Last updated on: 3th Feb 2023 10:00 AM
Kannur is a coastal city in Kerala famous for its spice trade. Jewellery has been an inseparable part of this south Indian culture. Gold and silver are the core of Kannur’s centricity and are seen as a status symbol in the city. The demand for silver is steadily rising in the city, and as a result, an increasing number of silver investors are coming up in the city.
Should you invest in silver in the present market scenario in Kannur? Throughout history, gold and silver are metals that have been largely in demand for different purposes. While gold has been women’s favourite for ornaments and is also used for deities, silver has a more diverse usage across industries, such as in the electrification of e-vehicles, green technologies, the photovoltaic industry, and the automobile segment, among others. Let us look further into silver rates in the city and how you must proceed further as an investor.
According to the Silver Institute, silver ranks as a highly used commodity in the industrial and automobile sector. On average, over 36 million ounces of silver are used yearly in auto manufacturing.
Vehicular connections are often activated using silver-coated contacts. It includes some of the most superficial touchpoints, such as starting the engine, opening windows, etc.
Silver has been an integral part of healthcare treatments since time immemorial. For decades, there has been a practice of putting silver nitrate drops into newborn babies' eyes to prevent infection. During World War I, battlefield wounds were treated using silver foil. Silver, combined with other ailments, was also corrected using silver sutures.
Water purifiers also use silver to prevent algae, bacteria, and other harmful particulates from building up.
Silverware is used in home decor, including cutlery such as forks, knives, bowls, and many household items.
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Silver rates in Kannur can be affected by several factors, including geopolitical and national policies. Some of the most prominent factors are listed here:
Demand: During festivals and weddings, the demand for gold and silver rises significantly. Continuing with the law of demand, the increase in demand also increases the price of silver. Festivals such as Akshaya Tritiya and Dhanteras are a few examples of the same. However, there is also a downside to it. The demand for these precious metals decreases considerably during Kharmas, traditionally the Hindu off-season for weddings, housewarmings, and other auspicious events.
Government Regulations: Government regulations also impact silver rates considerably. The rate tends to decline when government policies favour this shining metal and vice versa. The implementation of GST further raised the price of silver in Kannur.
Local and Global Factors: Local and global factors such as availability, trading prices in the city, demand, and the currency exchange rate, among others, also affect silver prices. India, the largest consumer of silver, is also highly affected by the change in prices in the global market.
There are two ways to buy silver, as stated below:
Physical purchase from shops: Jewellery stores are the primary option for buying silver locally. They are located in busy markets or showrooms that serve as shopping spots for both men and women. They offer a wide variety of silver jewellery, such as .999 and .925 silver. Physical silver in Kannur can be bought through famous and certified jewellery stores.
Purchase through online markets: Not everybody can take the time to go local, so we have online stores selling jewellery and artefacts online. Silver bullion, mutual funds, and silver ETFs are a few alternatives you can invest in via the financial markets. However, it would be best to buy only from reliable sources.
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When buying silver jewelry in Kannur, 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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