Mumbai is the financial and business capital of India. Precious metals such as Gold and Silver are traded in Mumbai on a daily basis. The demand for Silver in Mumbai is rising as Silver is not only used for ornamental purposes, but is also used in art and fashion.
Second to Gold, Mumbai is one of the largest consumers of Silver in India. Historically, Silver was also used for making payments for goods delivered at any of the ports of Mumbai. Due to these two factors, the Silver industry of Mumbai is one of the top players in India. Additionally, there are a large number of jewellers and banks which sell certified and purity grade Silver in Mumbai.
Silver is available in Mumbai in the form of coins, bars, ingots across various dealers. Bullion is available for large scale trading. Additional forms of Silver can be found in jewellery, utensils, glassware, fine arts, sculpture, idols, artwork, etc. Silver contracts can be purchased from either of the two exchanges namely MCX and NCDEX. These contracts are available for a few months in a year and offer silver in both bulk and small quantities.
The price of Silver is largely dependent on the prevailing rate across the globe. Once the international prices of silver are determined, import costs and currency exchange will set the standard rate of Silver in Mumbai. Additional factors that affect the rate of Silver in Mumbai are:
There are four ways to invest in Silver in Mumbai:
Jewellery - This is the most common manner of purchasing Silver in Mumbai. This allows people to purchase large quantities of Silver in the form of jewellery and ornaments. Silver jewellery comes with the flexibility of either selling it directly or melting silver for reusing purposes.
Silver Coins - Silver coins can be easily purchased from banks and jewellers. These coins are available in the denominations of 1 gram to 10 grams. They can be sold for cash as per the requirement.
Silver Bars - Silver bars are suitable for traders who purchase Silver on a large scale. Silver bars offer the flexibility of selling the accumulated quantity or molding it into smaller variants.
Commodity Future Exchanges - Individuals and traders can purchase Silver in large substantial quantities directly through Commodity Future Exchange.
Before buying Silver in Mumbai, you should check and monitor the prevailing rate of Silver in Mumbai. You can also opt to buy Silver online as online dealers offer discounted prices in comparison to brick & mortar/bullion traders/retail jewellers. Additionally, you can look into the following factors:
Trend of Silver Rate in Mumbai for July 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st July rate | Rs.40,578 |
| 31st July rate | Rs.44,965 |
| Highest rate in July | Rs.44,965 on July 31 |
| Lowest rate in July | Rs.40,560 on July 9 |
| Overall performance | Rising |
| % Change | +10.81% |
Trend of Silver Rate in Mumbai for June 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st June rate | Rs.39,600 |
| 30th June rate | Rs.40,500 |
| Highest rate in June | Rs.40,500 on June 29 |
| Lowest rate in June | Rs.39,450 on June 2 |
| Overall performance | Rising |
| % Change | +2.27% |
Trend of Silver Rate in Mumbai for May 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st May rate | Rs.40,500 |
| 31st May rate | Rs.39,500 |
| Highest rate in May | Rs.40,700 on May 3 |
| Lowest rate in May | Rs.39,360 on May 25 |
| Overall performance | Falling |
| % Change | -2.47% |
Trend of Silver Rate in Mumbai for April 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st April rate | Rs.40,647 |
| 30th April rate | Rs.40,000 |
| Highest rate in April | Rs.40,863 on April 10 |
| Lowest rate in April | Rs.40,000 on April 23 |
| Overall performance | Falling |
| % Change | -1.59% |
Trend of Silver Rate in Mumbai for March 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st March rate | Rs.43,300 |
| 31st March rate | Rs.41,500 |
| Highest rate in March | Rs.43,300 on March 1 |
| Lowest rate in March | Rs.41,100 on March 8 |
| Overall performance | Falling |
| % Change | -4.16% |
Trend of Silver Rate in Mumbai for February 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st February rate | Rs.41,450 |
| 28th February rate | Rs.43,300 |
| Highest rate in February | Rs.43,700 on February 26 |
| Lowest rate in February | Rs.41,300 on February 4 |
| Overall performance | Rising |
| % Change | +4.46% |
Precious metals such as Silver and Gold are subjected to Goods and Services Tax. A 3% GST is applicable on the final price of Silver.
Mumbai has a large population, and hence the demand for Silver has always been high. Before purchasing Silver, it is very important for an individual to check the prevailing rate. Even a tiny variation in the rate of Silver can lead to a big loss. Therefore, it is important to check the live price/rate of Silver in Mumbai. You can also visit multiple jewellers before buying.
In conclusion, Silver is a good investment option if you can’t purchase gold. However, you must ensure that you purchase Silver from a certified and established jeweller.
What is the rate of Silver per gram in Mumbai?
The rate of Silver per gram in Mumbai is Rs. 44.52 as on 6th August 2019.
What is the rate of Silver for 10 grams in Mumbai?
The rate of Silver per 10 grams in Mumbai is Rs. 445.20 as on 6th August 2019.
What is the rate of Silver for 100 grams in Mumbai?
The rate of Silver per 100 grams in Mumbai is Rs. 4,452 as on 6th August 2019.
What is the rate of Silver for 1 kg in Mumbai?
The rate of 1 kg Silver in Mumbai is Rs. 44,520 as on 6th August 2019.
