Last updated on: 3th Feb 2023 10:00 AM
Raipur, the capital of Chattisgarh, is an industrial hub. It is particularly well known for its steel-producing units. Being a major railway junction, the city attracts tourists from across the world. Moreover, many festivals are celebrated in Raipur with great enthusiasm and delight. And the locals buy gold or silver to mark these auspicious occasions.
The city is home to a thriving jewellery market that trades silver, among other precious metals. Silver represents prosperity. Hence, the demand for silver in Raipur goes up during festivals and wedding seasons. In addition, silver acts as a hedge against inflation. Hence, investors in Raipur also view silver as an investment option. Beyond this, silver is used widely in various industries.
The people of Raipur have found various ways to invest in silver. Buying silver in the form of jewellery and coins was a traditional choice. However, with digitisation, Raipur residents are increasingly drawn towards paper silver. In this case, you invest in an instrument that represents the value of silver but is not silver.
Let's now look at the different silver investment options in Raipur:
It denotes purchasing precious metals like silver or gold in bulk. Examples include buying silver bars in bullion. Remember that silver bullion contains silver, approximately 99.5% pure.
The people of Raipur invest in silver jewellery primarily because it is cheaper than gold. However, if we use silver bars to make jewellery, silver will likely lose its value.
Many jewellers and banks in Raipur sell silver coins. They are popular among the city's middle class. Less expensive than jewellery, coins are easy to store. However, they typically cost more than bars, with making charges added to the final bill.
Although relatively new, digital silver is getting popular among Raipur's digital-savvy investor community. It allows people to buy and sell silver online without having to deal with storage issues. Remember that digital or e-silver is held in a Demat form and backed by 99.9% pure silver.
Another popular way to invest in silver, Exchange Traded Funds or ETFs, are funds which track the price of silver. They are traded on stock exchanges, and any change in the market rates of silver impacts their value.
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From weddings to festivities, the white metal is used widely across Raipur. Although cheaper than gold, silver can still cost a substantial sum. The Raipur market is flooded with silver traders, so how do you ensure that the jeweller you picked is selling authentic silver? One simple answer - Hallmark.
Hallmarking is a process that guarantees the fineness of precious metals like gold and silver. It prevents sellers from over-charging customers or duping the latter over the metal's purity.
In India, the Bureau of Indian Standards (BIS) hallmarks all silver items. It does so through numerous assaying centres across the country.
So, before you invest, check the following things:
It is the foremost mark of the metal's purity. Hence, the BIS logo is the first thing to check for.
The purity/fineness grade of pure silver is 999.9. Similarly, different grades are assigned to silver products depending on the percentage of pure silver in them.
Typically, the year of making is denoted by an alphabet.
The identification mark of the jeweller is one of the main factors guaranteeing the purity of the silver.
Silver is used widely in the medical sector. For instance, it is said to help diagnose diseases like Tuberculosis.
Although gold ETF has been around for more than ten years, silver exchange-traded funds (ETF) were introduced in 2022.
Mexico produces the most silver annually. The country reportedly produced about 6300 metric tonnes in 2019!
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When buying silver jewelry in Raipur, 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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