How silver is priced in South Korea
Korean dealers quote silver per don (돈, 3.75 g) and per kilo, alongside their gold prices. The figures here are the international spot price converted to won: the metal value before the 10% VAT on physical silver and before dealer premiums.
VAT: no tax-free exchange for silver
Physical silver, whether bars, coins, jewellery or silverware, carries 10% VAT when bought from a dealer, bank or shop. Gold buyers can avoid VAT by trading on the KRX Gold Market, but that market lists gold only, so there is no equivalent exchange route for physical silver. Investors who want silver price exposure without holding metal use listed silver funds or bank silver accounts, which are taxed differently.
How dealers price silver
Dealers convert the dollar spot price into won and add a premium that covers refining, VAT and their margin. The premium is higher on small bars, and it can widen sharply when demand jumps, as it did when world silver prices hit records in 2025. In February 2025 banks also suspended silver bar sales after their supplier stopped deliveries. Selling prices and buy-back prices are published separately, and the gap between them is wider than for gold.
Purity and products
Investment silver is 999 or 999.9 fine, sold in bars up to 1 kg and in 1 oz bullion pieces. Jewellery and silverware are usually 925 sterling silver. Silver spoons and chopsticks (sujeo) are a traditional Korean gift, and their metal value can be estimated with the 925 setting in the calculator above.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.