Silver rate in Surat

Surat, also known as the diamond city of India, has a great demand for silver. Over the past years, we have observed the importance of the relationship between gold and silver. These metals are both in demand for different purposes. When talking about gold has always been a favourite in Indian households, whereas silver has diverse usage across varied industries. These industries may include the electrification of e-vehicles, green technologies, the photovoltaic industry and the automobile industry, among others.
Silver is becoming popular in the solar industry due to its usage in photovoltaic cells. Festive seasons are a great time for buyers to purchase silver. Silver coins are a favourable option across major Indian households. The comparison between gold and silver is always going to continue. However, it is necessary to understand how widely silver is used and why its demand is predicted to increase. Silver's demand is expected to increase in the upcoming years due to its wide usage in diverse industries. 

Understanding of the demand for silver in Surat

Surat, also known as the diamond city of India, has a great demand for silver. The diamond city is located on the banks of the Tapi River and is also known for its textile industry. It remains a commercial hub for textiles and is lined with fabric shops. Surat is also one of the cleanest cities in India and has maintained this position for over the past years. A vibrantly present city with an equally diverse heritage, Surat is one of the upcoming commercially diverse cities in India.
Historically, the Dutch and Portuguese first landed and set up their business centres. The remnants of these centres are still present here. As Surat is a hub for the diamond business, the jewellery market is huge, including the demand for silver. 

Interesting Facts of Silver in Surat

There are various interesting facts you should know before you purchase silver:

In the past few months, various fund houses have introduced their silver Exchange Traded Funds(ETF). However, gold ETFs have been here for a decade. Silver ETFs make it accessible for small investors in India to invest in silver. 
 

• Mexico, the largest producer of silver, produced 6300 metric tonnes of silver. This production rate is forecasted to increase further in the upcoming years. 
   
• Mexico also provides weekend trips to cities culturally associated with silver.
   
• From an Indian perspective, silver is majorly used in utensils as it is believed that they have antimicrobial and antibacterial properties. 
   
• Purchasing silver on Dhanteras is considered auspicious. In Surat, there was a spike in demand for silver during that period. 

Silver vs Gold in Surat

Silver and gold have various similarities and dissimilarities. Some of the dissimilarities include:

• The silver market is smaller when compared to the gold market because silver is more thinly traded than gold. 
   
• When compared to silver, gold is a better hedge against risky investments, and gold's purchase is mostly driven by investor sentiment. 
   
• Gold takes up less storage when compared to silver, due to which it costs more to store. 
   
• When we talk about global demand in industrial production, silver accommodates half the current global demand. Whereas gold only has 10-15 per cent of demand. 
   
• Silver has a much more diverse use than gold, as it is highly consumed in the automotive and electrical industries. 

How to buy silver in Surat?

Silver is available in coins, bars, and more, which may be purchased from a reputed jewellery store or silver dealer. For those who want to start with silver coins, these are best suited for investment purposes, and it is a popular option for gifting.

An exchange-traded fund (ETF) for silver is another popular option. ETFs are convenient, easy to trade and offer more liquidity than retaining the precious metal.

Securities and derivatives can be found in paper form for silver. On the stock and commodities markets, this form of silver is available for purchase.

To purchase silver in Surat, go to a reputed jewellery store and inquire about the cost and any other issues you could have.