Silver Rate Today in Surat – 7 Nov 2026, 3 AM IST

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

Surat has had silver in its markets for over 400 years, dating to when the English and Dutch East India Companies imported gold and silver through the Surat port in the early 1600s. Today the city combines that trading heritage, a wholesale hub of over 479 silver jewellery manufacturers in Mahidharpura, and a genuinely large industrial silver demand from the solar manufacturing cluster nearby. This page covers today's rate, how it is set, making charges and GST, purity verification, where to buy and sell, Surat's silver history and solar industry, the buying calendar, taxation and a detailed FAQ.

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

Oxidised silver jewellery bought for Navratri garba nights tends toward lighter weights, while the annual Ganesh idol decoration at Dalia Street uses more than 25 kilograms of combined gold and silver ornaments, a genuinely large-scale example of devotional silver use.

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. Silver swings harder in percentage terms than gold on the same news, so expect a wider range here than on a gold rate page over the same ten days.

The trend table sets today's Surat rate against its opening and closing values over seven days, 30 days and 12 months. The shorter windows capture sentiment; the 12 month window is worth watching more closely in Surat than in most cities, given the genuine link to solar-driven industrial silver demand covered below.

Surat's rate tracks the national IBJA benchmark, with local demand shaped by Gujarat's per capita income, among the highest in India, and a population of diamond and textile workers who actively watch the gold to silver ratio.

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. Surat's jewellers price against the national IBJA reference rate, adding a modest local premium.

Silver is more industrially exposed than gold nationally, and Surat is a genuine example of that exposure given its solar manufacturing cluster, discussed in detail below.

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, Surat's diamond and textile workforce, with above-average disposable income, actively shifts toward silver when gold gets expensive, and the city's genuine solar manufacturing base means global solar demand news has a more direct local effect here than in most Indian cities.

999 fine silver is 99.9 percent pure and is the form used for investment coins and bars, and for the solar cell manufacturing that draws on Surat's nearby industrial base.

925 sterling silver, 92.5 percent pure with the remainder mostly copper, is the standard for jewellery, including the oxidised silver popular for Navratri garba nights and the ornaments used in the Dalia Street Ganesh idol decoration.

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 Surat

• Silver coins and bars | roughly 3 to 8 percent, competitive given Mahidharpura's wholesale density
• Oxidised jewellery for Navratri | roughly 10 to 25 percent depending on detailing
• Standard jewellery and gifting items | roughly 8 to 18 percent

A worked example: a 40 gram oxidised silver jewellery set with 15 percent making adds 15 percent to the metal value, then 3 percent GST on that subtotal, for a final bill roughly 18.5 percent above the pure metal value.

Silver hallmarking is not yet as universally enforced as gold hallmarking, so buyer diligence matters more here.

• Look for a BIS hallmark stamp where the piece carries one
• 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

Buying from an established Mahidharpura wholesaler or a known Ghod Dod Road retailer with a GST invoice is the safer route.

Few Indian cities can point to both a centuries-old silver trading history and a genuine modern industrial reason to consume the metal. Surat has both.

A port city's four centuries in bullion

Surat has had silver moving through its markets for over 400 years. In the early 1600s, the English and Dutch East India Companies imported gold and silver through the Surat port as part of their trade with the Mughal empire, making the city one of India's earliest points of entry for the metal. That trading identity persists today in Mahidharpura, the city's wholesale silver jewellery hub, home to more than 479 silver jewellery manufacturers, alongside Ghod Dod Road's retail trade.

A genuinely large solar manufacturing base

Silver paste is used to metallize solar cells, and Surat sits at the centre of one of India's largest solar manufacturing clusters. Goldi Solar, India's largest solar PV module manufacturer with 15.2 GW of capacity, operates plants at Pipodara, Navsari, Kosamba and Nana Borsara, all near the city. Solex Energy, at 2.0 GW, and Solitech Solar, also 2.0 GW, are Surat-based as well. This gives Surat a real, direct industrial silver demand that most Indian cities, including much larger ones, simply do not have.

Devotional silver at scale

Surat also has a distinctive annual devotional silver tradition. At Dalia Street in Mahidharpura, the main Ganesh Chaturthi idol has been decorated with more than 25 kilograms of combined gold and silver ornaments every year since 1972, an unbroken tradition running over five decades.

