Silver Price Today in Madurai

Today's silver price in Madurai is ₹233.75 per gram and ₹2,33,750 per kg for 999 fine silver. Prices are updated daily based on MCX silver futures and international LBMA spot rates, including applicable duties and GST.

Madurai's North Veli Street silver traders serve devotees visiting the Meenakshi Amman Temple, with silver lamps, idols, and 'kolusu' anklets forming a steady temple-driven silver trade alongside the city's gold market.

Pilgrims and local Madurai families buy silver lamps and idols as temple offerings, a custom tied closely to the Meenakshi Temple's religious significance. The Nattukotai Chettiar community, traditionally gold and silver traders, continues to shape Madurai's bullion trade.

Buying tip: Madurai is a good source for temple-style silver idols and lamps at prices generally lower than Chennai, given the city's lower retail overheads and concentration of traditional silversmiths around North Veli Street.

Silver prices in Madurai include Tamil Nadu state taxes and local dealer margins. GST of 3% is applicable on all silver purchases in India. For 925 sterling silver (used in most jewellery), the price per gram is approximately 7.5% lower than 999 fine silver. Always check for BIS hallmarking when buying silver jewellery.