Guide
Silver buying guide for India
Whether it is a coin for Dhanteras, a kilo bar or anklets for a wedding, the same checks protect you. Here they are in order.
On this page
1. Choose the right form
| Form | Good for | Watch out for |
|---|---|---|
| Jewellery | Wearing, gifting, tradition | Making charges you don't get back; lower purity |
| Coins | Gifts, festivals, small savings | Premium over metal value; bank coins rarely bought back by banks |
| Bars | Saving larger amounts | Storage and security; imported 99.9% bars restricted since May 2026 |
| Silver ETFs | Investing without storage | Demat account needed; expense ratio |
2. Check the price against today's rate
Today's benchmark is ₹218.32 per gram of 999 silver (₹201.94 for 925), including duty and GST. A dealer's metal rate within a few percent of that is normal; much higher means a big margin, much lower usually means lower purity.
3. Verify purity
Prefer hallmarked items with a HUID you can check in the BIS CARE app. Get the purity written on the bill. How to check purity.
4. Understand the charges
- Making charges: as a percentage, per gram or a flat amount. Ask for them separately from the metal value.
- GST: 3% on the metal and on making charges.
- Stone or enamel work: ask for the net silver weight excluding stones.
5. Get the paperwork right
- A GST invoice showing weight, purity, rate, making charges and HUID if hallmarked.
- The buy-back or exchange policy in writing, including the deduction.
- PAN for purchases above ₹2 lakh; pay larger amounts by card, UPI or bank transfer.
6. Think about selling before you buy
Jewellers usually buy back at a few percent below the day's rate, and making charges are lost. The break-even calculator shows how far prices must rise for a purchase to pay off.
Frequently asked questions
Where is the best place to buy silver in India?
For jewellery, an established jeweller who offers hallmarked pieces and clear buy-back terms. For coins and bars, reputed refiners and jewellers; bank coins are convenient but banks usually don't buy them back. For investment without storage, a silver ETF.
Do I need PAN to buy silver?
Yes, for purchases above ₹2 lakh. Separately, receiving ₹2 lakh or more in cash in a single transaction is prohibited for the seller, so larger purchases are paid by card, UPI or bank transfer.
Are imported 99.9% silver bars still available?
Imports of silver bars of 99.9% purity became restricted on 16 May 2026 and need a licence. Bars made from domestically refined silver are still sold widely.
Sources
Rules and figures checked on 29 September 2026. Live prices update on this page automatically.