Last updated on: 3th Feb 2023 10:00 AM
Kakinada, also known as Cocanada, Coringa, and Kakinandiwada, is one of the largest cities in Andhra Pradesh. It is the district headquarters of a newly formed district with the same name, carved out of the former East Godavari district. Notably, silver is in demand with the residents of Kakinada.
As you already know, silver is widely used in various applications of diverse industrial sectors. New technologies such as electric vehicles, solar panels, and other renewable power industries involve the use of silver.
Besides its popularity in industrial applications, silver is a popular choice for jewellery. Demand for silver ornaments jumps significantly during festivals and other auspicious occasions in India. People consider it an auspicious metal to buy during special occasions and festivals.
Keeping in mind the upward potential of silver in India, do you want to include this metal in your investment portfolio? If yes, be aware of the silver rate in Kakinada and other cities.
Kakinada is emerging as a significant IT hub thanks to the Software Technology Parks of India (STPI) facility established in 2007. Kakinada is also a principal export hub for seafood (such as fish, shrimps, prawns, etc.) and agricultural products (corn, rice, etc.), biofuel, bauxite powder, iron ore, processed food products, oil meals, chemicals, and many more.
This city is a major hub of the biofuel industry and edible oil refining. This also makes it a place that will see continued usage of silver across diverse sectors.
The city's economic success, the rise in demand from emerging new-age industries, and an increased preference for silver jewellery contribute to its overall demand and price in Kakinada.
One of the main reasons people in Kakinada buy silver is its affordability. Gold is not always within reach of all households. So, they opt to buy silver.
Silver belongs to the bullion category and is considered a safe haven to park money in the long run. Especially during geopolitical and economic uncertainties (such as wars or recessions), people invest in silver to protect the value of their wealth. This is mainly because this metal is considered a store of value.
In Kakinada and other cities in India, people buy silver as an inflation hedge. One of the main reasons silver investment's return on investment to grow beyond inflation is its increasing demand from the industrial sector (especially electronics, electric vehicles, and solar panels).
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After the implementation of GST in India, the following taxes are applicable to the silver price in Kakinada:
In the pre-GST era, 1.2% VAT, 1% excise duty, and 10% customs duty were applicable. So, when you compare the pre-GST and post-GST regimes, you’ll find that the implementation of GST has increased the silver rate in Kakinada.
Silver is a precious metal that is often bought and sold on commodity markets and can be considered as an alternative investment option inKakinada. The price of silver can fluctuate based on a variety of factors, such as supply and demand, interest rates, and global economic conditions. In Kakinada, the price of silver is often quoted in Indian Rupees (INR) per kilogram.
Investors in Kakinada 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 Kakinada, 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.
How to calculate the silver price in Kakinada?
Is Silver safe to Buy?
Will silver be worth more in the next 10 years in Kakinada?
Is Silver a better option for purchases than Gold?
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