Last updated on: 29th Jan 2023 10:00 AM
Bikaner is a princely city residing in the northwestern part of Rajasthan, India. Apart from being famous for its palaces and historic temples, it is also known for its traditional jewellery designs. Silver is always in demand due to its extensive usage. It is used to make contemporary jewellery, batteries, touch screens, television, and industrial equipment.
The highest demand for silver in Bikaner is from the citizens and industries. People buy more silver during festivals and auspicious occasions. They also use it for utensils and gifting purposes. Silver is also an industrial metal. The demand for silver never fades because of these numerous industries in Bikaner.
Before knowing the silver rates in Bikaner, you must know that several dynamic factors discussed below, determine the price of silver.
Demand and Supply: The current rate of silver in Bikaner goes by the demand-supply rule. The lower the demand, the lower the cost of silver, and vice versa. During festivals, the rate of silver is slightly higher due to its increasing demand.
Inflation: Inflation affects silver prices in Bikaner. It is an economic condition where there is a general rise in prices. During inflation, the purchasing power of the currency will decrease. Given this, the silver rates in Bikaner will rise slightly during inflation.
National and International Trends in Economy: Silver rates highly depend on the national and international trends in the economy. When an economy is slow, the citizens will hardly find a way to invest. Conversely, if the economy is strong, people will buy and invest more in silver. It increases the demand.
Geo-political Tensions: Geo-political tensions such as war, military activity, climate change, international relations, etc., impact silver rates. During this period, the silver rates may increase accordingly.
Other Factors: Other factors, such as fluctuations in the US dollar, oil prices, import duties, etc., also affect the silver rates in Bikaner.
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You can buy silver from any trustworthy private dealers, authorized sellers, certified jewellers, and banks in Bikaner. When you buy physical silver, you can opt for a trustworthy bank locker and store it by paying some storage costs.
In Bikaner, gold is mainly used for ornamentation and investment. Thus, the demand for this precious metal is also high in this city. However, locals prefer silver to be more affordable. The gold rates in Bikaner for this month have slightly increased. However, its demand is at its peak. You can also buy silver by closely monitoring the gold rates.
Silver is available in various grades and levels of purity. The purity of silver is generally expressed in % for a score of 1000. The highest purity level for silver is 999 or 99.9%.
Silver in its original form will not be flexible. So, it is mixed with other metals like copper, nickel, etc. This reduces the level of silver's purity and hence, it is graded or certified.
GST stands for Goods and Services Tax. This is the nationwide tax that is paid for the finished goods & services. It was formally implemented in the year 2017. For silver, you have to pay 3% as GST in Bikaner. Following new GST rates, the price of jewellery will be high in comparison to old rates.
Whenever you buy silver in Bikaner, it is important to look for the factors below.
Trustworthy Sellers: The first factor to consider while buying silver is to choose a reputed and trustworthy seller both online and for direct purchase.
Purity and Hallmark: Hallmarked silvers will always be the best to buy and invest in. As per the Bureau of Indian Standards (BIS), you should look for four signs that confirm the purity of the silver. They are:
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Silver is an affordable option for investment in Bikaner. You can invest through Exchange Traded Funds (ETFs), Exchange Traded Notes (ETNs) and even through mutual funds.
You can also invest in paper silver within Bikaner from any authorised dealers.
Even within physical silver, you can invest in bars, jewellery, utensils, etc.
The two forms of silver are:
Physical Silver (Physical Bullion) is what you can see with your eyes. i.e., a tangible (visible) form of silver. It includes bars, jewellery, utensils, etc. The greatest advantage is the actual existence of the silver and no hackers can hack it.
Paper Silver is the intangible form of silver. It is mostly used for trading & commercial purposes. Here the amount equivalent to that value of silver will be with you but you will not see the silver. There is no storage cost but this type comes with its own risk.
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