Silver Price in India

Know About Silver Price

Silver is much more affordable than gold and is seen as a relatively good investment option as well as ideal for gifting on special occasions. It is versatile and available easily in the form of coins and bars, ranging from 10g to 1kg. It is also widely used in manufacturing electronics and scientific equipment. Ordinary household items may also be made of silver or a silver alloy such as Sterling silver. Moreover, silver antique pieces might have much higher value than that of just the weight of the metal.

The Bureau of Indian Standards (BIS) has created hallmarking licenses (IS 2112:2014) and helps determine the accurate purity of silver in any item they might want to purchase, which ensures trust between the seller and buyer, as well as the use of an appropriate silver rate based on purity. If you are worried about being cheated or buying silver which is actually a lower quality alloy, then you must look for the BIS mark and jeweller's identification mark. Unlike with gold, hallmarking is not mandatory for silver, but this might change in the future.

Silver Purity

The purest form of silver is rated 999.9 which can also be written as 9999. This is 99.99 percent pure silver and is used for the silver coins and bullion issued by the mints of some countries and in some medical or scientific equipment. The most common commercial grade of pure silver is 999. This is also marketed as Fine Silver. Only 0.1 percent may be made up of other metals, most commonly copper, lead, or iron. 999 silver is malleable and easy to form into jewellery. For investing or gifting, you will easily find 999 silver coins and 999 silver bars or biscuits issued by banks or jewellers.

Below these grades, you will also find 990 and 970 silver which are alloys with 99 percent and 97 percent purity respectively. These might be used to create jewellery or items such as cutlery, which is commonly known as silverware.

925 silver is 92.5 percent pure. This is internationally recognised as Sterling Silver purity. You can find household items, artifacts, ornaments, gifts, pens, and also jewellery made from Sterling Silver and sold commonly even in general shops. Below this, 900 silver, 835 silver and 800 silver have rated purity of 90 percent, 83.5 percent and 80 percent respectively. This is the lowest level of an alloy that can be recognised as silver. While the purity is lower, these alloys are more suitable for use in everyday items as the other metals provide rigidity and are make it much less likely to get dull or blackened from exposure to air.

Silver Buying Guide

The value of silver makes it a preferred investment for many people as it is easy to manage and tends to appreciate in value. Silver items can also have practical uses while keeping their value. All investments are subject to risk so buyers should research all the factors such as purity, weight, certifications, etc.

Silver Weight

You can make sure the item you are purchasing is actually silver and not just silver-plated on the surface. Silver coins are commonly available in 10g, 15g, 20g, 25g, 50g, 100g, 200g, 250g, 500g and even 1kg. Tola weights equivalent to 58g and 116g can also be found. Silver biscuits or bars are also available in 10g, 25g, 50g, 100g, 250g, 500g and higher values. A decorative or commemorative item such as a silver note, bowl, plate, statue, vase, trophy, idol, picture frame, etc can be given as a gift, and will come in various designs.

Silver jewellery will be sold by weight but making charges and applicable GST can result in higher costs. Jewellers might have a fixed making charge based on a percentage of the metal value, or there might be charges per piece. Prices can vary depending on the artisan's skill and experience, and the complexity of the design. It is best to consult the jeweller and agree upon all costs before undertaking any work. Jewellers may also offer silver buy back terms and conditions if you want to cash out of your investment in the future.

Meltdown value based on the metal weight alone might not be as high. However the craftsmanship can add value if it is very fine or if the jewellery has any cultural or antique value. Collectible items might also be valued beyond the weight of the silver.

Silver Rate

The cost of silver per gram will fluctuate daily based on market conditions, supply and demand. It is not possible to predict every change in the value but you can study market trends using reputable websites and consulting jewellers or traders.