Just like gold, Mumbai's Null Bazaar and Zaveri Bazaar set the national silver price. Check today's live silver rate in Mumbai per gram and per kg.
Zaveri Bazaar Null Bazaar📍 Maharashtra
Key Highlights of Mumbai Silver Market
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MCX Silver Futures
Mumbai hosts MCX — India's primary exchange for silver futures trading and price discovery
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JNPT Silver Imports
India's largest silver imports enter through JNPT port in Navi Mumbai
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Wholesale Hub
Zaveri Bazaar and Null Bazaar are India's largest wholesale silver bullion markets
Today's Silver Rates in Mumbai
Silver Price Calculator for Mumbai
Silver Price Calculator
Note: Prices are indicative and exclude taxes/making charges.
Silver Rate History in Mumbai
Silver Price History in Mumbai (1981–2026)
45 years of silver price data sourced from RBI & IBJA archives. Track how silver (per Kg) has performed across different time horizons for informed investment decisions.
Period:
Start Price
₹36,990
2016 · per Kg
Current Price
₹2,50,000
2026 · per Kg
CAGR
21.1%
per annum
Total Return
576%
+₹2,13,010
▼View Yearly Silver Price Data Table (2016–2026)
Year
Price (₹ per Kg)
YoY Change
2026
₹2,50,000
-4.6%
2025
₹2,62,000
+173.8%
2024
₹95,700
+21.8%
2023
₹78,600
+42.6%
2022
₹55,100
-11.9%
2021
₹62,572
-1.4%
2020
₹63,435
+56.2%
2019
₹40,600
-1.9%
2018
₹41,400
+9.5%
2017
₹37,825
+2.3%
2016
₹36,990
-2.2%
Data Source: RBI Handbook of Statistics, IBJA, and MCX historical records. Prices reflect average annual silver rate per Kg in INR. Past performance is not indicative of future returns. Silver prices are subject to market risks.
About the Silver Market in Mumbai
Mumbai is the undisputed silver price-setter for India. Null Bazaar and Zaveri Bazaar together form the country's largest silver bullion market, where wholesale rates are quoted that influence every other city. MCX silver futures — traded heavily from Mumbai — serve as the benchmark for institutional and retail transactions alike. India's largest silver imports flow through Jawaharlal Nehru Port Trust (JNPT) in Navi Mumbai, making the city the primary gateway for international silver entering the Indian market. Mumbai's bullion banks are the wholesale distributors supplying silver to dealers across the country.
Silver Culture & Traditions in Mumbai
Mumbai's silver market is primarily driven by industrial demand and investment rather than jewellery. The city's bullion traders deal in large-volume silver bars (30 kg standard bars) and silver coins. However, silver jewellery demand is also significant — Null Bazaar is famous for affordable silver anklets, toe rings, and statement pieces popular among younger buyers. During Dhanteras, Mumbai sees massive silver coin sales — considered an auspicious purchase. The city's growing fintech ecosystem has also made Mumbai a hub for digital silver investments.
Best Silver Markets & Shopping Areas in Mumbai
1Null Bazaar
Wholesale silver bullion, coins, and affordable silver jewellery
2Zaveri Bazaar
Premium silver items, silverware, and institutional trading
3Dadar–Matunga
Silver utensils, pooja items, and household silverware
4Andheri–Borivali
Retail silver jewellery and trendy sterling silver pieces
Silver Buying Tips for Mumbai
Expert guidance to help you get the best deal when buying silver in Mumbai.
1For investment silver (999 fine bars/coins), buy from MMTC-PAMP or authorised bank branches for certified purity.
2Null Bazaar offers the best wholesale rates for silver — ideal for bulk purchases of 1 kg or more.
3Silver coins from banks are GST-exempt on premium — a cost advantage over jewellery purchases.
Mumbai is India's silver investment capital. With MCX and BSE/NSE headquartered here, investors have access to Silver ETFs, silver futures, and digital silver platforms. For physical silver, MMTC-PAMP certified bars are available from authorised dealers. Silver's industrial demand (electronics, solar panels, EVs) makes it a dual-purpose investment — both precious metal and industrial commodity — offering a different risk-return profile than gold.
Festival & Seasonal Silver Demand in Mumbai
Dhanteras (October/November) is the single largest silver buying day in Mumbai — silver coins and small bars are purchased as auspicious investments. Diwali week sees 5-10x normal silver sales. Throughout the year, silver demand is driven more by industrial use and investment than by seasonal patterns.
Silver Purity Guide — 999 vs 925 vs 800
999 Fine Silver (99.9%)
The purest form of silver, used for investment bars, coins, and bullion. Too soft for jewellery. Available from certified dealers in Mumbai.
925 Sterling Silver (92.5%)
The standard for silver jewellery worldwide. Alloyed with copper for durability. Look for the "925" hallmark on all silver jewellery purchases.
800 Silver (80%)
Used for silverware, utensils, and decorative items. More durable for daily use. Common in traditional silver vessels and household items across India.
Frequently Asked Questions — Silver in Mumbai
QWhy does Mumbai set the silver price for India?▼
Mumbai hosts MCX (Multi Commodity Exchange) where silver futures are traded — this sets the benchmark price. Additionally, India's largest silver imports arrive through JNPT port, and Zaveri Bazaar's wholesale rates are used as reference prices by dealers across the country.
QWhat is the best way to invest in silver in Mumbai?▼
You can invest through physical silver bars/coins (available at Zaveri Bazaar and banks), Silver ETFs (traded on BSE/NSE), or digital silver platforms. For large investments (1 kg+), Null Bazaar offers the most competitive wholesale rates.
QIs silver cheaper in Null Bazaar compared to retail stores?▼
Base silver rates are identical (set by MCX/international markets). However, Null Bazaar's making charges for jewellery (3-8%) and dealer premiums for bullion are significantly lower than retail stores (8-15%). For bulk purchases, the savings can be substantial.
QWhat size silver bars are available in Mumbai?▼
Mumbai dealers offer silver bars from 10 grams to 30 kg (standard institutional bar). Popular retail sizes are 10g, 50g, 100g, 500g, and 1 kg. MMTC-PAMP and Valcambi certified bars are available at premium dealers in Zaveri Bazaar.