Silver rate in Jalandhar

Jalandhar is a city in the state of Punjab, which is located in the northwest region of India and is the administrative headquarters of Jalandhar District. Jalandhar is home to several historical monuments and it is also known for its vibrant culture, cuisine, and art forms such as Gazal and Bhangra. Jalandhar is also known for its jewellery market and rich Punjabi-styled jewellery traditionally worn by Punjabi women. Several areas of the city are dotted with many jewellery shops which sell both gold and silver.

Uses of Silver in Jalandhar

Silver is not only used for jewellery, but it has numerous other applications. It is used heavily in the industrial sector. It is one of the few rare malleable materials whose form and shape allow it to be altered easily. Given its wide application, it can be found in many everyday items. The following are some of the uses of silver:

• Silver is used extensively in the automotive industry to make vehicles' safety components.
• In the medical field, silver is used to fight bacteria and germs, and is regarded as an antibiotic. Even medicines such as ointment include silver to fight against disease-causing germs.
• In addition to jewellery, silver has traditionally been used in tableware such as plates, knives and spoons due to its durability.
• Silver has purifying qualities, and has been used in water-purifying systems.

Comparison Between Gold and Silver in Jalandhar

Both silver and gold are highly sought-after precious metals that are also used as financial investments. These are some of the comparisons between the two:

• While the cost of silver has risen in recent months in Jalandhar, mainly due to increased economic activity, this trend is felt throughout the country. But, the price of gold has always been high compared to silver.
• The silver rate has mostly always followed the gold rate.
• The demand for gold is mainly from households during festivals, weddings and other occasions. On the other hand, silver continues to be in demand from households as well as multiple industries in Jalandhar.

Paper Silver vs Physical Silver

Physical silver is in the form of bars, coins, ornaments or jewellery that you can purchase. You do not need specialised knowledge to purchase silver in its physical form, but if you own a large quantity of the precious metal, it is important to store it in a safe and secure place.

Paper silver is not the same as holding physical silver, and the value of silver is only on paper, eliminating the need for vaults or other storage places. There are different types of paper silver such as future silver accounts, certificates, and pool accounts. It is easy to both trade and sell paper silver.

How is the Purity of Silver Evaluated in Jalandhar?

The purity of silver is evaluated in Jalandhar through the Bureau of Indian Standards (BIS) norms, and there are six grades of silver alloy. If the silver bears 990, its purity is 99%, 970 means 97% purity, 925 means 92.5% purity, 900 means 90% purity, 835 means 83.5% purity, and 800 indicates 80% purity. Customers purchasing silver in Jalandhar should look for the hallmark on their silver items from the seller.

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

The policies of the Reserve Bank of India (RBI) has significantly impacted the price of silver rates in Jalandhar. For example, the monetary policies of  RBI at the time of inflation affect the silver cost. In addition, other guidelines of the RBI also impact the price of silver because most silver is imported from other countries. The GST rate imposed on silver in Jalandhar is 3%, which is the same throughout the country, and this should be factored in while calculating the total cost to buy silver.