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Today’s silver rate across all major cities in India
17 Jan 2021
( Per Gram )
Silver Rates In Chennai for Last 90 Days
Trend of Silver Rate in Chennai for October 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Chennai for November 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Chennai for December 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Chennai for January 2021 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Chennai for September 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Chennai for August 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Chennai for July 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Chennai for June 2020 (Rates per gram for 1Gram / 1Kg Silver)
Chennai, the capital city of Tamil Nadu has had a proven love for silver like no other in India. Silver is one of the most demanded commodities as the people of Chennai consider it to be a good investment option. Investors mainly look for attractive returns while trying to resell it in the long run. Because silver is far more affordable as compared to gold, people invest in this precious metal for the financial stability it can offer even in case there is a crisis.
In India, Chennai has been at the forefront as far as investments in silver is concerned. Due to various factors, the silver rate in Chennai can fluctuate daily. Silver is mainly used for different industrial purposes and trading in Chennai. Silver rate is determined on a per gram basis and as per different purity levels.
Some of the factors which have a direct impact on silver rates in Chennai are listed here:
Because of the above-mentioned factors, the silver prices in Chennai keep changing on a daily basis and are fixed by the Indian Bullion and Jewellers Association Ltd. This organisation is made up of members who procure the ‘buy’ and ‘sell’ quotes from influential silver jewellers across the country. They then decide upon the daily silver rate for the country.
Chennai is one of the country’s topmost consumers of silver. People purchase this precious metal in the form of jewellery, silverware, etc, and also various gift articles made of silver. Chennai is a religious city and therefore, silver carries a high cultural value apart from being looked at as an investment option. People in Chennai consider silver investments as a safe avenue. Whether it is the middle-class or the lower-income segments, everyone loves to buy silver for its higher expected value at the time of resale.
Here are the various forms of silver which are preferred by people in Chennai.
Silver coins: Silver coins are considered as an ideal gift option by locals in Chennai. These are purchased on birthdays, anniversaries and even to celebrate any traditional festival. Silver coins can be purchased from different banks in Chennai, silver jewellery or online silver stores. Coins can be bought in various shapes, different weights and purity levels. The price varies as per these characteristics of the item bought.
Silver jewellery: Women in Chennai are fond of silver jewellery. Attractive designs are available across Chennai in earrings, neckpieces, rings, bracelets, etc. Similar to coins, silver jewellery also comes in different shapes, sizes, purity, and weight. The silver demand generally picks up at the time of festivals and wedding season in Chennai.
Silver bars: Silver bars are frequently bought as a preferred investment option in Chennai. These are very easily available and since they come in various sizes, they are affordable too. Silver bars can be bought from different silver stores and also banks in Chennai.
Silver trading: One popular option of investing in silver is through the trading route. It can be done electronically via exchanges like MCX or Multi-Commodity Exchange in India. For silver trading, it is mandatory to hold an individual Demat account in Chennai.
Silver is primarily a by-product of different metal production processes. By-product silver contributes to nearly 80% of the entire silver available in the world. India is known to have bought large silver reserves for meeting domestic demand and also catering to global needs.
Silver demand and supply in Chennai has a direct influence on the daily rates. As trends suggest, the demand for silver always exceeds its supply. This has resulted in Chennai silver prices going up in the last few years.
Here are some of the important aspects to consider before purchasing silver in Chennai:
Request invoice: Silver purchase must always be a transparent process. To ensure this, always ask for the invoice. For future resale of silver, the invoice will be useful and can act as a proof of the exact specifications of the silver form.
Several silver dealers can be found in Chennai. Some of the major silver dealers include Vummidi Silverware, GRT, SLN Bullion, Tanishq, Khazana Jewellers, N. Gopaldas, etc. These silver jewellers offer various silver items like jewellery, coins, ornaments, bars, gifts, silverware etc. They offer silver at the prevailing price. The price could differ across products especially if you compare jewellery to bar form since jewellery will have additional making charges.
1. Which is the best silver jewellery shop in Chennai?
Some of the top silver jewellers in Chennai include Gopaldas, SLN Bullion, GRT, Tanishq and Khazana Jewellers.
2. How do I check the prevailing silver price in Chennai?
You can check prevailing silver prices in Chennai by looking it up online or asking the nearest jewellery store.
3. How is silver used in Chennai?
Silver is mainly used for radiology, manufacturing of utensils, satellite manufacturing, etc in Chennai.
4. Does GST have an impact on silver prices in Chennai?
Purchasing silver may be expensive in Chennai as 3% GST charge is applicable on the same.
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