Silver Rate Today in Karaikudi

Karaikudi is a city located in the Sivaganga district of Tamil Nadu, India. It is well known for its rich cultural heritage, stunning architecture, and intricate carvings on its traditional homes, which are made of limestone. The city has a rich history, with its origins dating back to the Chola dynasty.

In recent years, Karaikudi has seen an increase in the number of people investing in gold. This trend can be attributed to several factors, including the rise in gold prices, increasing awareness about the importance of investing in gold, and the ease of purchasing gold in the city. With several gold shops and jewellery stores, it is now easier than ever for residents to buy and sell gold. Additionally, with the growth of e-commerce and online shopping, residents can now purchase gold from the comfort of their own homes.

How is the Purity of Silver Evaluated in Karaikudi

A hallmark is the most reliable way to verify silver authenticity in Karaikudi and throughout India. A hallmark certifies the purity and fineness of silver by the Bureau of Indian Standards (BIS).

There are a few signs to look for when purchasing silver jewellery or articles. You can determine a metal's fineness by examining the following parameters.

BIS Mark
It is the logo of the Bureau of Indian Standards. It is triangular-shaped with a dot in the middle.

Purity Grade/Fineness
Depending on the purity grade, fine silver can be 999.9, 999.5, or simply 999.There are five purity grades for silver alloys, jewellery, and artefacts: 970, 925, 900, 835, and 800.

Years of Marking
A hallmarking of jewellery includes an alphabet that symbolises the year of the marking. For instance, the letter 'A' represents the year 2000, the letter 'B' represents the year 2001, and similarly, the letter 'J' represents the year 2008.

Jeweller’s Identification Mark
As the name implies, it serves as the jeweller's identification mark. It ensures that the silver comes from an authentic source and eliminates the possibility of disputes.

While buying silver, you need to pay attention to these four signs. As a result of the introduction of the hallmark by BIS, investors now have greater confidence in the authenticity of precious metals.

Impact of GST on Silver Rate in Karaikudi

GST (Goods and Services Tax) was implemented in 2017. Under this tax regime, all silver purchases are subject to 3% GST. There is also a 5% GST charge on jewellery-making charges.

In India, gold & silver imports are subject to three types of taxes: Custom Duty (12.5%), Agriculture Infrastructure Cess (2.5%), and Social Welfare Surcharge (10% of Custom Duty).

As of July 2022, the Social Welfare Surcharge has been exempted. As a result, the total import duty is 15%.

Invest in Silver in Karaikudi

In Karaikudi, silver is considered to be a good gift option. Many people exchange items made of silver on various special occasions. During the wedding season, people pressure gifting Silver items to the newlywed.

The best part is that you can buy silver from any jewellery shop in Karaikudi. People can also select and verify silver merchants to buy the best quality silver. Even the banks and post offices offer people certified silver. If you do not have a certified silver item, it will not provide you with the best value when you want to sell it again. Especially if you want to exchange the old product with the new one you might have to pay a premium.

Some Interesting Facts about Silver

1. There has been a close association between silver and healthcare for several decades. Silver helps heal burns and wounds. It also minimises or prevents infection.
2. Silver's unique properties have increasingly contributed to identifying diseases such as tuberculosis.
3. As an excellent catalyst, silver plays an integral role in a variety of chemical processes.
4. Fish, shellfish, oysters, and mushrooms contain trace amounts of silver.
5. It is believed that silver was more valuable than gold in ancient Egypt.
6. Silver is one of the first five elements discovered, following gold, copper, iron, and lead.
7. Silver is used in Indian cuisine as a condiment called 'varak'. It consists of a thin sheet of delicate metal filigree to decorate food and sweets.
8. There are large amounts of silver in Mexico, Peru, the US, Canada, Russia, and Australia.