Silver Rate In Gujarat

Introduction

Silver has been important in the cultural history of India for centuries. Silver and gold have been traditionally considered as precious metals in our culture and have been also used in traditional ceremonies as well. Silver has also been considered auspicious as a form of gifts and luxury item to be cherished by royalty as well as the common public at large.

Silver is also considered as a lucrative and feasible option for investment or planning for long term expenses. There are many ways to invest in silver. Investment in silver can be in the form of jewellery, household items, coins, bullion bars or silver bars.

Customers can invest in silver by purchasing it at the current rates or prevailing rates. Silver rates change on a day to day basis based on the global rates along with other domestic and local factors.

Current Silver Rates in Gujarat

As mentioned above, the rates of silver change on a daily basis. Silver can be bought and sold in all the major towns and cities of Gujarat. The current rates of silver that are applicable in the state of Gujarat are mentioned below.

Smart Ways to Invest in Silver in Gujarat

Investment in silver can be in many forms. The affordability of silver as compared to gold is one of the most attractive reasons for investment in silver. Customers can get silver in bulk quantities as well as in retail quantities. There are many certified jewelers and authorized sellers where customers can purchase and sell silver. There are many points to be considered while making an investment in silver. Investment in silver coins and bullions get the exact prevailing value of silver upon resale. In case a customer has invested in silver jewellery or silver household items, the resale value will be reduced by almost 15% of the prevailing rate. This is due to the fact that jewelers and authorized dealers will pay only for the value of silver. This reduced value of silver is on account of melting charge or making charge of the jewellery.

It is therefore advisable to invest in silver coins or bullions if silver is purchased as a mode of investment.

Understanding the Purity of Silver

Like gold, silver also has various levels of variants of purity that determine its quality and price. Gold can be classified in purity of 18 carat, 22 carat or 24 carat purity. Silver can be found in various purity levels the highest of which is 9999.

When a customer goes to sell the silver jewellery owned by him/her, the seller will pay the price of the silver according to the purity and weight of the precious metal. Certified sellers and buyers of such metal and jewelers have special methods to measure or determine the purity of the metal and grade it accordingly.

Why invest in silver bars and coins in Gujarat?

Customers have the option to invest in silver in the form of silver bars and silver coins along with silver jewellery as well as silver household items like utensils or related to a place of worship.

Customers can purchase silver coins or bars of various weights or purity for investment purposes. Coins are available in the weights ranging from as low as 2 grams to as high as 1 kg. The various options that the customers can choose from are 2 gram, 5 gram, 10 gram, 15 gram, 25 gram, 40 gram, 50 gram, 100 gram, 200 gram, 500 gram and 1000 gram or 1 kg.

In the case of silver bars as well, customers get many options in weights and purity. These weight options range from 10 ounce to 1 kg. The purity of these bars range from 0.999 to 0.9999 which is the highest purity level of silver as mentioned above.

Customers can purchase silver coins or bars from authorized dealers or even from banks. However, it is to be noted that purchasing from a jeweler or a dealer is cheaper as compared to purchasing silver coins or bars from a bank.

The other option to purchase silver is through the futures exchange or silver Exchange Traded Funds (ETF). ETF is the platform to trade in silver like any other commodity. It is not available in the state of Gujarat. Customers can, however, choose to trade in an ETF in the US market. The prima facie condition for the same is to open an account and register with an ETF through a certified stock broker.

Futures exchange is the trading option for silver like any other commodity. However, the quantities of such trade are in bulk as compared to trading in other precious metals like gold. This platform is therefore used by serious traders and not by those who want to dabble in such trade without any expertise. There are many charges that are part of such trade like brokerage, stamp duty etc.

Points to Remember while Buying Silver in Gujarat

Customers need to remember a few points while purchasing or investing in silver. This will ensure that the customers get the best price and the correct weight according to their needs like for trading or for personal use. Some of such details are mentioned below.

• The first and foremost thing to do while purchasing or investing in silver is to track the rates of this commodity. The rates of silver change on a daily basis and hence it is important to keep a track of the same. This will enable the customers to get the best price for silver.
• The other important decision is to determine where the customer wants to buy the silver from and the form of such precious metal. Customers can buy the silver from either certified jewelers or even from banks. Silver can be bought in the form of coins, bars, jewellery and even in the form of household items.
• Customers have to also ensure that they have the proper certification for the silver purchased from either of the sources mentioned above. Silver will have the following markings as part of certification.
• Jeweler’s or manufacturer’s mark
• The purity or fineness of the commodity
• The year of marking
• BIS Mark (Bureau of Indian Standards) used to hallmarking silver since 2005
• Assay centre’s identification mark

• Customers can also purchase silver online through certified e-commerce sellers. It is risky to purchase silver online as there can be chances of being cheated. Hence it is advisable to purchase silver only through certified and recognized e-commerce sellers.

FAQs - Silver Rate in Gujarat