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Today’s silver rate across all major cities in India
25 Jun 2022
( Per Gram )
Silver Rates In Sikkim for Last 90 Days
Trend of Silver Rate in Sikkim for June 2022 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Sikkim for May 2022 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Sikkim for April 2022 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Sikkim for March 2022 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Sikkim for February 2022 (Rates per gram for 1Gram / 1Kg Silver)
Sikkim is located in the Himalayan region of India and is mostly landlocked. One of the least populated states in the country, it is only the second smallest region after Goa. It is home to the world's third-highest mountain, Mt. Kanchenjunga. The State is one of the 18 biodiversity hotspots in the world. It boasts of breath-taking natural beauty and ideal weather conditions for the perfect tourism spot. The green image of the state has attracted numerous investors over the years.
Some of the mineral resources found in Sikkim are copper-lead-zinc and silver specifically in regions including Bhotang, Rangpo and Dikchu in East Sikkim district. It also has other mineral deposits like dolomite, quartzite and steatite as reported from the West Sikkim district. Limestone is found in North Sikkim district and Marble is mainly located in East Sikkim and North Sikkim districts.
Sikkim is one of the largest importers of silver in India and accounts for a large proportion of the nation’s silver import. Gold is a preferred precious metal that sees heavy demand in Sikkim. Silver too has its fair share of buyers as it enjoys popularity primarily as an investment option. The silver prices in Sikkim are often impacted by the movements in global demand and supply. Because it is available in abundance, it is valued slightly less than gold. However, silver has numerous uses and sees individual buyers as well as heavy industrial consumption.
Sikkim has the smallest population size in India, but with regards to silver demand, this state tops the charts. People of Sikkim love to buy silver coins, bars, silver artefacts, gift articles etc. As silver commodities see heavy demand in Sikkim, the prices keep fluctuating and people have to update themselves of the ongoing rates.
Sikkim sees daily trading of silver commodities, mostly in the retail markets. Some large traders participate in silver deals in Sikkim. Various measurement forms are used while dealing in silver in the state.
The major benefit of silver investments is that these come at affordable prices. As compared to gold, which is expensive and unaffordable for many investors, silver coins can be bought even for a few hundred rupees. The most preferred and old-fashioned variant of silver investment is purchasing of silver coins, silver jewellery and silver household objects. Silver is often readily available in the market in the form of coins, bars, and jewellery. Here are some of the most common investment forms of silver as observed in the Sikkim region.
Silver jewellery and household items:
For buying silver jewellery or silver objects for household use, options such as silver utensils, prayer lamps, etc can be bought easily in markets across Sikkim. It is important to note that one may have to shell out substantial making charges for these kinds of silver objects. Intricate silver designs in jewellery form may cost more, thus making it an expensive investment as compared to buying silver coins. Silver jewellery also comprises a melting charge of 15% or higher at the time of resale. This could reduce the expected returns on silver resale. Hence, investors may have to forgo some amount of silver investment as wastage/making charges and melting charges.
Purchasing silver in physical form requires storage and this could be an issue especially if the volume is more. Investors who buy silver for investment reasons may have to hire storage facilities to keep the investment safe and secure. This will add to the overall cost of investment and reduce the number of returns that can be generated out of it.
Silver coins are popular for investment in Sikkim. People especially buy these as a gift on auspicious occasions. Silver coins are also an ideal investment choice as they are available in various weights. This allows investors freedom of choice as per their budget. Numerous jewellers and banks sell certified silver coins in Sikkim. Silver coins can also be bought online. One has to be sure of the online source, as it can be risky to buy from a non-certified jeweller/seller. Always check for the purity certificate while buying silver coins. This will help in fetching a good resale price.
One can purchase silver coins from a jewellery store or even banks. Purchasing silver coins from banks can sometimes be more expensive, as they include additional charges for damage-proof packing and a purity certificate that comes along. Jewellers may also apply a casting charge apart from GST that is applicable on silver purchases across India.
While purchasing any kind of silver item, it is very important to check the live market rates for silver. Silver bars can be bought from banks and some of the big jewellers in Sikkim. These are often meant for serious investors who buy silver in bulk. These bars generally range from 500 gm to 1kg.
Silver can be bought and sold in the futures exchange market. This is an easy and safe option for some of the serious and heavy investors in Sikkim. The contract sizes for silver are usually larger as compared to other commodities, including gold. Various charges are involved in the trading of silver in the futures market. These include brokerage charges, stamp duty fees and other miscellaneous charges which are to be borne by the buyers.
Sikkim does not have any silver ETF (Exchange Traded Fund) at present. However, investors and dealers have the option of trading in Silver ETFs which are listed on the US stock exchanges. Investors who are willing to trade in the silver ETFs listed on the US market must open an account with a stockbroker who can provide an investment platform in international stock markets. Before proceeding with the investment, investors must do their due diligence around the investment form and the brokerage firm.
1. How do I trade in silver in Sikkim?
Since Sikkim sees a high demand for silver, it is very easy to trade in it. One can buy and sell silver from local jewellers and also banks. It is important to be aware of current market prices of silver and various trends to get the best possible price for the precious metal. Always check for the purity mark and weight of silver before making a deal.
2. Can I purchase silver online in Sikkim?
Yes, you can easily purchase silver online in Sikkim. There are various online silver platforms today. Although it is convenient to buy silver online, you must be very careful before buying silver. Always buy from a trusted and certified seller and ensure that there is relevant certification.
3. What kind of silver can I buy in Sikkim?
Silver can be bought in various forms in Sikkim. This includes bars, coins, and jewellery. Each one has its advantages and disadvantages. If you intend to sell silver in future, then jewellery may not be an ideal option and you should consider buying silver coins or bars.
4. Why do investors like to buy silver coins/bars in Sikkim?
Silver coins can be easily verified and liquidated for meeting any financial need. Silver bars are also easy to carry around and transport. This helps borrowers to easily buy and sell silver and generate good returns on it.
5. Does silver have more demand than gold investment in Sikkim?
Yes. Silver is being preferred as an investment in Sikkim. This is primarily because gold prices are unaffordable in the state. Silver can also fetch higher returns in the long turn and most investors prefer silver because of ease of buying and selling.
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