Last updated on: 3th Feb 2023 10:00 AM
Bijapur, also recognized as Vijayapura, is the main town of the Bijapur district in the Indian state of Karnataka. It also serves as the administrative centre for the Bijapur Taluk. Bijapur is well known for its architecturally significant historical monuments built during the reign of the Adil Shahi empire. Vijayapura has several agro-based and cement industries. Moreover, the people here are business oriented and often seek investment options. Thus, the demand for silver in Vijayapura is quite high.
Silver has been in the financial spotlight over the last decade, and analysts are optimistic about its investment potential in India. Most analysts believe that the demand for silver is increasing across the country. With prices changing almost daily, investing in silver is a more affordable and less expensive alternative to gold. Hence, before investing in silver, you must have the right amount of knowledge about it.
Silver has many other applications aside from jewellery. Below are some of the fascinating facts about silver: -
Industrial production accounts for nearly half of the current global demand for silver. In the case of gold, it is approximately 10-15 %.
Silver was the worst performer among precious metals in 2022. However, the trend could completely reverse in the coming years.
Compared to other precious metals, the price of silver has historically been more volatile. Because it is a smaller market, this is the case.
Silver is commonly used in India to make spoons, miniature utensils such as a silver plate for puja or feeding a child, and silver jewellery such as earrings.
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Keeping a close tab on silver rate movements can help you precisely discern the market. A variety of factors determine silver prices in Vijayapura. Some of them are:
Inflation reduces the purchasing power of the paper currency, and silver can offer protection against such losses. Silver is less expensive than gold and, thus, more cost-effective. The best part is that, even though silver is less expensive to acquire, it still serves as a hedge against economic downturns.
Silver is a precious metal and a commodity, along with gold, palladium, and platinum. Because of the steady demand and limited supply, white metal became more valuable. The fundamental economic fact of the market is that any anticipated or actual increase or decrease in supply or demand will lead to price fluctuations.
The base interest rate reflects market conditions in general. Since silver investments are not intended to generate a current return, some consumers prefer interest payments over long-term appreciation of silver assets. As a result, the price of silver often has an inverse relationship with interest rate levels.
Silver is a well-known metal. Its prices are heavily influenced by changing policies and actions. Many central banks trade silver bullion around the world. Furthermore, any new trade policy implemented by the Government of India may cause a sharp drop in silver prices.
Surprisingly, the US dollar and major technological trends have an inverse relationship with the price of silver. Similarly, crude oil has an impact on metal pricing. Because silver mining requires a lot of energy, the price of oil can affect silver prices.
GST has a major impact on the market. Various commodities, including silver and gold, are subject to different GST rates at the different stages of production, from purchasing to manufacturing. Consequently, GST on silver and gold applies to the supply of metal and the manufacture of jewels. The GST Council has levied a 3% GST rate on silver and gold, which is approximately 1% higher than the prior taxation. Moreover, the government has imposed a 5% GST on the making charges of jewellery.
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When buying silver jewelry in Vijayapura, 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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