Silver Rates in Akola Rise Amid Strong Local Demand

As of October 6, 2026, the silver rate in Akola stood at ₹220 per gram, ₹2,209 per 10 grams, or ₹2,20,900 per kilogram. These prices are influenced by various factors, including import duties, GST, market movements, demand, and dealer charges. The central government's customs duty on imported silver, combined with a 3% GST, significantly impacts the local market.

The demand for silver in Akola is closely tied to the agricultural sector, particularly after good harvests of cotton or soybeans. Families often invest in silver coins, idols, and household items during these periods. Additionally, silver serves as a more affordable alternative to gold, especially when gold prices rise sharply.

Industrial demand for silver in Akola is relatively low, with most consumption coming from local silversmiths and jewellery workshops. These artisans create ornaments and religious items, while electronics and repair shops contribute a smaller, consistent demand. The city's economy is diversifying, but for now, craft workshops remain the primary consumers of silver.

When buying silver in Akola, it's essential to check for purity and BIS hallmarks. Options include jewellery, coins, bars, bullion, religious items, and utensils. The central market area around Rajkamal Chowk is the main hub for silver shopping, offering both established jewellery shops and smaller family-run workshops. Always insist on a detailed tax invoice and verify the BIS hallmark before making a purchase.