Silver Price in Madhya Pradesh (Indore & Bhopal Markets) on 4 December 2025 & How to Record Silver Rates in Tally Prime – Complete Guide

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Silver remains one of the most actively traded metals in Madhya Pradesh, especially in Indore’s Sarafa Bazaar and Bhopal’s Old City markets. These local markets influence silver pricing for jewellers, bullion traders, wholesalers and retail buyers across the state.

On 4 December 2025, silver prices in Madhya Pradesh were largely stable, with Indore and Bhopal following the same bullion benchmarks. Below are the average rates for the day.

Silver Rates on 4 December 2025 (Across MP Markets)

• Silver Price (per 1 kg): ₹109,600
• Silver Price (per 100 grams): ₹10,960
• Silver Price (per 10 grams): ₹1,096
• Silver Price (per gram): ₹109.6

These rates were applicable across:

• Sarafa Bazaar, Indore
• Rajwada Market, Indore
• Sarafa Bazaar, Bhopal (Old Bhopal)
• Chowk Bazaar, Bhopal

Small variations may occur between shops due to:

• Wastage
• Purity differences (925, 999)
• Making charges on ornaments
• Shop-specific pricing policy

However, the bullion base rate stays the same across the city.

Famous Silver Markets in Madhya Pradesh

1. Sarafa Bazaar, Indore

A major hub for silver jewellery, coins, idols, and utensils. Many wholesalers trade in bulk silver, making this market a benchmark for pricing in MP.

2. Rajwada Area, Indore

Surrounded by traditional jewellery stores offering silver articles, pooja items, rings, anklets, and tribal jewellery.

3. Sarafa Bazaar, Bhopal (Old City)

Known for handcrafted silver jewellery, payal, toe rings, silver coins, bracelets, and festive silver items.

4. Chowk Bazaar, Bhopal

Popular for traditional designs, tribal silver ornaments, and pure silver utensils used in festive and religious ceremonies.

How to Record Silver Rates in TallyPrime – Step-by-Step Guide

Recording daily silver prices in TallyPrime is essential for jewellers, bullion traders, and silver article businesses. Accurate rate entry ensures proper billing, stock valuation, and GST compliance.

Below is a complete guide written in simple steps.

1. Maintain a Daily Rate Sheet for Silver

Before updating Tally, prepare a simple daily sheet showing:

• Silver rate per kg (e.g., ₹109,600 on 4 Dec 2025)
• Rate per gram
• Market reference (Indore Sarafa or Bhopal Sarafa)

This sheet is used by sales staff, accountants, and inventory managers.

2. Create Silver Stock Items in TallyPrime

Steps:

1. Go to Gateway of Tally → Create → Stock Item
2. Create separate categories for:
   • Silver 999 Coins
   • Silver 925 Ornaments
   • Silver Utensils
3. Units:
   • Grams or Kilograms
4. Enable GST configuration:
   • Silver (3% GST)
   • Making charges (5% GST)
5. Save the item

This helps Tally maintain proper purity-wise and product-wise silver stock.

3. Record Silver Purchase from Market

When you buy silver from a dealer in Sarafa Indore or Bhopal:

Steps:

1. Go to Accounting Vouchers → F9: Purchase
2. Select the vendor (e.g., ABC Silver Traders – Sarafa Indore)
3. Choose Purchase – Silver (3% GST)
4. Select the stock item
5. Enter:
   • Quantity (grams or kg)
   • Rate per gram based on the day’s value
6. GST auto-calculates
7. Save the voucher

Your inventory updates accurately with current market values.

4. Set Selling Prices for Silver in TallyPrime

Businesses typically use:
Silver Rate + Making Charges + GST

To configure:

1. Open the Stock Item
2. Enable Set/Alter Rates
3. Enter daily price (e.g., ₹109.6 per gram)
4. Add a separate ledger for making charges

This allows Tally to calculate item pricing dynamically during billing.

5. Recording Silver Sales in TallyPrime

Here’s an example:

Selling Example:

A customer buys:

• Silver 925 anklet
• Weight: 75 grams
• Rate (4 Dec 2025): ₹109.6 per gram
• Making charges: ₹300 per piece

Steps to enter sale:

1. Go to F8: Sales
2. Select customer
3. Choose Sales – Silver ledger
4. Select the item (Silver Anklet 925)
5. Enter:
   • Quantity = 75 g
   • Rate = ₹109.6
6. Add Making Charges Ledger
7. Tally applies GST
8. Save voucher

The stock reduces automatically, and the revenue is accurately calculated.

6. Updating Daily Silver Rates in TallyPrime

You can update silver rates in two ways:

• Manually during each sale entry, or
• Using Price Levels, such as:
  • Retail Price
  • Wholesale Price
  • Festive Price

This helps jewellers keep their billing process smooth when silver prices fluctuate frequently.

Conclusion

The silver markets of Madhya Pradesh—especially Sarafa Bazaar Indore, Rajwada, Sarafa Bazaar Bhopal, and Chowk Bazaar—play a vital role in setting silver prices across the state. On 4 December 2025, the silver rate stood around ₹109,600 per kg, which guided both wholesale and retail transactions.

With TallyPrime, businesses can easily record daily silver rates, manage inventory, calculate GST, and maintain accurate billing. Following the steps above ensures smooth operations and transparent pricing for customers.

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