Silver does not cost as much as gold; however, its demand is no less. Silver jewellery and articles are quite often bought by Indians. Considered highly auspicious, many households use silverware and even gift them to dear ones during festivities. The price of silver in India varies across cities on account of local market factors such as its demand and supply, taxes and transportation charges. This article sheds light on how lucrative investments in silver are in Madurai and its rates over the recent months.
Some of the factors that affect the price of silver are:
Inflation - Investors consider silver (as an investment) a great hedge against inflation. When the currency value goes down, silver assures protection against losses in purchasing power. However, it is important to note that with the rise in demand, the silver rate will also increase.
Demand and supply - The demand-supply equation of silver is among the reasons that make this precious metal very valuable. While the supply is limited, demand remains constant. Now, any perceived or actual increase or decrease in the supply or demand will affect rates. For instance, if a strike disrupts mining at a major producer, silver prices may see an increase over the short term.
Interest Rates - Base interest rate is an indication of overall market conditions. Considering that investments in silver are not made to get a current return, some individuals will choose interest payments in place of long-term appreciation of silver holdings. Thus, the market price of silver tends to have an inverse association with the level of interest rates.
Given that silver is an appreciatory commodity, it is better suited for long-term investors. There are various ways to invest in silver - here is a look at a few of them:
Taking into consideration the fact that silver - in its purest form - is very soft, zinc, copper or nickel are added to give it strength. While copper makes silver harder, it has a tendency to tarnish, because of which the jewellery darkens as it often comes in contact with water, air or other elements. Since the year 2003, some jewellers have started to mix platinum, which is harder and resistant to tarnish. However, this raises the ornament’s price. The best silver sold is sterling silver, which comprises of 92.5% of the precious metal. It would be stamped as .925 or just 925. Refrain from purchasing jewellery that has less than this purity level. Many jewellers have reported that most fraud cases take place in silver jewellery and wares. Buyers are therefore advised to only buy these from jewellers of repute, with credible buyback policies. Silver is resold based on its weight. As the metal is often melted for the purpose of its reuse, one may lose out on the making charges. The only exception is if an individual has antique silver jewellery.
Trend of Silver Rate in Madurai for August 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st August rate | Rs. 44,965 |
| 31st August rate | Rs. 48,500 |
| Highest rate in August | Rs. 49,160 on August 27 |
| Lowest rate in August | Rs. 44,522 on August 10 |
| Overall performance | Rising |
| % Change | +7.86% |
Trend of Silver Rate in Madurai for July 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st July rate | Rs. 40,578 |
| 30th July rate | Rs. 44,965 |
| Highest rate in July | Rs. 44,965 on July 31 |
| Lowest rate in July | Rs. 40,560 on July 9 |
| Overall performance | Rising |
| % Change | +10.81% |
Trend of Silver Rate in Madurai for June 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st June rate | Rs. 39,600 |
| 31st June rate | Rs. 40,500 |
| Highest rate in June | Rs. 40,500 on June 29 |
| Lowest rate in June | Rs. 39,450 on June 2 |
| Overall performance | Falling |
| % Change | +2.27% |
Trend of Silver Rate in Madurai for May 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st April rate | Rs. 40,500 |
| 30th April rate | Rs. 39,500 |
| Highest rate in April | Rs. 40,700 on May 3 |
| Lowest rate in April | Rs. 39,360 on May 25 |
| Overall performance | Falling |
| % Change | -2.47% |
Trend of Silver Rate in Madurai for April 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st April rate | Rs. 40,647 |
| 31st April rate | Rs. 40,000 |
| Highest rate in April | Rs. 40,863 on April 10 |
| Lowest rate in April | Rs.40,000 on April 23 |
| Overall performance | Falling |
| % Change | -1.59% |
Trend of Silver Rate in Madurai for March 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st March rate | Rs. 43,300 |
| 28th March rate | Rs. 41,500 |
| Highest rate in March | Rs. 43,300 on March 1 |
| Lowest rate in March | Rs. 41,100 on March 8 |
| Overall performance | Rising |
| % Change | -4.16% |
The GST that is applicable on silver is 3%. This rate is applicable on i) Silver (including silver plated with gold or platinum), unwrought or semi-manufactured forms, or in powder form, ii) Base metals or silver, clad with gold, not further worked than semi-manufactured, iii) Articles of goldsmiths’ or silversmiths’ wares and parts thereof, of precious metal or of metal clad with precious metal, etc. (Source: GST Council)
Madurai has a large population, and hence the demand for Silver has always been high. Before purchasing Silver, it is very important for an individual to check the prevailing rate. Even a tiny variation in the rate of Silver can lead to a big loss. Therefore, it is important to check the live price/rate of Silver in Madurai. You can also visit multiple jewellers before buying.
The different ways by which one can buy silver include:
Silver jewellery hallmarked by the Bureau of Indian Standards shall bear the BIS logo. This serves as evidence that the purity of the silver has been verified in one of the bureau’s licensed laboratories. It is however important to note that BIS hallmarking is not mandatory - not all jewellers offer hallmarked BIS jewellery. Some offer their in-house hallmarking of jewellery which is not verified by the national standards body of India. Prior to buying silver jewellery, it is essential to check with the jewellers whether or not they offer BIS hallmarked ornaments.
A versatile precious metal, silver, offers myriad uses and investment opportunities. Also, considering that it is more abundant than gold, it is more affordable per ounce as compared with gold. Investing in silver can help individuals diversify their portfolios. It is best combined with gold investments as well as any stocks or bonds, regarded worthy of the risk involved.
What is per gram Silver rate in Madurai?
According to the website of Good Returns, the per gram silver rate is Rs. 52 (as on 6 September 2019).
What is 10 grams Silver rate in Madurai?
According to the website of Good Returns, the rate for 10 grams silver is Rs. 520 (as on 6 September 2019).
What is 100 grams Silver rate in Madurai?
According to the website of Good Returns, the rate for 100 grams silver is Rs. 5,200 (as on 6 September 2019).
What is 1 kg Silver rate in Madurai?
According to the website of Good Returns, the rate for 1 kg of silver is Rs. 52,000 (as on 6 September 2019).
