Last updated on: 3th Feb 2023 10:00 AM
Silver has always been a household favourite in Hyderabad. Both silver and gold are in demand for various purposes. A city with a vibrant historical past, Hyderabad is now a fast-growing hub for young professionals and investors as well. Tourists flock to experience the city's historical monuments of cultural significance. For most travellers, Hyderabad is one of the prominent business locations they often visit.
Some popular industries with high demand for silver include green technologies, e-vehicles, the automobile segment, and the photovoltaic industry.
As the capital of Telangana, Hyderabad is a renowned shopper's paradise and popular for its stunning historical monuments. Historical monuments like Charminar and the Fort of Golconda need no formal mention as almost everyone in the country has heard of them. Moreover, it is a major hub for the technology industry. The demand for silver remains high in Hyderabad throughout the year, but the city observes an increased demand during the wedding season and festivities.
Many investors consider investing in precious metals like gold and silver a viable decision. Here's a comparison between gold and silver:
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Silver is one of the precious metals that is very soft. To check the purity of the silver, you could consider the following factors:
You can buy silver in Hyderabad as silver bullion in the shape of coins and bars. Choose reputed jewellers when you want to buy silver. While there are plenty of options to buy online, you can check for recommendations within your social networks as well. Silver could be bought in futures, ETFs, and mining stocks.
Silver is a very good option as an investment avenue. It acts as a hedge against inflation and fluctuating stock market prices. The use of silver in industries also influences its price. It is more affordable to buy when compared to gold.
You can invest in silver in various forms:
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You can invest in paper silver through the commodity market.
They are not backed by authentic metal and exist on paper only.
You are exposed to credit and counterparty risk.
Silver certificates, exchange-traded funds, and silver future accounts are a few examples.
It has its intrinsic value and is generally seen in bars and coins.
Physical silver gets tarnished easily and needs storage.
You are not exposed to counterparty and credit risk.
Weight tests, magnet tests, hallmark identification, etc., are ways to evaluate the purity of physical silver.
A Goods and Services Tax (GST) of about 3% is charged on silver jewellery.
When you pay the cost of silver jewellery, it includes the making fees, applicable hallmarking charges, and the Goods and Services Tax (GST).
Silver jewellery, items and accessories, whether they are plated or covered in another precious metal (excluding articles more than 100 years old), are subject to a GST rate of 3%.
Calculation of Price = current rate of silver per gram x weight of silver x purity of silver + making charges + hallmarking charges (if applicable) + GST.
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