Silver Rate In Manipur

Introduction

Manipur is located in the eastern-most corner of north India. The state is adjacent to other north-eastern states like Nagaland, Mizoram and Assam. It also shares its borders with India’s neighbouring country of Myanmar. The state has an abundance of flora and fauna and therefore, it is often described as a ‘flower on lofty heights’, ‘a jewel of India’ and ‘Switzerland of the East’. With its breath-taking beauty, it is one of the most visited tourist places in the country.

Manipur is known as India's 'Gateway to the East' via its Moreh town. This place is the only feasible land route for trading activities between India and Myanmar and also other Southeast Asian nations. Spread over 3,268 square kms of land area, the state is mostly covered by bamboo forests. Manipur is one of India’s largest bamboo producing states and contributes significantly to the country’s bamboo industry.

Manipur is also known for its contribution to the handicraft industry in India. It boasts of the highest number of craft persons in the skilled and semi-skilled category in the entire northeast belt. It also has a flourishing handlooms industry as it ranks among the top five states with regards to the number of looms manufactured in the country.

Buying Silver in Manipur

It is easy to purchase silver in Manipur as the state is home to several jewellers who offer silver ornaments and jewellery in various forms. People of Manipur prefer the traditional jewellery form of silver but for those who wish to buy modern silver designs, there is also the option of purchasing it online from known sites.

Since Manipur is known for its varied artists, one can find the finest of silver objects like utensils, ornaments, etc in the state. Often, tourists buy silver items as gift articles or souvenirs while travelling through Manipur.

Silver Prices in Manipur

While buying silver in Manipur, especially for bulk orders, it makes sense to look up the historical price trends and accordingly decide on the purchasing time. This year, prices have been fluctuating for this precious metal, however, the demand has not subsided due to the expectation of higher returns in the future.

The price of silver in Manipur could fluctuate as per the movements in factors such as international prices, existing geopolitical scenario, etc. Silver traders in Manipur keep a close watch on the opening and closing rates of this precious metal. The highest and lowest prices are also taken into consideration while dealing in silver. Traders also look at the price highs and lows to get a clear understanding of the expected price levels.

Factors Influencing Silver Rates in Manipur

Manipur may be about artists and handicrafts, but when it comes to silver demand, the state is not far behind from many major price influencers across the country. This is because of the people of the state trust in silver investments, especially from a long-term returns perspective. As gold has been unaffordable for many people, silver is the go-to precious metal that is preferred by many buyers.

Manipur does not see much action in terms of silver trading, but the local buying and selling are enough to keep the demand for silver ongoing.

Silver Price Movements in 2021

In 2021, several factors have affected silver rates across the globe. The beginning of Covid-19 pandemic caused a major influence on silver rates in India. However, despite the initial fall, silver rates have again started picking up and are seeing an upward trend. The constant movements in Silver rates are caused by many drivers. In a lot of places, inflation is said to be one of the major drivers. Fears of an upcoming economic downturn are also resulting in high silver prices.

India has several taxes and import duties that are levied on silver. These constantly impact Silver rates. Sometimes, gold prices also influence silver price movements. With gold becoming costlier by the day, many people have shifted from gold to silver investments.

Forms of Silver Investments

Physical Silver: Physical silver is one of the most preferred investment forms in Manipur. In the state’s retail market, silver is often bought in jewellery form, bars and also coins. A lot of times, there is also a heavy demand for silverware and ornaments apart from jewellery which is used in daily lives.

There is a lot of buying and selling of silver artefacts that can be seen in Manipur. Since the state has many artists, the silver designs are very intricate and rare to find. This fetches a good price for the artefacts sold and they also carry a good resale value. Silver antiques are also highly valued in the state apart from silver souvenirs that are in demand across the state.

Silver trading: Silver trading is mostly restricted in the state because of low demand and supply in commodities trading. However, for the limited trading that takes place in the state, many price influencers can be seen daily.

Banks / Financial Institutions: Many public and private sector banks in Manipur sell silver investments like silver Coins and bars. The prices offered by banks could be slightly higher as compared to the usual market rates. However, the purity offered is of the highest standards and therefore, investors prefer to purchase certified silver from banks. Banks offer imported silver that is internationally certified. This is easier to resell and fetch a good value on the same.

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