Last updated on: 3th Feb 2023 10:00 AM
Gandhidham is a flourishing city near the Kutch region of Gujarat. Gandhidham was initially known as Sardarganj. The city is known for its religious sites and Kutch's economic capital. Bhadreswar, Purneshwar, and the Sun temple are a few of their most frequented tourist places.
Silver is always in demand in Gandhidham, as in many other Indian cities. The reason for the increasing demand for silver is its use in various industries —the electrification of e-vehicles, green technologies, the photovoltaic industry, and the automobile segment, among others. Throughout history, people have been buying gold and silver because they have been in demand for their value and use.
Let's look at today's silver rates in Gandhidham and how to check the purity of the silver.
Although it is not as expensive as gold, silver is linked with various industrial uses, making it a good investment asset.
Here are some ways to check if the silver is pure:
Pure silver will melt ice rapidly, even at room temperature. So, if the silver article you have purchased does not melt ice quickly, it could be degraded.
Like gold, pure silver should not strongly attract a magnet. So, if your silver article gets stuck to a magnet, it could be mixed with other metals.
This test should be done at a jeweller's shop. Ask the jeweller to scratch the silver piece over a black stone used for such tests. Then the jeweller will place an acid solution on the scratch. The colour reaction to the scratch test will help decide the purity level of silver. The purer the silver, the brighter the red colour will be.
Silver reacts easily to environmental changes. Therefore, this test should only be done with supervision or proper knowledge. Bleach is a strong oxidising agent. If you apply some household bleach to pure silver, it will turn dark quickly.
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Official data shows that the demand for silver was 9% higher in India in 2021 than in the previous year. It hit the highest in terms of demand since 2010. The festive season in 2022 has shown a clear spike in demand for silver in India. In addition, silver imports to India increased to 5100 tonnes in the first seven months of 2022. It would be fair to say that if you want to invest in precious metals, gold and silver are two of the most widely preferred options.
Here are some investment options in silver:
Bullions are gold and silver cast into bars of the purest form. Just as you invest in gold bullion, you can buy silver bullion, as silver can yield high returns in the long term. It is a good investment option if you have the means to store silver bullion.
Your fund manager will invest in a silver exchange-traded fund (ETF) which would give you returns based on how silver rates change in the market. An advantage of investing in silver ETFs is that you can go ahead without worrying about storage.
Silver, like gold, is seen as a safe haven during uncertain times. You can gain profit from owning stocks of companies involved in mining silver. If the price of silver increases, the company's profits will also go up.
Silver is a precious metal that is often bought and sold on commodity markets and can be considered as an alternative investment option inGandhidham. The price of silver can fluctuate based on a variety of factors, such as supply and demand, interest rates, and global economic conditions. In Gandhidham, the price of silver is often quoted in Indian Rupees (INR) per kilogram.
Investors in Gandhidham may choose to invest in silver through a variety of means such as buying physical silver, buying silver ETFs or investing in silver mining stocks.
Physical Silver: Investors can buy physical silver in the form of bars, coins, or jewelry and hold it as a store of value. One advantage of buying physical silver is that investors can hold it directly in their possession, giving them control over their investment. However, physical silver also involves certain costs like, storage and insurance, and also it's not easy to liquidate it quickly.
Silver ETFs: An ETF is an investment fund that is traded on stock exchanges, like shares. ETFs that track silver allow investors to invest in silver without actually owning the physical metal. These ETFs can be bought and sold just like stocks and are considered to be more liquid and easier to trade than physical silver.
Silver Mining Stocks: Investing in silver mining stocks is another way to gain exposure to the silver market. When an investor buys shares of a silver mining company, they are buying a stake in the company's assets and profits. However, this type of investment carries more risk than investing in physical silver or ETFs as the performance of the company, management and also the mining conditions can affect the stock's performance.
When it comes to investing in silver, it is important to be aware that the price of silver can be volatile and may fluctuate based on various factors such as economic conditions, supply, and demand. Before making any investment decisions, it is always wise to consult with a financial advisor and also do research to gain a better understanding of the market conditions and the potential risks and returns associated with investing in silver.
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When buying silver jewelry in Gandhidham, it's important to keep the following things in mind:
Quality: Make sure to only buy silver jewelry from reputable jewelers who use high-quality silver. Ask to see the purity certification for the silver, and ensure that it is hallmarked by the Bureau of Indian Standards (BIS).
Design: While buying silver jewelery also consider the design of the jewelry. Check for the intricate details and craftsmanship of the piece.
Price: Compare prices from multiple jewelers to ensure you are getting a fair price for the piece. Be aware of any additional charges, such as import duties or GST, that may affect the final price.
Hallmarking: Always check the authenticity of Hallmarking on your silver jewelry, it gives you the assurance of the purity of silver.
Returns and exchanges: Find out if the jeweler has a return or exchange policy, just in case the piece doesn't meet your expectations.
Purpose: Think about why you are buying the silver jewelry, is it for personal use or as a gift. Also, consider if it's something you can wear often, and it would look good with your existing collection of jewelry.
Aftercare: Ask about the jeweler's recommendations for cleaning and maintaining your silver jewelry, to ensure it remains in good condition.
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