India silver price (MCX) is calculated from the COMEX spot price applying 10% basic customs duty plus 3% GST, then converted to INR at the live exchange rate and expressed per kilogram (1 kg = 32.1507 troy oz).
India is one of the world's largest silver consumers, using it extensively in solar panels, electronics manufacturing, and jewellery. MCX (Multi Commodity Exchange) is the primary futures exchange for silver in India.
India remains the world's largest consumer of physical silver, with annual demand exceeding 8,000 tonnes. The silver rate in India incorporates a 7.5% import duty plus 3% GST, creating a significant premium over international spot prices. In March 2026, Indian silver demand has been supported by industrial electronics manufacturing growth and traditional jewellery demand ahead of the wedding season. MCX silver futures provide price discovery for the domestic market, while AURUM converts international spot prices to INR in real time.