Last updated on: 3th Feb 2023 10:00 AM
Are you wondering, "Is silver a wise choice for investments?"
In India, both silver and gold are considered better investment choices. So a comparison between the two makes sense. For festive occasions and weddings, most Indian households preferred silver and gold. Buying silver coins is a common option in the majority of Indian homes.
Silver is a good investment option in Kolkata. The price of silver in Kolkata is volatile. It depends on factors such as inflation, economic conditions, demand, and supply. But, over the long term, the price of silver tends to increase.
Durga Puja is the most important festival in Kolkata. Prayers to the goddess Durga, along with the celebrations and entertainment, describe this five-day festival. The demand for silver in Kolkata during this time is usually higher.
The Calcutta Stock Exchange is situated in Kolkata. It is the economic and financial hub of east and northeast India. It serves as an important commercial and military port. Kolkata is known for its rich art and literature. Silver is an integral part of Kolkata's festive celebrations and way of life.
One of the main reasons for the high demand for silver in Kolkata is the city's rich culture and heritage. Silver has always been a part of Bengali culture, whether in the form of jewellery or utensils. Even today, many families in Kolkata use silver utensils for special occasions.
Another reason for the high demand for silver in Kolkata is the recent surge in the price of gold. With gold prices reaching record highs, many investors are turning to silver. It is a more affordable alternative. Also, silver is seen as a haven investment, another factor driving its demand.
According to Senco Gold & Diamonds, a well-known Indian jewellery brand, the market for traditional silver and gold coins will remain stable throughout 2022. The metal is now accessible to small investors in Kolkata with the introduction of silver exchange-traded funds (ETFs) in 2021.
Here are some interesting facts about silver in Kolkata:
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The Bureau of Indian Standards (BIS) hallmark determines the silver purity level in Kolkata. The amount of silver in an alloy is referred to as its purity. Silver is measured in parts per thousand.
For example, sterling silver is a common type of silver alloy. It contains 92.5% pure silver and 7.5% other metals, like copper. Pure silver is too delicate to make valuable items. A silver alloy like copper gives strength and durability to the articles.
Silver is a fantastic choice for investment in Kolkata. It is a buffer against price fluctuations in the stock market and inflation.
Silver is a precious metal and a commodity used in international trade. This is a driving factor that investors should consider when investing in silver. The use of silver in several industries in Kolkata influences the price level.
Silver investments come in a variety of forms, including:
1. Silver Coins
2. Silver bars
3. Silver Jewellery
4. Silver Exchange-Traded Funds (ETFs)
5. Silver Futures Contracts
6. Ownership of a stake in silver mining companies
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You must pay the making costs, relevant hallmarking fees, and the Goods and Service Tax (GST) while purchasing silver jewellery in Kolkata.
Silver jewellery, objects, and accessories, except for products older than 100 years, are subject to a 3% GST rate, regardless of whether they are plated or covered in another valuable metal.
Price = current silver rate per gramme x silver weight x silver purity + making charges + hallmarking charges (if applicable) + GST
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