Last updated on: 29th Jan 2023 10:00 AM
Saharanpur is a well-known city situated on the northern side of the Upper Ganges-Yamuna Doab in the state of Uttar Pradesh. The city of Saharanpur is a municipal corporation and is also considered a transportation centre point. In 1997, it was declared Saharanpur division by the Government of India. Saharanpur is a flourishing trade hub that has many agriculture-based industries. The city is famous for its agricultural produce like rice, mangoes and sugar. People of Saharanpur celebrate all major Indian festivals like Holi, Janamashtmi and Diwali.
Festivals are an occasion for people to buy and wear new clothes and jewellery. During festivals and other auspicious occasions, purchasing gold and silver is fairly common. Along with this, more often than not, people ask themselves whether investing in silver is a good option. Investing in gold has always been considered one of the safest options. However, silver is now gaining luster in terms of demand and it is required in several industries like manufacturing semiconductors, water purification, and medicine.
Saharanpur has a significant number of industries like the sugar and paper industry, cigarette industry, and wood-carving industry. The industries are developing fast in Saharanpur. Notably, the scope for investment options has also increased in Saharanpur.
Most households in Saharanpur prefer to invest in silver as it is more affordable. It can be resold without hassles. People consider silver to be auspicious. Next, let's dive in to explore today's silver rates in the city.
Apart from being an option for investment, silver also has some interesting facts that you may not have heard of.
Archaeologists have discovered silver objects dating back to 4000 B.C.
Silver is believed to be one of the most reflective elements as it reflects 95% of the visible light spectrum.
In India, silver is often used as a decorative for sweets and desserts, known as "varak".
At times, silver is used in alternative medicine to cure colds and coughs.
Mexico is one of the world's leading producers of silver.
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In India, the BIS symbol is considered the foremost mark of the purity of silver. The Bureau of Indian Standards or BIS has a triangular symbol with a dot inside the triangle. Apart from the symbol, you can also check the mentioned points to check the purity of silver:
The purity grade for fine silver is 999, for silver alloys is 970, for jewellery is 925 and for artefacts is 900.
The year of marking should be checked which is denoted by the letter "J"
The identification mark of the jeweller.
Silver is a precious metal that is often bought and sold on commodity markets and can be considered as an alternative investment option inSaharanpur. The price of silver can fluctuate based on a variety of factors, such as supply and demand, interest rates, and global economic conditions. In Saharanpur, the price of silver is often quoted in Indian Rupees (INR) per kilogram.
Investors in Saharanpur may choose to invest in silver through a variety of means such as buying physical silver, buying silver ETFs or investing in silver mining stocks.
Physical Silver: Investors can buy physical silver in the form of bars, coins, or jewelry and hold it as a store of value. One advantage of buying physical silver is that investors can hold it directly in their possession, giving them control over their investment. However, physical silver also involves certain costs like, storage and insurance, and also it's not easy to liquidate it quickly.
Silver ETFs: An ETF is an investment fund that is traded on stock exchanges, like shares. ETFs that track silver allow investors to invest in silver without actually owning the physical metal. These ETFs can be bought and sold just like stocks and are considered to be more liquid and easier to trade than physical silver.
Silver Mining Stocks: Investing in silver mining stocks is another way to gain exposure to the silver market. When an investor buys shares of a silver mining company, they are buying a stake in the company's assets and profits. However, this type of investment carries more risk than investing in physical silver or ETFs as the performance of the company, management and also the mining conditions can affect the stock's performance.
When it comes to investing in silver, it is important to be aware that the price of silver can be volatile and may fluctuate based on various factors such as economic conditions, supply, and demand. Before making any investment decisions, it is always wise to consult with a financial advisor and also do research to gain a better understanding of the market conditions and the potential risks and returns associated with investing in silver.
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When buying silver jewelry in Saharanpur, 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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