Silver rate in Bhilwara

Bhilwara, located in Rajasthan's Mewar region, is known as the "Textile City" as it is home to over 850 textile manufacturing plants. The city exports synthetic fabrics used in the production of trousers to countries all over the world. Bhilwara is also recognised for its 'Fad Paintings,' in which artists depict traditional tales on cloth using natural colours.

Bhilwara beautifully embraces the rich royal history of the past. People in this city who are committed to preserving their culture and traditions have a unique affinity for precious metals like silver. They prefer reserving silver for financial emergencies and prioritise purchasing this metal over others during the festival. Given this, regardless of the economic situation, silver is always in high demand in the city. If you also wish to invest in silver here, read on to learn more about silver rates in Bhilwara.

What Factors Determine Silver Rates in Bhilwara?

Here are the factors that determine the silver rates in Bhilwara:

• Demand and Supply: Silver is a valuable metal with numerous applications. However, they are scant in the earth's crust. If demand for silver exceeds supply, the price will rise.
• Mother Nature: Natural disasters such as earthquakes, hurricanes, and floods significantly influence silver prices. Such events cause a halt in mining operations along with transportation and storage issues, disrupting the supply chain. 
• Crude Oil: Silver mining necessitates the use of technology as well as oil. A sufficient supply of crude oil is also required to ensure an efficient logistics platform. If crude oil becomes expensive, the extraction and transportation costs rise, as does the price of silver in Bhilwara.
• Import Duties: India does not have silver in abundance. It imports silver from China, Australia, the United Kingdom, and the European Union. If import duties are raised at any time, it will directly impact silver prices.

Comparative Analysis of Gold vs Silver in Bhilwara

Here is a comparative analysis of gold vs silver in Bhilwara:

Volatility

• Gold: Gold prices are stable and are unlikely to change significantly.
• Silver: Silver prices change rapidly in response to market conditions.

Liquidity

• Gold: It is highly liquid.
• Silver: It is a less liquid asset than gold.

Usage

• Gold: Gold is used as a conductor in electrical devices, aircraft circuitry, and various medical applications.
• Silver: Silver has numerous industrial applications. They are also used to make solar panels and photography films.

Storage Space

• Gold: Requires less space than silver for storage.
• Silver: Silver has a higher density than gold and thus requires more storage space. They also necessitate specialised storage because exposing them to air for an extended period accelerates the oxidisation process.

Affordability

• Gold: It is an expensive precious metal.
• Silver: It is comparatively cheaper than gold.

How to Check Silver Purity in Bhilwara?

Here are different ways to check gold purity:

Ice Cube Test

Take a small bowl and put a silver piece and an ice cube. If the ice melts quickly, you have pure silver, whereas a slow melting rate indicates fake silver.

BIS Mark

The Bureau of Indian Standards (BIS) official logo can be found engraved on silver coins or ornaments. If the BIS mark is missing, the metal is most likely fake. Hallmarking confirms the purity level of silver and gold. It certifies that the specific piece of silver meets the BIS quality standards.

Ring Test

You are holding pure silver if beating the metal produces a pleasing ringing sound. If the sound is harsh or dull, it represents fake silver.

Magnet Test

The magnet test determines the purity of gold and silver. Run the magnet bar over the alloy. If it sticks to it, it is impure silver.

Sink Test
Sterling or pure silver has no odour. If the alloy you have stinks, it is an impure silver.

What Are The Various Usages of Silver in Bhilwara?

Here are different uses of silver in Bhilwara:

Solar Panels: Silver is an effective conductor of thermal and electric energy. It captures the sun's rays and converts them into photovoltaic energy when used in a solar panel.

Mirrors: Silver's reflective properties make it ideal for creating mirrors. It reflects more than 90% of the light.

Radiology: Silver is commonly used in surgical and medical equipment. Silver is used in making sutures and needles for wound closure because it is almost immune to infection.

Stained Glass: Silver is used in making stained glasses by mixing them with turpentine, clay, and gum.