Last updated on: 29th Jan 2023 10:00 AM
Amravati is one of the largest cities in the western state of Maharashtra, which is famous for its stunning architecture. The Melghat Tiger reserve is a popular destination with wildlife and nature enthusiasts. Many temples and religious places of worship and historical monuments add to the allure of the city, which also has a close link with silver trading.
During festivals and weddings, the demand for silver bars, coins and jewellery increases. This is because people purchase silver ornaments as gifts or for personal use. Silver is also preferred because it doubles as an investment option as physical or paper silver.
Due to its physical properties, silver is increasingly used in industries and for jewellery and coins/metals.
As sector-wise requirements for silver increase, the value of silver grows. Silver, being a tangible asset, can be securely stored but other options also allow people to invest in silver without physically owning the metal. People can also invest in silver since it can be hedged against market volatility and inflation.
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These are the comparisons between gold and silver, the two precious metals that are popularly purchased for personal use and investment:
In general, gold is less volatile than silver and will rise less during a commodity bull market while also falling less during a commodity bear market. Long-term success in silver trading typically depends on closing out positions after significant bullish swings.
With over 56% of the supply of silver being used in the industry each year, silver is used more frequently than gold in the commercial environment. During turbulent economic times, gold climbs due to its perceived safe-haven status in contrast to silver, which is more closely associated with the economy's health due to its extensive use.
If you want to invest less money in precious metals, silver is an affordable option.
In addition to investment options such as mutual funds and other market investments, there are two ways that you can invest in silver:
Physical silver purchases: You can buy silver coins, bars, jewellery etc., from jewellers in Amravati. Many jewellers offer hallmarked silver, while some sell un-hallmarked silver objects as well. There are also making charges and GST on every purchase.
Paper silver purchases: You can invest in silver if you want to diversify your investment portfolio and get better returns. You can buy silver exchange-traded funds (ETF) and silver options and futures. These purchases exist on paper and hence, do not include making charges or GST.
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If you are buying hallmarked silver products, then you can check the purity of silver by looking for these symbols:
A purity grade defines the percentage of silver content on a specific product. Divide the purity grade by 10 and you will get the percentage of pure silver.
If you are buying un-hallmarked silver products, then it is hard to test the purity of the silver. One option is a magnet test. If the silver is strongly attracted by a magnet, the ratio of silver is very low.
The Government of India introduced a new tax scheme called GST (Goods and Services Tax) in 2016, replacing the old tax system of VAT. The GST on silver is:
A customs duty of 10% has remained unchanged over international silver prices on every silver purchase including silver coins, bars, ETFs, etc., that is:
International silver rate + Customs duty of 10% = Silver rate in India
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