Silver rate in Jabalpur
silver rate in jabalpur

1gm:
77.30
0.00(0.00%)
1kg:
77,300.00
0(0.00%)

Last updated on: 3th Feb 2023 10:00 AM

Jabalpur is the second most populous district in Madhya Pradesh and is the second largest metropolis in Central India. The district is famous for its marble rocks and natural surroundings. Besides this, the city has a long history related to the Kalachuri and the Gond dynasties which makes it an attractive tourist destination. 
Apart from its historical and cultural significance, Jabalpur district has various mining and manufacturing industries. Even though the demand for silver in the industrial sector of Jabalpur remains more or less the same around the year, the demand in the domestic sector increases considerably during the wedding and festive seasons. 

Silver rates as per grams in Jabalpur

GramYesterdayToday
1gm
77.30
0.00 (0.00%)
77.30
0.00 (0.00%)
8gm
618.40
0.00 (0.00%)
618.40
0.00 (0.00%)
10gm
773.00
0.00 (0.00%)
773.00
0.00 (0.00%)
100gm
7,730.00
0.00 (0.00%)
7,730.00
0.00 (0.00%)
1kg
77,300.00
0.00 (0.00%)
77,300.00
0.00 (0.00%)

Understanding The Demand For Silver In Jabalpur
 

The industrial sector in Jabalpur is relatively well-developed. Various industries in the district use silver to make different types of products. These industries include electronics, automobiles, solar power, and chemical production (as a catalyst), to name a few. Moreover, people in Jabalpur also invest in silver in the form of bars, coins, ornaments, utensils, and other forms of silver items. After the launch of silver ETFs, people in Jabalpur are also investing in these forms as well. 

Historical silver rates in Jabalpur in last 10 days

1 gram
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Day Silver
04 Feb 2023
77.30
0.00 (0.00%)
03 Feb 2023
77.30
0.00 (0.00%)
02 Feb 2023
77.30
2.50 (3.35%)
01 Feb 2023
74.80
0.30 (0.41%)
31 Jan 2023
74.50
0.30 (0.41%)
30 Jan 2023
74.20
0.00 (0.00%)
29 Jan 2023
74.20
0.00 (0.00%)
28 Jan 2023
74.20
-0.40 (-0.53%)
27 Jan 2023
74.60
-0.40 (-0.53%)
26 Jan 2023
75.00
1.00 (1.36%)

Some Interesting Facts on Silver and Silver Rates in Jabalpur vs Other Cities


The price of silver in Jabalpur depends on several factors including demand and supply, import duty, the position of the Indian Rupee against the US Dollar and several other factors.
The price of silver in Jabalpur is also decided by its purity. For example, if you buy silver bullion such as coins and bars, they have a purity of up to 99%. So, the price of silver bullion is relatively high, especially for a silver coin.  
Silver in its original form is quite soft, so copper, zinc and nickel are added to provide additional strength.

How to Buy Silver in Jabalpur 
 

If you want to buy silver in Jabalpur, you can do so from any trusted jeweller or online. However, remember that hallmarking is not mandatory for silver jewellery yet, so purchase silver from a trusted and authorised source or ask to get a hallmarking done before making the purchase. Moreover, you can also buy silver from the online market in physical form or paper silver.

Weekly & monthly silver rate in Jabalpur
1 gram
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7 Days
30 Days
3 Months
6 Months

Impact of GST / Central Bank Policies on Silver Rate in Jabalpur 


After the Goods and Service Tax (GST), the cost of silver in Jabalpur has increased. Before GST was implemented, there was a 1% excise duty and 1% VAT on silver and gold purchases. However, after GST was implemented, the Government of India imposed a flat 3% GST on silver purchases instead of both these taxes. Moreover, there are also making charges on silver jewellery and the customs duty of 10% has remained the same. So, you now need to pay an additional 1% when purchasing silver in Jabalpur, than before. 

Paper Silver vs Physical Silver


Paper Silver
 

  • Exists only on paper in the form of ETFs, silver futures accounts and silver certificates
  • High demand i.e. 243 times larger than the physical silver market
  • No need for mining
  • No use in the industrial and manufacturing processes
  • No need to store physically

Physical Silver
 

  • Exists physically in the form of silver coins, jewellery and bars
    Lower demand
  • To be physically mined
  • Required in various industrial and manufacturing operations such as solar panels, automobiles and battery technology
  • Need to store securely in vaults, warehouses and deposit boxes 

Trend of Silver rates in Jabalpur

1 gram
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Day Silver
01 February 202374.8
05 February 20230
Highest77.3
Lowest74.8

How is the Purity of Silver Evaluated in Jabalpur
 

Physical check
 

You can quickly examine silver externally to determine its purity. If the metal seems stiff and rigid, it might not be pure silver because it is soft and deformable. Additionally, the silver's pretentiousness, smell, and luminance may be indicators of its authenticity.

Authenticity stamp (Hallmark)
 

The most genuine silver products are marked with the "925" stamp. You will find this imprint if you look closely, even if it is not immediately visible. This stamp verifies Silver's authenticity. Authentic silver jewellery will have this hallmark embedded, whether you purchased it offline or online.

Magnet test
 

One of the simplest ways to check for silver purity is with a magnet test. Pure silver would never stimulate a magnet except in iron, nickel, or cobalt mixtures. You can quickly determine the purity of silver by placing a magnet next to the silver object.

Oxidisation
 

Your silver jewellery may not be authentic if it blurs or ages. Real and pure silver will blur, but it will restore its initial gloss and sparkle after cleaning and smoothing. In contrast, impure silver will lose its shine over time and never regain it, no matter how much processing is done.

Acid test
 

Although it is not a convenient method, the acid test is the only real way to determine the purity of the silver. 
You can ask a store employee to conduct the acid test right in front of you. Or you can buy acid outside and conduct the test at your house. 
If the colour of the silver changes after being exposed to an acid drop, the silver may not be pure. Silver is pure if the colour doesn't change.

FAQs of Silver price in Jabalpur

Will silver be worth more in the next ten years?

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What should you keep in mind while buying silver?

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Is investing in silver a good idea?

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What are the factors that impact the resale value of silver jewellery?

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