Mumbai: Zaveri Bazaar In Shock As Silver Prices Cross ₹2 Lakh, Festive Orders Halt Amid Market Chaos

Mumbai: In Mumbai’s famous Zaveri Bazaar, silver has crossed the Rs 2 lakh per kilogram mark, sparking panic and surprise among buyers and traders alike. Just a week ago, silver was priced at Rs 1.62 lakh per kg, but consistent demand and falling supply have pushed the prices up sharply. According to the India Bullion Jewellers Association, the price surge is expected to continue due to the widening gap between supply and demand.

Jewellers Stop Taking New Orders

Many jewellers in the market have now stopped accepting new silver orders, especially for the festive season, including Diwali and Dhanteras. Traders speaking to NDTV Profit revealed that silver is currently trading at a premium of over Rs 30,000, and the figure could rise further. With limited stocks, jewellers are being selective about selling, asking buyers how much premium they are willing to pay before offering any quantity.

Severe Shortage Amid Festive Demand

One jeweller, on condition of anonymity, said that they must maintain enough silver in storage to avoid completely depleting their inventory. 'We’re only selling if we can restock at a similar rate. Otherwise, we risk running out of silver ourselves,' he added. The festive stock prepared for seven to ten days has already sold out in just three days, underscoring the extent of the shortage.

Global Demand Adding Pressure

The crisis isn't confined to India. Traders report that countries like China, Australia, and Turkey are also witnessing a sharp surge in silver demand, creating global delivery delays. This international demand is further fueling the domestic shortage and price spike.