Buying silver in Mumbai
Mumbai is the centre of India's silver trade: the IBJA benchmark and MCX silver futures are both based here, and much of the country's imported silver arrives through the city. Silver is quoted per kilogram in the wholesale market and per gram or 10 grams at the counter.
The prices on this page are India's spot-based rate in INR: there is no separate exchange price for Mumbai. Taxes and duties are explained on the silver price in India page.
Where the Mumbai rate comes from
The India Bullion and Jewellers Association (IBJA) publishes 999 silver benchmark rates twice each business day, at about 12:05 and 17:05 IST, including import duty but not GST. Dealers in Zaveri Bazaar trade around that rate and around MCX futures, quoted per kilo.
Why Mumbai prices differ from spot
Every Indian city starts from the same international price, converted to rupees and raised by the same 15% import duty and 3% GST. City rates then differ by small amounts because of transport and insurance from the port of entry, how much stock local dealers hold and — since silver bar imports became licensed in May 2026 — how tight supply is. For jewellery and silverware the making charge is usually the largest difference between shops.
When Mumbai buys silver
Coins and utensils sell most on Dhanteras and Diwali, and silver gifts are common for weddings and naming ceremonies.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.