Silver Rate In Daman and diu

Introduction

Silver is traditionally one of the most precious metals that historically has a huge demand in our country. This metal along with gold has been part of our culture and heritage not just as precious metal but also as an auspicious one. Silver is also used as offerings to the deity as well as a great source of gift on various occasions like weddings or any other important ceremonies. Recently, silver has grown in popularity as the most sought-after choice for corporate gifts.

Silver is also a great mode of investment and is heavily traded in the commodities market and the prices of silver thus change or fluctuate on a daily basis. The details of the rate of silver in the Union Territory of Daman and Diu are mentioned below.

Prices of Silver in Daman and Diu

The current prices of silver in the Union Territory of Daman and Diu were on an increasing trend for many months on a stretch. However, with news regarding the success of a vaccine for the COVID-19 pandemic, these rates have reduced drastically.

How find authorized silver merchants in Daman and Diu?

Silver has to be pure and genuine to be of best quality and get the best rate at the time of resale. For this purpose, silver has to be bought or sold to authorized merchants who assure the customer about the genuineness of the transaction. Following are some of the authorized sellers and buyers of silver that can be approached by the customers.

• Authorized sellers
• Private dealers
• Certified jewelers
• Banks
• Certified E-Commerce Portals

Forms of Silver

The silver form is one of the important factors to be considered in purchasing or investing in silver. If silver is to be purchased for investment or personal uses, different forms of such silver is preferred depending on the purpose.

For Personal Use

When silver is intended to be purchased for personal uses or consumption, the form of silver is largely irrelevant. Customers can choose from any of the available forms as per their preference. These forms of silver are,

• Silver coins
• Silver bars 
• Silver bullions
• Silver jewellery
• Silver household items

For investment purposes

When Silver is to be purchased for investment purposes, the best form of silver is either silver coins or silver bars or bullions. These forms of silver will ensure that the customers will get maximum return on their investment. Silver in such form is most pure and without any adulteration. There will be no unnecessary reduction in the value of the metal due to the presence of any other metal or precious stones like in case of silver jewellery.

Investment in Silver

Silver as an investment is highly favoured. It does not have as high prices as that of gold and thus can be bought in bulk. The only additional cost in such cases is the storage or the warehousing cost which is again not as exorbitant.

Silver can be bought in the forms mentioned above for investment in case of retail customers. For customers who prefer to trade in silver, the best option for them is to trade in the ETF or the Exchange Trade Funds or future or commodity markets. There is no ETF in our country so customers have to trade on an ETF in the US market after proper registration and approval.

Futures and commodity markets like MCX and NCDEX allow customers to trade in silver in lot sizes of 1 kg each. Such trades are not in the nature of spot contracts and hence are not deliverable immediately.

Understanding the Purity of Silver

Purity of silver is of great importance to get maximum returns on investment in silver. If silver is of higher grade and purity, the value of such silver is higher and the customer gets assured return on investment made. Silver is graded on the basis of percentage. The various grades of silver are tabled below.

Authorized buyers and sellers of silver assure the customers of the desired purity of the silver to be bought or sold. These trusted sources of silver certify the metal through certain markers. Customers have to ensure that the metal has all the necessary authentication markings for it to be genuine and of assured purity.

Following are the various markings that can be found on the metal to determine its authenticity.

• BIS (Bureau of Indian Standards) Mark
• Year of Marking
• Assay Centre’s identification mark
• Jeweler’s / Manufacturer’s Identification Symbol
• Purity Grade Indicator

While purchasing or selling silver, customers can perform certain basic tests to ascertain the purity of the metal.

Following are the basic tests that can be easily performed and are also easy to understand. Customers can get immediate results to determine the authenticity of the metal.

• Magnet test is when the customer will run a magnet on the metal. If the metal attracts the magnet, it is not pure and has certain other metal(s) or alloy in combination with silver.
• Stink test is another test to be done on silver. If silver has some odor then it is not pure.
• Ice test requires placing an ice cube on the metal to be tested. If the ice cube melts at a faster pace, then such silver is pure.

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