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Silver Rate Today in India

Live silver spot price (London fix) converted to INR. Per gram and per kilo prices for 999 fine, 925 sterling and 900 coin purities. Add GST 3% for retail.

Fetching live silver price…

Silver Rate in India Today

Silver has been a cornerstone of India's monetary and cultural history for over 3,000 years. The Mauryan Empire minted silver coins called karshapanas as early as 400 BCE, and silver remains deeply embedded in Indian wedding ceremonies, temple offerings and investment portfolios today. India is consistently among the world's largest silver consumers, importing over 3,500 tonnes in some years. The metal is priced internationally in troy ounces on the COMEX exchange in New York and the LBMA in London; the Indian rupee price is then derived by applying the USD/INR exchange rate and adding import duties (currently 15% basic customs duty plus GST).

Silver Purities Explained

Indian silver jewellery and silverware are sold in three common purities. Fine silver (999) is 99.9% pure and is used for coins, bars and temple idols. Sterling silver (925) contains 92.5% silver alloyed with copper for added durability - the standard for most jewellery sold in India. Coin silver (900) at 90% purity was historically used in pre-1947 Indian rupee coins. Hallmarking by the Bureau of Indian Standards (BIS) certifies purity, and the government made BIS hallmarking mandatory for silver articles above specified weights in 2022 to protect consumers.

Silver as an Investment in India

Beyond jewellery, Indians increasingly invest in silver through Sovereign Silver ETFs, digital silver on commodity exchanges and physical bars. SEBI-regulated silver ETFs were launched on the NSE and BSE in 2022, allowing retail investors to buy silver exposure without storage concerns. Silver also has significant industrial demand in electronics, solar panels and medical devices - making it a dual-purpose asset that responds to both commodity cycles and industrial growth trends.

Silver Rate Questions

The silver rate is fetched live from a commodity API (silver spot price in USD per troy oz) and converted to INR using the current USD-INR exchange rate. The per-gram price is calculated (1 troy oz = 31.1035 grams). Rates for 999 (pure silver), 925 (sterling silver) and 900 coin silver are derived proportionally from the base price. Rates are cached for up to 1 hour. The spot price reflects the wholesale commodity market; retail silver prices include making charges and dealer margins.

999 silver (fine silver) is 99.9% pure - used in silver bars, coins, investment bullion and electronics. It is too soft for most jewellery. 925 silver (sterling silver, hallmarked 925) is 92.5% pure with 7.5% copper added for strength - used in jewellery, cutlery, silverware and decorative items. 800 silver is 80% pure - historically used in European and some Indian silverware; it tarnishes faster than 925. Indian BIS hallmarked silverware is typically 925 sterling.

GST on silver in India is 3% on silver in all forms (bars, coins, ornaments) under HSN code 7106/7113. An additional 5% GST applies on making charges for silver jewellery and silverware. Some jewellers charge a flat 3% on total (silver value + making) for simplicity. Imported silver attracts customs duty - currently approximately 15% basic customs duty plus cess, totalling around 15.75%. The combined effect makes imported silverware significantly more expensive than domestically refined silver.

Silver prices are more volatile than gold because: (1) silver has significant industrial demand (solar panels, electronics, batteries) - economic cycles amplify price swings; (2) the silver market is much smaller - less capital is needed to move prices; (3) silver follows retail investor sentiment more closely; (4) supply from mine production and recycling is higher relative to demand. In India, silver demand also spikes seasonally during Diwali, Dhanteras and wedding season, causing temporary local price surges.

BIS (Bureau of Indian Standards) extended its hallmarking scheme to silver jewellery and silverware. BIS hallmarked silver carries: (1) the BIS logo; (2) purity marking (925 for sterling, 999 for fine silver); (3) Hallmarking Unique ID (HUID). BIS hallmarking for silver is currently voluntary (unlike gold, which became mandatory in 2021). When purchasing silver jewellery in India, look for the BIS 925 hallmark to ensure genuine sterling silver. Verify the HUID on the BIS Care app.
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