Silver rate in Madurai

When you think of Madurai, the first thought that comes to mind is the Meenakshi Amman Temple. The 2500-year-old city is Tamil Nadu's cultural capital and records significant sales of precious metals like gold and silver on auspicious days. The growth in the volume of silver sales in the city is well-known as people buy silver as an investment. They also gift silver during festivals and weddings. 

Understanding The Demand For Silver In Madurai

The people of Madurai buy silver ornaments, idols of their favourite deities, and utensils. Some communities around the temple use silver items and utensils for their rituals. Again, this makes the demand for silver a continuous one in Madurai, as people use it regularly.

The silver rates in Madurai also indicate an upward trend during festive months, indicating the rising demand for precious metals in the city. 

Interesting Facts on Madurai Silver

Here are some more fun facts about Madurai's silver trade:

• Silver is everywhere and easy to buy in Madurai. Take a stroll and you can find a silver shop on almost every street in Madurai.
• Many pilgrims offer silver coins in temples as part of an offering.  
• Air-tight boxes will come in handy to store pooja silver sets.  
• If silver is stored inside a wardrobe or a cupboard, wrap it in dry tissue paper and avoid opening or exposing silver frequently.

Comparative Analysis Of Gold Vs Silver In Madurai

Gold is soft and brittle for jewellers to make ornaments; they added silver to yellow gold and copper to make rose gold. While gold is a favourite precious metal in Madurai households, silver is more affordable. Also, silver has extensive usage in all industries. While the silver rates in Madurai depend on the import duty, regulatory policies and so on, the precious metal shines in terms of demand and growing usage.

How Is The Purity Of Silver Evaluated In Madurai?

The purity of silver is high in Madurai, and you can check its purity grade as follows:

Irrespective of its form, your silver purchase will have a hallmark from the Bureau of Indian Standards

Check the hallmark and BIS logo, which has the identification mark of the jeweller and the hallmarking centre

The alphabet in the BIS logo represents the year of hallmarking of the silver coin, bar, or ornament.

Look carefully at the BIS logo, and you will find the purity grade of the silver object.

Silver is pure when the silver content is 94.79% and 5.21% of other materials.

How To Buy Silver In Madurai?

Silver buyers can choose to invest in silver online or offline. Here are the steps to purchase silver in Madurai:

• Decide on the purpose of your silver purchase and buy accordingly.
• Decide on the quantity.
• Check the live rates before choosing to buy
• Choose your seller from local jewellers, banks, or through the broker from MCX.
• Check the silver's purity grade.

Impact Of GST On Silver Prices In Madurai

Several taxes apply to the silver purchases in Madurai, one of which is goods and service tax (GST). The seller must charge the buyer 3% per the statutory requirement on the total value of silver purchased.

Silver As An Investment In Madurai

Buying and wearing silver is not a new practice for the people of Madurai. However, trading in silver and holding it only for investment purposes is a practice of recent times. Silver is of lesser value than gold, and the investment preference of the people of Madurai have also changed.

They now buy silver as per their convenience in various metrics. The metrics may be troy ounces (31.1035 grams), million ounces, grams, kilograms, tonnes (one ton equals 1000 kilogram), short tonne, metric tonnes, or tolas(12 Masha or 11.67 grams).

Paper Silver Vs Physical Silver

Silver investors have several options in Madurai. The most significant advantage of holding paper silver is that the investor needs to take the trouble of safely keeping and storing substantial quantities of silver. However, an investor who opts to purchase physical silver secures and controls expenses.