Last updated on: 3th Feb 2023 10:00 AM
Vijaywada is one of Andhra Pradesh's most prominent cities. It is a road and rail junction that houses several Hindu and Buddhist pilgrimage sites. The Gandhi Hill, boasting a statue of Mahatma Gandhi, is an important landmark and overlooks the whole city.
With its rich history and cultural backdrop, Vihaywada attracts tourists throughout the year. Today, the bustling urban hub is home to a thriving marketplace. Among others, silver is one of the most traded items in the city. It is valued as a secure investment option across the nation and Vijayawada is no exception.
The demand for silver particularly rises during festive occasions when people buy various products made of silver. These include everything from silver idols to silver coins and plates.
The demand for silver rarely goes down. It is a flexible metal used in various items - from jewellery to industrial products. If you are an investor, you can invest in silver in different ways. Let's look at some of them:
You can buy silver coins or bars from an authorised retail store or bank. They make for an ideal choice for small investments. Moreover, you can store them at home.
Many Vijaywada residents prefer to invest in silver jewellery or artefacts. Sterling silver is widely used for making jewellery. However, remember that silver as jewellery or antiques might lose its value over time. This happens because it tarnishes when exposed regularly.
If you want exposure to silver as an equity investment, then invest in the stocks of silver companies.
You can trade in e-silver through the National Spot Exchange Limited (NSEL). The NSEL platform enables you to put money into silver and hold the investment in the Demat form. Remember that you must pay a certain amount of the overall value in advance.
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Some Jewellers may trick the buyer into buying poor quality or fake silver. To address these issues, the Bureau of Indian Standards (BIS) introduced hallmarking in 2005. Hallmark on silver helps determine the purity of the metal. So, before you buy silver, check the following things:
BIS mark is the official logo of the Bureau of Indian Standards. It is represented by a triangle with a dot inside. The BIS mark guarantees the purity of silver in the final product.
Any piece of silver in Vijaywada is engraved with specific 3-digit numerics. Examples include 999, 995, 970, 925, and 800. These numbers indicate the purity level of silver. For instance, silver marked with 999 is 99.9% pure.
The year of making is essential because it helps you understand how old the silver is.
Jeweller's Identification Mark / Number
The jeweller will also add their mark to the piece of silver. This number indicates the retailer's authenticity.
Silver is a precious metal that is often bought and sold on commodity markets and can be considered as an alternative investment option inVijayawada. The price of silver can fluctuate based on a variety of factors, such as supply and demand, interest rates, and global economic conditions. In Vijayawada, the price of silver is often quoted in Indian Rupees (INR) per kilogram.
Investors in Vijayawada 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 Vijayawada, 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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