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Silver Rate in Mumbai

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.

Factors affecting the rate of Silver in Mumbai

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:

  • Fluctuating industrial demand
  • Store of value demand
  • Geo-political uncertainties
  • Rising crude oil prices
  • Depreciating dollar
  • Government policies on major export and import destinations.
  • Sales by central banks
  • Direction of gold prices and direction of other commodity prices.

How to invest in Silver in Mumbai?

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.

Things to remember before purchasing Silver in Mumbai

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:

  • Avoid Silver with nickel plating - It is harmful for the human skin.
  • Check for the authenticity and purity grade of Silver. This can be assessed by a Hallmark.
  • Look into the overall craftsmanship, the intricacy of Silver Jewellery designs, the weight of the Silver Jewellery items and any marks, flaws or areas of tarnish.

Six month’s Silver rate in Mumbai

Trend of Silver Rate in Mumbai for July 2019 (rates per kg)

Silver Rates1 Kg
1st July rateRs.40,578
31st July rateRs.44,965
Highest rate in JulyRs.44,965 on July 31
Lowest rate in JulyRs.40,560 on July 9
Overall performanceRising
% Change+10.81%

Trend of Silver Rate in Mumbai for June 2019 (rates per kg)

Silver Rates1 Kg
1st June rateRs.39,600
30th June rateRs.40,500
Highest rate in JuneRs.40,500 on June 29
Lowest rate in JuneRs.39,450 on June 2
Overall performanceRising
% Change+2.27%

Trend of Silver Rate in Mumbai for May 2019 (rates per kg)

Silver Rates1 Kg
1st May rateRs.40,500
31st May rateRs.39,500
Highest rate in MayRs.40,700 on May 3
Lowest rate in MayRs.39,360 on May 25
Overall performanceFalling
% Change-2.47%

Trend of Silver Rate in Mumbai for April 2019 (rates per kg)

Silver Rates1 Kg
1st April rateRs.40,647
30th April rateRs.40,000
Highest rate in AprilRs.40,863 on April 10
Lowest rate in AprilRs.40,000 on April 23
Overall performanceFalling
% Change-1.59%

Trend of Silver Rate in Mumbai for March 2019 (rates per kg)

Silver Rates1 Kg
1st March rateRs.43,300
31st March rateRs.41,500
Highest rate in MarchRs.43,300 on March 1
Lowest rate in MarchRs.41,100 on March 8
Overall performanceFalling
% Change-4.16%

Trend of Silver Rate in Mumbai for February 2019 (rates per kg)

Silver Rates1 Kg
1st February rateRs.41,450
28th February rateRs.43,300
Highest rate in FebruaryRs.43,700 on February 26
Lowest rate in FebruaryRs.41,300 on February 4
Overall performanceRising
% Change+4.46%

How does GST impact the rate of Silver in Mumbai?

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.

Importance of checking Silver rate in Mumbai

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.

How to buy Silver after checking Silver price in Mumbai?

Before purchasing any form of Silver in Mumbai, you should check the live Silver market rate. This refers to today’s Silver price in Mumbai. Additionally, you can purchase various denominations of Silver from any of the banks in Mumbai.

What is BIS Hallmarked Silver Rate in Mumbai?

The Bureau of Indian Standards (BIS) is the primary hallmarking agency. It is the national Standards body of India who authenticates the purity of Silver in India. Hallmarking is the process which records and determines the metal content in Gold/Silver articles. A hallmarked Silver will contain the following information:

  • BIS Mark
  • Purity Grade (ranging from 999.9 to 999 for fine silver and for Silver alloys, jewellery and artifacts, the Silver purity grade is 970, 925, 900, 835, 800).
  • Hallmarking Centre's Identification Number
  • Jeweller's identification Mark
  • Year of marking - denoted by a code letter (e.g. 'R' for year 2013).

Conclusion

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.

FAQ's On Silver Rate in Mumbai

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.