making charges and designs before deciding is a reasonable and common practice among local buyers, and using the market's independent purity checking facilities adds an extra layer of confidence.