NEW DELHI: Silver 999 was listed at Rs 1,79,972 per kilogram in the India Bullion and Jewellers Association's PM benchmark for 2 November 2026. That works out to Rs 179.972 per gram before the exclusions stated by IBJA. Its AM figure was Rs 1,80,080 per kilogram. These are dated reference prices, not a promise that a silver coin, utensil or ornament will carry the same final price at a shop.
The figures were checked on the official IBJA rates page and its linked 30 day opening and closing rate sheet at 9:45 pm IST on 2 November 2026. The sheet identifies the trading date and AM and PM columns but does not give an exact publication time. The time here records this article's check, not an invented time of the market fixing.
| 2 November 2026 reference | Silver 999 |
|---|---|
| AM benchmark, one kilogram | Rs 1,80,080 |
| PM benchmark, one kilogram | Rs 1,79,972 |
| PM value, ten grams, calculated | Rs 1,799.72 |
| Excluded by IBJA | 3% GST and making charges |
Silver price per gram: how to convert the IBJA rate
IBJA labels its silver quotation per kilogram. One kilogram contains 1,000 grams, so the conversion is kilogram price divided by 1,000. At the PM benchmark, Rs 1,79,972 divided by 1,000 equals Rs 179.972 per gram. Multiplying that result by ten gives Rs 1,799.72 for ten grams; multiplying it by 100 gives Rs 17,997.20 for 100 grams.
Those smaller weight figures are arithmetic conversions made for this explainer. They are not separately quoted retail prices on the official page. A ten gram item offered at a counter can have a different bill because a finished product involves more than the weight of its metal. The Silver 999 label also matters: comparisons need to use the same stated purity and weight.
Does the silver benchmark include GST and making charges?
No. IBJA explicitly says the displayed rates exclude 3% GST and making charges. To illustrate just the published tax exclusion, adding 3% to a metal value of Rs 1,799.72 produces Rs 1,853.7116, or Rs 1,853.71 rounded to paise. This is a simplified metal value plus tax calculation. It is not a complete quotation for a finished silver article.
The full invoice needs its own breakdown. Ask what weight and purity the seller is charging for, what making or other product charges are added, and what taxable amount is used. Jewellers' prices can differ by city because of local tax treatment and making charges. This report does not present a city table: the opened official benchmark sheet does not establish separate retail silver rates for Delhi, Mumbai or other cities.
Which silver price should a Dhanteras search compare?
A search for silver prices during Dhanteras buying preparations can mix a national physical market reference with a shop quotation. The useful comparison starts with the date, then the AM or PM column, purity and unit. Comparing a kilogram benchmark excluding charges with a small finished item including charges will produce a misleading difference.
The earlier AM benchmark and later PM benchmark differ by Rs 108 per kilogram on this sheet. That is a description of these two observations only. It does not establish the next session's price or a festival price forecast. Readers checking after 2 November should open the official page again and use the date attached to the replacement figure.
For related money explainers, read how gold ownership formats differ, how failed UPI payment refunds work, and how deposit insurance counts bank balances.
