Last updated on: 29th Jan 2023 10:00 AM
Visakhapatnam, or Vizag as the city is mostly called, in Andhra Pradesh, is one of the oldest port cities in India. It is also a major commercial hub and is connected with other regions via road, air, and railways, making it a central point for trading. Simply put, silver is in demand in Vizag.
Visakhapatnam's festive season increases the demand for gold and silver. Also, being a temple town, many temple-related traditions require the use of silver items, which people buy as offerings to donate to the temple.
A logical comparison between silver and gold shows that silver coin purchases are popular in most Indian households. Visakhapatnam is one of the tier-II cities that witnessed a whopping 59% year-on-year rise in the demand for buying silver jewellery and silver dinner sets.
Compared to other cities, the silver rates in Visakhapatnam are fairly low since it is a port city. Since silver has many industrial applications, the growth prospects are high. This is expected to grow due to fast-paced industrial activities, infrastructure development, and multi-model connectivity in Visakhapatnam.
Silver and gold are considered safe havens for investment. Also, they are considered auspicious purchases and a symbol of prosperity in Indian households. Since silver is cheaper than gold, it can be purchased in various forms, such as coins, bars, jewellery, idols, silverware, etc. In addition, silver has many industrial applications — it is used in the electrification of e-vehicles, green technologies, photovoltaic industry, and the automobile segment, among others.
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The price of silver fluctuates with changing industrial and investment demands. Before you invest, track silver prices online and determine the best time to buy. As a new investor, you can have a longer time frame (5–10 years) for better decision-making. Next, let's understand why silver is becoming a popular investment option in Vizag.
Investors are increasingly interested in purchasing silver in Visakhapatnam due to its rising value, affordability, and availability in various forms, such as silver bars, coins, jewellery, and many others.
A commodity such as silver holds its value in times of economic crisis, as we experienced during the pandemic. It also protects the investor from market volatility and inflation.
Precious metals, such as silver and gold, tend to increase the value of your portfolio and, in the long term, are expected to deliver lucrative returns. Silver is a tangible asset; you can hold it and sell it when the returns seem profitable
According to the Government of India, silver or any other category falls under "goods" and attracts the Goods and Service Tax (GST). A 3% GST is applicable on silver artefacts and jewellery. Furthermore, jewellers can also charge an additional tax of 5% of the price for making charges.
The price of silver in Visakhapatnam changes with amendments in policy and tax regimes and changes in interest rates.
Besides silver, there are other investment options also available in Visakhapatnam, such as.
1. Gold: This precious metal can be purchased as jewellery, bars, coins and even sovereign bonds.
2. Bonds: A bond is a financial instrument that the government or corporate issues by borrowing funds from the market at a fixed interest rate for a defined period.
3. Mutual Funds: In mutual funds, you participate in the stock market with the help of fund managers who professionally manages the investments. The investments can be made with a monthly SIP (Systematic Investment Plan).
4. Paper Silver: Paper silver is an asset that reflects the price of silver but only exists on paper and not as a physical entity. It is available in the form of silver certificates or ETFs.
5. ETFs (exchange-traded funds): It is a basket of securities that are traded on indexes such as Nifty or Sensex. They are traded similarly to stocks.
You can consider these instruments to diversify your portfolio, and the investment can be based on your risk appetite and capital.
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Before you buy any physical silver in Visakhapatnam, check the following points to confirm its purity:
Hallmarks can ensure and guarantee the purity of precious metals. To protect Indian consumers from fraud and adulteration, the Bureau of Indian Standards (BIS) has launched the hallmarking scheme. The mark on the physical silver can be recognised by a blue triangle with a dot inside it.
For the manufacturing of silver jewellery or other artefacts such as coins, bars, jewellery and more, the BIS has mentioned six standards that are:
1. 990:99% silver purity
2. 970:97% silver purity
3. 925:92.5% silver purity
4. 900:90% silver purity
5. 835: 83.5 % silver purity
6. 800: 80% silver purity
This is a six-digit unique alphanumeric code, or Hallmark Unique Identification (HUID), made compulsory by the Department of Consumer Affairs (DOCA) for every piece of manufactured silverware. This mark is stamped on the jewellery manually at the Assaying and Hallmarking Center.
To ensure the purity of the silver, as a buyer, check these three marks before making a purchase. Apart from this, there are three tests to ensure the purity of silver in Visakhapatnam: the magnet test, the stench test, and the ice test.
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