Silver Rate Today in Sivakasi

Sivakasi is a bustling town located in the Virudhunagar district of the Indian state of Tamil Nadu. The town is known for its thriving fireworks industry and its history of gold investment.

In recent years, Sivakasi has also seen a rise in the popularity of digital gold investment options, such as e-gold and gold ETFs, which allow investors to buy and sell gold with the click of a button. These new investment options have made it easier than ever before to invest in gold and to keep track of your investments.

How is the Purity of Silver Evaluated in Sivakasi?

The Bureau of Indian Standards (BIS) has established several grades of silver purity, with 9999 indicating the highest level of fineness. When purchasing silver or silver alloys, it is important to look for standard marks from BIS-recognized Assaying and Hallmarking Centers. Be on the lookout for the following marks:

• BIS mark
• Year of checking
• Jeweller’s or manufacturer's mark of identification
• Purity or fitness mark
• Assay centre’s mark of identification 

Silver vs other Investment Options in Sivakasi

One can consider the following investment options besides silver in Sivakasi: 

• Stocks
• ETFs
• Gold

Some Interesting Facts on Silver and Silver Rates in Sivakasi

• The purity of silver plays a role in determining the price of silver in Maharashtra, typically expressed as a percentage. Often, silver coins contain a small amount of copper or other metals to increase their durability; these coins may be up to 94.79% pure silver and 5.21% copper or other metals.
• In Sivakasi, it is possible to trade in silver exchange-traded funds (ETFs). In January 2022, the Securities and Exchange Board of India (SEBI) and introduced silver ETFs. If you are interested in investing in silver ETFs, contact your mutual fund manager, use a mutual fund platform, or consult a personal finance advisor to get started.
• In Sivakasi, the troy ounce is a commonly used unit for measuring silver, although other units such as tolas, kilograms, and grams may also be used. The troy ounce is equal to 31.10 grams, and one tola is equal to 11.67 grams.

Impact of GST/Central Bank Policies on Silver Rate in Sivakasi

The central bank and government policies in Sivakasi have impacted the silver price of Sivakasi. If you purchase silver jewellery in Sivakasi, you will need to pay a 3% Goods and Services Tax (GST) per kg, increasing from the previous rate of 2%. 

It is possible to buy silver worth up to ₹2 lakhs without providing any Know Your Customer (KYC) details, and even if you exceed this amount, you do not need to present your Permanent Account Number (PAN).

Paper Silver vs Physical Silver

Paper silver refers to assets that represent the value of silver but are not actual physical silver. Paper silver includes assets like silver exchange-traded funds (ETFs), silver stocks, and silver certificates. On the other hand, physical silver includes silver jewellery, bars, and coins. 

People in Sivakasi often consider owning physical silver or silver bullion due to several benefits when it comes to investing in silver. Silver bullion is not subject to default risk, and, once purchased, it becomes the physical property of the owner. Silver is also highly liquid and widely recognized as a store of value. 

However, there are also risks to consider when investing in paper silver. According to a 2021 report, the amount of paper silver in circulation is at least 100 times greater than the amount of physical silver available. This means that if many people simultaneously ask for delivery, the market may not be able to meet the demand.