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Today Silver Rates In Sikkim

25 Jun 2022

silver rate today india

₹58.88

( Per Gram )

silver price today

₹58880

1 Kg

Silver Price TodaySilver Rate YesterdayChange(%)
1 gram58.8859.98-1.87%
10 gram5888059976-1.86%

Silver Rates In Sikkim for Last 90 Days

25 Jun 2022

Date1 gramBar Silver 1KG
2022-06-24₹ 59.88₹ 58,880
2022-06-23₹ 60.98₹ 59,976
2022-06-21₹ 60.37₹ 60,367
2022-06-20₹ 61.65₹ 60,655
2022-06-19₹ 61.60₹ 60,603
2022-06-17₹ 61.15₹ 61,149
2022-06-16₹ 61.68₹ 60,677
2022-06-14₹ 59.21₹ 59,211
2022-06-13₹ 61.84₹ 60,838
2022-06-12₹ 61.36₹ 61,359
2022-06-11₹ 61.36₹ 61,360
2022-06-10₹ 60.45₹ 60,449
2022-06-09₹ 62.62₹ 61,627
2022-06-08₹ 62.95₹ 61,948
2022-06-07₹ 62.58₹ 61,583
2022-06-06₹ 61.06₹ 61,060
2022-06-05₹ 61.09₹ 61,091
2022-06-04₹ 61.09₹ 61,092
2022-06-03₹ 62.29₹ 62,290
2022-06-02₹ 61.62₹ 60,619
2022-06-01₹ 60.15₹ 60,145
2022-05-31₹ 61.68₹ 60,677
2022-05-30₹ 61.42₹ 61,418
2022-05-29₹ 62.61₹ 61,608
2022-05-28₹ 62.61₹ 61,608
2022-05-27₹ 61.12₹ 61,125
2022-05-26₹ 61.09₹ 61,091
2022-05-25₹ 61.38₹ 61,378
2022-05-24₹ 60.42₹ 60,417
2022-05-23₹ 61.30₹ 61,302
2022-05-22₹ 61.69₹ 60,688
2022-05-21₹ 61.69₹ 60,688
2022-05-20₹ 61.83₹ 60,832
2022-05-19₹ 60.62₹ 59,619
2022-05-18₹ 60.11₹ 60,107
2022-05-17₹ 60.26₹ 60,264
2022-05-16₹ 59.92₹ 58,918
2022-05-15₹ 59.65₹ 58,651
2022-05-14₹ 59.65₹ 58,651
2022-05-13₹ 58.63₹ 57,627
2022-05-12₹ 60.85₹ 59,854
2022-05-11₹ 59.93₹ 58,929
2022-05-10₹ 61.53₹ 60,533
2022-05-09₹ 61.47₹ 61,473
2022-05-08₹ 62.69₹ 61,696
2022-05-07₹ 62.69₹ 61,696
2022-05-06₹ 62.68₹ 61,680
2022-05-05₹ 63.70₹ 62,701
2022-05-04₹ 62.96₹ 61,957
2022-05-03₹ 62.41₹ 62,407
2022-05-02₹ 62.23₹ 62,230
2022-05-01₹ 64.46₹ 64,466
2022-04-30₹ 64.46₹ 64,466
2022-04-29₹ 65.51₹ 64,515
2022-04-28₹ 64.44₹ 64,448
2022-04-27₹ 65.84₹ 64,846
2022-04-26₹ 65.01₹ 65,012
2022-04-25₹ 66.14₹ 66,136
2022-04-24₹ 66.24₹ 66,239
2022-04-23₹ 66.24₹ 66,238
2022-04-22₹ 67.60₹ 66,594
2022-04-21₹ 69.79₹ 68,786
2022-04-20₹ 69.89₹ 68,892
2022-04-19₹ 71.61₹ 70,608
2022-04-18₹ 71.72₹ 70,722
2022-04-17₹ 70.24₹ 70,243
2022-04-16₹ 70.24₹ 70,243
2022-04-15₹ 70.21₹ 70,209
2022-04-14₹ 70.06₹ 70,063
2022-04-13₹ 69.29₹ 69,287
2022-04-11₹ 68.50₹ 67,496
2022-04-10₹ 67.45₹ 67,451
2022-04-09₹ 67.45₹ 67,451
2022-04-08₹ 67.99₹ 66,988
2022-04-07₹ 66.38₹ 66,371
2022-04-06₹ 66.81₹ 65,811
2022-04-05₹ 66.36₹ 66,359
2022-04-04₹ 67.17₹ 67,162
2022-04-03₹ 67.05₹ 67,050
2022-04-02₹ 67.05₹ 67,049
2022-04-01₹ 68.51₹ 67,505
2022-03-31₹ 67.44₹ 67,436
2022-03-30₹ 67.23₹ 67,230
2022-03-29₹ 68.85₹ 67,844
2022-03-28₹ 70.67₹ 69,666
2022-03-27₹ 70.79₹ 69,791
2022-03-26₹ 70.79₹ 69,792
2022-03-25₹ 70.82₹ 69,817
2022-03-24₹ 69.10₹ 69,102
2022-03-23₹ 67.44₹ 67,436

Historical Price of Silver Rate In Sikkim

Trend of Silver Rate in Sikkim for June 2022 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
June 1st Rate59.8858,880
June 24th Rate60.1560,145
Highest June Rate62.2962,290
Lowest June Rate59.8858,880

Trend of Silver Rate in Sikkim for May 2022 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
May 1st Rate61.6860,677
May 31th Rate64.4664,466
Highest May Rate64.4664,466
Lowest May Rate58.6357,627

Trend of Silver Rate in Sikkim for April 2022 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
April 1st Rate64.4664,466
April 30th Rate68.5167,505
Highest April Rate71.7270,722
Lowest April Rate64.4464,448

Trend of Silver Rate in Sikkim for March 2022 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
March 1st Rate67.4467,436
March 31th Rate66.0666,058
Highest March Rate73.6172,614
Lowest March Rate66.0666,058

Trend of Silver Rate in Sikkim for February 2022 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
February 1st Rate66.8265,820
February 28th Rate60.0960,091
Highest February Rate66.9665,954
Lowest February Rate60.0260,019

Introduction

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.

Silver Demand in Sikkim

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.

Preferred Silver Investments in Sikkim

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:

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.

Silver Bars:

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.

Futures exchange:

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.

Silver ETF:

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.

FAQs

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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