Silver Rate In Puducherry

Introduction

Silver has traditionally held a place of importance in the Indian market. Silver and gold are not only purchased or used for ritualistic purposes but also for ornamental purposes and as gifts to friends and family. Silver is thus considered as a very important commodity that can be used as an investment tool other than that for personal use.

The various details associated with silver like the rate of silver in Puducherry as well as factors associated with purchase of silver or affecting the prices of silver are discussed in depth on this page.

Rate of Silver in Puducherry

The rates of silver are affected by many factors and change or fluctuate on a daily basis. The prices of silver have to be thus tracked on a daily basis in order to get the best prices of silver and to know the most appropriate time to invest in silver.

Silver rates are measured based on its weight.

Silver prices in Puducherry are affected by the neighboring megacities of Bengaluru and Chennai. The local demand for silver in Puducherry is also significant. These factors drive the prices of silver on the higher side coupled with many other factors.

Puducherry has many sources where the customers can purchase their silver. Such purchase can be for personal use or as an investment. The most commonly available forms of silver that can be acquired by customers are mentioned below.

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

When silver is purchased with the intent of investment, it is purchased generally in bulk quantities and in the form of coins or bars and bullions. The available weights and lot sizes in case of coins start from 1 gram and range up to 1 kg. In case of bars, the lot sizes start from 1 kg to 10 kg bars.

Silver can also be traded as a commodity on the MCX and NCDEX. Customers can enter into or undertake future contacts in the lot sizes of 1 kg for such trade. These contracts unlike spot contracts cannot be delivered immediately or instantly upon sale of silver.

Understanding the Purity of Silver

Purity of silver is one of the most crucial factors to be considered while purchasing silver. Purity of silver ensures that the customers get maximum returns on the silver purchased and can be easily traded as well. There are various marks placed on the metal to authenticate it. These markings are mentioned below.

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

Customers can purchase genuine and authenticated silver with all the essential markings through any of the following authorized sources.

• Authorized sellers
• Jewellers
• Banks
• E-commerce portals

The various grades of purity that can be associated with silver are tabled below.

Points to be Considered while Purchasing/Selling Silver

There are various factors that have to be considered while purchasing silver in order to ensure that the customers get the best product at the best prices and that they are not duped of their hard earned money.

Some of these factors are mentioned below.

Trend of silver prices

Customers have to observe the current trend of silver prices before making the purchase of the metal. This is to ensure that they get the best price and buy silver at the correct time. If the price is on a decreasing trend they can hold off the selling of silver as they may incur a loss but buying at such time is a good option as they can get better returns at the time of increasing trend in the prices of silver.

Source of purchase

The source of purchasing silver has to be genuine so as to ensure that the customers get the authentic product with certified purity. The trusted sources of such authentic and certified silver are the banks, jewelers, dealers, etc. E-commerce portals are also another source of purchasing silver but the customers have to beware of fraudulent websites and fake silver or silver of lesser purity than what the customer has paid for.

Certification of silver

Customers have to ensure proper certification and markings on the metal in order to ensure that the price for the silver is justified and the product received by them is not fake. The necessary markings that have to be present on any silver coins or silver in any other form are mentored above.

Purpose of purchase

The purpose of purchasing silver is another important factor that has to be considered by the customer. If silver is to be bought for personal use, the quantities can be in retail as well as in any form as desired by them. When silver is purchased for investment, it is preferred to be in the form of coins or bars and bullions to get maximum returns on investment.

FAQs – Silver rate in Puducherry