Silver Rate Today in Patan

Patan is a major town located in Gujarat and is famous for its handmade Patola Sarees, which are sold across many shops in the city. Apart from saree workshops and factories, Patan is home to numerous small and medium-sized enterprises. Many of the local residents are employed in these industries or related trades. With a stable income, they always look for better investment opportunities, silver being one of the most popular options.

In Patan, silver is used by many factories operating in GIDC. Besides commercial usage, silver here is also used for making coins, bars, utensils, gift items, and other ornaments. When so many people in the city are interested in this precious metal, it is not a surprise that a lot of investors keep a close watch on silver rates in Patan. Read on to learn more about silver rates in Patan and how you must proceed ahead with your investment in silver.

How is the Purity of Silver Evaluated in Patan?

If you want to invest in physical silver, you must ensure that the objects you buy are made of pure silver. There have been several instances of fake silver sold by unethical jewellers. Hence, you must be aware of the process involved in determining the purity of silver in Patan.

Like most other cities of India, silver hallmarking was introduced in Patan in 2005. Ever since buyers in Patan have preferred hallmarked silver, it offers them a complete peace of mind and better returns on the money. If you also plan to purchase silver, here are the signs you ought to look for: -

BIS Mark: Bureau of Indian Standards logo must be stamped on the piece. It features a triangle shape with a dot in the middle.

Purity Level: The purest silver is rated .999. Hence, if you are buying any hallmarked silver product, ensure that this figure is stamped on it.

Jeweller’s Mark: Many jewellers prefer to put their mark on the product along with the year of the marking.

If you intend to purchase silver from an online seller, then you ought to be extra careful. You must check their credentials and ensure that they only sell hallmarked jewellery.

How to Buy Silver in Patan?

Here are the different options that you can use while buying silver in Patan:

Jewellery Store: There are many jewellery stores located in and around Patan. They sell gold and silver jewellery, ornaments, figurines, coins, and bars. You must identify a reliable seller and then purchase a hallmarked silver product. The seller will charge you making charges and taxes for the transaction.

Online Platforms: If you are not too adamant about physical silver and only want to profit from it, then you can invest in silver mutual funds and ETFs. These options allow you the leverage to avail yourself of paper silver without any hassles associated with physical silver.

Paper Silver vs Physical Silver

Here is a comparative analysis to help you understand the differences between paper silver vs physical silver:

Paper silver is much easier to purchase and sell than physical silver.

If you need silver coins or jewellery, then physical silver is the best available option.

If you have a long-term investment horizon, you can invest in physical silver.

If your goal is to trade in silver to benefit from daily price changes, then paper silver is the better option.

Some Interesting Facts on Silver

Here are some of the most interesting facts related to silver that will certainly pique your interest in this precious metal: -

• As per experts worldwide, the demand for silver is slated to rise in the coming years. The driving factor is its increasing industrial applications in multiple sectors.
•  Silver has become an indispensable part of many green technologies aimed at reducing the carbon footprint of industries worldwide.
• Mexico will soon become the largest producer of silver in the world, and this metal has been mined here since the 16th century.
• Silver is one of the five first elements ever discovered, including gold, iron, copper, and lead.

Comparative Analysis of Gold vs Silver in Patan

When it comes to investing in precious metals, gold and silver are two of the most popular options in Patan. As an investor, you might also face this question while taking a decision. On the one hand, gold is precious and has a bigger market size, but on the other hand, silver has a much wider user base than gold and is comparatively affordable. Hence, you must undertake a comparative analysis of gold vs silver in Patan to reach a decision.