Surat's silver trade splits cleanly between wholesale and retail.

• Mahidharpura | the wholesale hub, home to over 479 silver jewellery manufacturers
• Ghod Dod Road | the main retail area for jewellery and gifting

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 in Mahidharpura or Ghod Dod Road, ideally the one who sold it, with the piece weighed and purity-tested in front of you. Avoid unlicensed street buyers regardless of the rate promised.

Silver buying in Surat follows the standard Gujarat festival window with a distinctive Navratri layer on top.

• Dhanteras, Diwali and Bestu Varas | the peak silver season across Gujarat
• Navratri | strong demand for oxidised silver jewellery worn during garba nights
• Ganesh Chaturthi | the Dalia Street tradition of decorating the main idol with 25 kilograms plus of gold and silver ornaments, a tradition running since 1972

Outside these peaks, Surat's high disposable income population, diamond and textile workers among them, keeps demand active as buyers shift toward silver when gold prices climb.

Taxes on silver are set nationally, so nothing here is specific to Surat, 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.

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, and Surat feels that link more directly than most cities given its solar manufacturing base.

Coins and bars in 999 purity carry the lowest making cost and recover the most value on resale. Jewellery in 925, including oxidised pieces, carries making charges you do not recover.

For most Surat households the practical split is: festive and devotional silver bought around Navratri, Diwali and Ganesh Chaturthi, 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. Surat's local rates have tracked this national curve throughout, since the city prices off the same national IBJA benchmark as the rest of India.

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. 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 Surat 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 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 Surat 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 Surat 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, 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 Surat investors.

India imports over 80 percent of the silver it consumes, mostly as bullion classified under HS Code 7106, cleared through customs and the ICEGATE electronic filing system before reaching refiners, bullion dealers and eventually jewellers in cities like Surat.

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, and Surat's own large textile and diamond processing industries add further incidental industrial metal use. 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, 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

Surat's identity as a gem trading city is built on diamonds rather than silver, with Mahidharpura, also called Badi Bazaar, developing into the world's largest diamond cutting and polishing market since trade began there in the 1960s and 1970s, involving nearly 800,000 workers and accounting for a huge share of global diamond processing.

That legacy has recently expanded with the 2023 opening of the Surat Diamond Bourse, the world's largest office building by floor space, which now houses a dedicated diamond jewellery mall alongside its trading halls, while everyday gold and silver jewellery in Surat continues to be sold through more conventional retail areas like Zampa Bazar and Rander Road.

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 Surat's own retail trade.

What has held up in Surat is festive and wedding buying, particularly around Diwali, along with the steady income base of the city's large diamond and textile workforce that supports local jewellery spending. Investment buying of coins and bars has also grown as a share of demand, matching the national shift toward silver as a savings vehicle.

Silver and property serve fundamentally different purposes as assets, and comparing them directly can be misleading. Property in Surat requires a large upfront commitment, 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 Surat 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 Surat 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, so you can compare designs and pricing without needing to visit a store 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 Surat.

A proper invoice from a Surat 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.

• 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 without time to compare rates at another shop nearby
• No willingness to weigh the piece in front of you before billing

Surat's reputation and infrastructure are built around diamonds rather than silver specifically, so silver buyers should stick to jewellers who clearly display hallmarking and purity certification rather than assuming the diamond city's expertise automatically extends to silver.

Silver tarnishes when exposed to air and humidity, unlike gold, so storage matters more, and Surat'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, though it carries an annual rental cost that should be weighed against the value stored. 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 Surat, including established names near Zampa Bazar and Rander Road, 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.

• Jewellery from a Surat 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
• 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, not suited to casual buyers

Most Surat 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.

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

Zampa Bazar, in the old city, carries a genuine concentration of jewellery shops including silver, and is generally a reasonable starting point for the widest selection of everyday silver pieces.

Rander Road and areas near Ghod Dod Road and Varachha Road also carry established jewellers offering silver alongside gold and diamond jewellery, useful alternatives if you are not near the old city.

For any significant purchase, visiting two or three shops to compare making charges and designs before deciding is a reasonable and common practice among local buyers.