Silver is one among the most important precious metals known and has a good demand in India. Silver rates in India are standard across major cities. The Silver rates per kilo are determined from several factors - cost of mining, benchmark costs set by traders and bullion associations, cost of importing and the USD-INR currency valuations. A weaker Rupee means a costlier Silver.
On Sify.com you will exclusive data on most-accurate rates and how to investment in Silver - Poor man's Gold.
Last Updated:19 01 2021, 3:03:14 AM
Silver, Chandi (Hindi), Velli or Belli (South India) or Rupa (Bengali) has an important history and significance. The precious metal is as important as Gold and any other element known to mankind. On Sify.com you can track the rates, trivia, ways and means to buy Silver and much more.
Silver is one among the most important precious metals known and has a good demand in India. Silver rates in India are standard across major cities. The Silver rates per kilo are determined from several factors - cost of mining, benchmark costs set by traders and bullion associations, cost of importing and the USD-INR currency valuations. A weaker Rupee means a costlier Silver. On Sify.com you will find most accurate data and ways and means to investment in Silver - <i>Poor man's Gold</i>.
Early Greek Silver coins - Drachma, the world's early coins minted in mid-6th century BC made of silver were valued to a handful of arrows. In India, the Karshapana or Karsha Silver coins were documented as popular ones around the same time as the Greek history with Silver. There is a documented usage of Silver in pre-Mauryan empire as well. Silver was such an important metal that many Indian Kings and courts used the word Rajata to refer to Silver. Jewelry made of Silver had several names, popular ones include Rajatakumbha (Silver Jar), Rajatapatra (Silver Cup), Rajatamaya (made of Silver) and even Rajataparvata (Silver mountain).
Heard of the phrase - born with a silver spoon? That phrase succinctly explains the significance of Silver, the element the world of science refers to as Argentum (Ag). Silver for ages has been used in currency, jewelry with Gold & jewels and also has an extensive use-case in our day to day instruments and machines. Being an industrial element, Silver has an extensive use-case in electrical, smartphones, automobile, Catalysis, Solar, Chemical, Water-filtration industries. Silver also has use-case in several instruments related to the medical industry, photography and photo-copier machines.
An interesting trivia on Silver is how Persians and Greeks from 3-5th century BC used Silver. They stored water in containers made of Silver. Modern Science has documented evidence of how Silver acts as an excellent element to keep bacteria and germs away. In fact Russian and American space programs aboard the International Space Station use ionic Silver to purify water.
According to the Silver Institute, a not-for-profit agency that monitors and encourages the development of Silver and Silver products, the demand for Silver grew by 4 percent in 2018 to 1.03 billion ounces, a three-year high. Demand for silver coin and bar category rose by 20 percent, and silver bars saw demand soar by 53 percent. The institute said that the sentiment in India was exception with "Strong sentiment in India... demand leaped 115 percent higher last year."
In a nut-shell, Silver:
Although contemporary monetary systems have evolved from Gold and Silver standards, Silver certainly has its own value. In fact, Silver has had its value tracked for a good 6,000 years and therefore has an intrinsic investment value. Silver can purchased as a jewelry or as bars and coins. Broadly, there are 3 ways to invest in Silver:
Before investing or buying, one should be aware of the purity and types of Silver. Basically, there are 3-4 major types of Silver, categorized majorly on the basis of purity. These are Fine Silver, Sterling Silver, Argentum Silver, Coin Silver etc.
Ask these ten questions to ensure a safe and sane transaction.
Trading in precious metals follows international market trends. For Silver, the London Bullion Merchants Association (LBMA) and futures trades on commodity exchanges are major influences. The LBMA auction held everyday for five days through the week reflects morning (AM) and noon (PM) rates for Silver.
Price in India are influenced by currency, base rates, and the rates quoted by jewellery stores and commodity markets. The Indian Bullion and Jewellers Association (IBJA) that's almost 100 years old and based out of Mumbai puts out daily rates, twice a day - once in the morning and once in the evening - for Silver. GST at 3% is then added to the calculation (an additional 5% GST has to be paid on making charges).
Additional costs incurred like transportation charges, the cost of security (guards) needed during this transportation and the cost of insurance are also then totted up.