How silver is priced in China
In China silver bullion is quoted in yuan per kilogram, the unit used for silver on the Shanghai Gold Exchange and the Shanghai Futures Exchange, while silver jewellery (足银) is sold per gram. The figures here are the international spot price converted to yuan, before VAT, dealer premiums and labour.
Where the Chinese silver price comes from
The Shanghai Gold Exchange trades silver as spot and deferred contracts, including the widely quoted Ag(T+D), and the Shanghai Futures Exchange lists silver futures, both in yuan per kilo. China is a major silver producer and a very large industrial user, especially for solar panels and electronics, so Shanghai prices can trade at a premium or a discount to the converted London price when local supply and demand shift.
Tax on silver
China's special VAT treatment for exchange-traded gold, revised from 1 November 2025, does not extend to silver. Silver bars, coins and silverware carry the standard 13% VAT, and silver jewellery also bears the 5% consumption tax charged on gold and silver jewellery at the retail stage. Both are included in shop prices, which is one reason retail silver costs well above the converted spot price.
Purity marks and products
Chinese silver jewellery is marked by fineness under the national standard GB 11887: 足银 means at least 990‰ silver and is the highest purity term allowed, since a 2016 amendment dropped 千足银 (999‰), though the word is still heard informally. Sterling silver is marked 925银 or S925. The best-known bullion coin is the Silver Panda, struck with People's Bank of China approval and weighing 30 g of 999 silver since 2016 (earlier issues were one troy ounce). Silver jewellery is priced per gram or per piece, and labour can be a large share of the price.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.