Silver Rate Today in Vizianagaram

Vizianagaram, a city in Andhra Pradesh, is famous for its rich history and heritage. The major rivers that flow through Vizianagaram are the Nagavali, Vegavathi, Gomukhi, Suvarnamukhi, Champavathi, and Gosthani Rivers. Numerous industries are located in and around the city. On the outskirts of Garividi in Vizianagaram, you'll find the largest ferromanganese plant in the nation. Garividi is home to a number of jute mills, including the Hooghly Jute Mills. Vizianagaram is a well-liked location for the wholesale textile market.
Jewellery is essential to weddings in Vizianagaram, and people prioritise silver and gold coins and jewellery for household investments. Overall, India has witnessed a growth in the demand for silver due to its affordability and growing usage in the industrial segment. The temple city witnesses continued demand across different sectors.

Silver as an investment in Vizianagaram

World over, the prices of silver are volatile. If you want to invest in silver in Vizianagaram, you should be aware of the movement of silver prices in the global market. You can study past data and analyse the impact of international rates on the silver rates prevailing in the city and plan your investments. 

Here are various ways through which you can invest in silver in Vizianagaram:

Invest in silver in physical form:

You can buy silver coins, bars and jewellery and keep them in your bank's locker for safe custody. You can sell this silver in future when the price of silver in the market rises to make profits.

Invest in silver through online trading platforms:

Whether in Vizianagaram or any other city, you can easily open an online trading account using your phone. Here you can buy silver futures. Investing in silver futures is riskier than investing in physical silver because futures involve speculation risk.
Another option to invest in silver is to invest through Exchange Traded Funds (ETFs) that trade in silver.

If you do not want to invest directly in silver, you can indirectly invest through silver miner companies. You can buy the stocks of silver mining companies.

Paper Silver vs Physical Silver

Physical silver means tangible silver assets such as silver coins, bars, jewellery and ornaments. Physical silver has high storage cost and is available in limited quantities. It does not involve any credit risk as you have the sole possession and ownership of the silver purchased by you.
Paper silver means investing in silver-backed stocks, ETFs, securities and derivatives. Paper silver does not involve owning silver in physical form. Paper silver provides exposure to the silver price and not to silver. It has counterparty risk and credit risk.

Impact of GST on silver rates in Vizianagaram

The Goods and Service Tax (GST) is added to the silver prices in Vizianagaram. The final cost of silver is determined after adding a custom duty and GST. The prevailing rate of GST on silver in India is 3%. If you are buying silver jewellery, you have to pay GST @ 5% on the making charges of the jewellery. You can calculate the product's final price after adding the GST on silver and the making charges for jewellery.

Demand for Silver in Vizianagaram

The demand for silver is showing an upward trend in Vizianagaram reason being the increase in commercial activities in the town.
There are various industries and manufacturing units in Vizianagaram. The growth of the town's manufacturing units and automobile industries can result in a growing demand for silver in Vizianagaram for industrial purposes.

How is the purity of silver evaluated in Vizianagaram?

Pure silver is a soft metal, and therefore it is mixed with other metals to make it usable for various purposes. The quantity of other metals mixed with silver impacts the product's purity and value.
Vizianagaram is situated in the state of Andhra Pradesh which is one of the largest producers of silver in India. Hence, you can rely on the purity of silver in Vizianagaram. You can verify the purity of silver from the hallmark stamped on the metal.
Look for the following key things while buying silver in Vizianagaram:

BIS Mark

One of the most essential silver purity certifications is the BIS triangular symbol with the dot in the centre, which is the official logo of the Bureau of Indian Standards.

Purity Grade

For fine silver, the purity grade is either 999.9, 999.5, or just 999. For silver alloys, jewellery, and other items, it is 970, 925, 900, 835, and 800.

Year of making

Letters indicate the year of marking.

Jeweller’s Identification Mark

A mark to look for while purchasing silver is the jeweller’s identification mark.