Silver remains one of the most versatile and in-demand metals in the modern world, used not just for jewellery and coins, but increasingly in electronics, solar panels, medical equipment (thanks to its antimicrobial properties) and many industrial applications. Its role as a hedge against inflation and as a tangible asset also keeps investment demand alive.
Also Read: Where Can I Buy Gold Cheapest in 2025? Here Are the Top 5 Countries
As silver continues to play multiple roles, knowing which countries offer the lowest physical silver prices can help investors, travellers or jewellery buyers save money. In this article, we update the list for November 2025, using the latest Indian domestic price as a benchmark, and point out where you might find “cheaper silver”, plus where India stands in the global pecking order.
India’s Current Silver Price
In India, recent reports show that on 10 November 2025, silver was trading at about ₹155 per gram, i.e. roughly ₹1,55,000 per kilogram.
This sets our benchmark. If another country offers a lower equivalent price (after currency conversion) it may be a candidate for “cheapest silver”.
Also read: Why Silver Prices in India Have Doubled in a Year- Is Now the Right Time to Invest?
Top Countries With Actual Live Silver Rates (November 2025)
Below are some actual observed rates in other countries, with currency conversion where possible, and how they compare to India’s benchmark.
Rank (by Cost) |
Country |
Approx. Silver Price (₹/kg) |
1 |
Chile |
~ ₹1,08,500 |
2 |
Russia |
~ ₹1,21,000 |
3 |
China |
~ ₹1,22,000 |
4 |
India |
~ ₹1,55,000 |
5 |
Australia |
Data not reliable/complete |
6–10 |
Other countries (Poland, Argentina, Bolivia, Mexico, Portugal, USA) |
Data insufficient |
Key Insights & Take-aways
The lowest priced markets in the data above appear to be Chile and Russia, both showing silver priced significantly below India in rupee-equivalent terms.
Australia’s silver rate, however, appears higher than India’s benchmark, contrary to previous assumptions.
India’s domestic rate (approx ₹1,55,000/kg) is not the cheapest among the available sample; there are at least a couple of markets with better pricing.
Also Read: Where to Buy the Cheapest Gold in India in 2025?
These numbers are based on “spot” or online quoted rates. They may not reflect retail premiums, import/export duties, local taxes, purity/format differences (bar vs coin vs jewellery), or travel/logistic cost. So the “real world” effective cost could differ.
The difference between markets is meaningful: e.g., if you could buy silver at ₹1,22,000 instead of ₹1,55,000 per kg, that’s a big saving, but only if you can deal with local laws, transport, customs, purity verification etc.
Why Do Prices Vary So Much?
A few reasons why silver prices differ across countries:
-
Import duties & local taxes: Countries with lower import/customs duties on bullion may have lower retail/seller cost.
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Currency & conversion effect: A strong local currency or favourable conversion helps reduce rupee equivalent cost; a weak currency makes it costlier in rupees.
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Industrial vs retail demand: In countries with strong industrial silver usage (electronics, solar, medical), local demand may drive higher premiums.
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Retail mark-ups & format: Buying a 1 kg 999-fine bar might cost much less than jewellery or smaller pieces with craftsmanship/purity premium.
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Export/transit restrictions: Some jurisdictions restrict bullion export or impose extra duties which erode savings for buyers/travellers.
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Local availability and supply chain: If bullion supply is tight locally, premiums may spike despite low spot price.