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Silver Rate in Goa

Silver has distinctly different significances in Goa. Gold, according to Indian traditions, holds greater value. However, that does not undermine the importance of silver all together. Like gold, an individual can invest in silver coins, bars and household items, apart from jewellery. The fluctuating silver rate in Goa, as in all other parts of India, is determined by falling resources of the metal, combined with growing demand for it.

Factors Affecting Silver Rate in Goa

Silver rate in Goa fluctuates owing to several international and national factors, especially economic factors. Below are the factors that affect silver rate in Goa:

Rising cost of imports: The taxes levied on silver imports in India increase the silver rate in Goa, as is applicable on other parts of India too. The higher conversion rate of US dollar to the Indian Rupee further pushes up the silver rate in Goa.

Industrial demand: Silver is not just used in the jewellery industry, but several other industries as well. Some of the industries from where silver faces demand are electronic appliances like mobile phone and television and also for the manufacture of solar panels, RIFD chips, manufacture of medicine, etc.

Silver as an investment: Though silver cannot match up to that of its yellow counterpart, it remains a much-preferred long term investment. The falling reserves and increasing demand are major reasons behind silver being an effective investment option.

How to Invest in Silver in Goa?

The following are the ways in which an investor can invest in silver in Goa:

Silver jewellery: Silver is an important part of the jewellery industry for both men and women. It has a wider demand because it is comparatively less expensive than its gold counterpart.

Coins and bars: Silver coins fetch healthy returns over a long term on a purchase of a few hundreds. It is also a safe investment since it is not accompanied by capital market risks. Coins and bars are a better investment because the 15% melting charge, which is applicable on silver jewellery, is not applicable on silver coins and bars.

Household items: Silver is auspicious as per Indian traditions and is an essential part of Indian festivities.

Things to Remember Before Purchasing Silver in Goa

Following are the factors you need to keep in mind while purchasing silver in Goa:

Current silver rate in Goa - The first consideration is that you should be aware of the prevailing silver rate in Goa, if you are buying silver from this Union Territory.

Futures exchange market – Though the contract sizes are comparatively higher than certain other commodities like gold, etc., it is often considered to be an effective investment for experienced investors. Not only are charges applicable over and above the ongoing silver rate in Goa for silver jewellery, investments in silver are also devoid of market risks. Silver Exchange Traded Fund – Goan residents can invest in silver ETFs listed in the US market. All that needs to be done is to open an account with a broker, who specialises in investing in international stock markets.

Silver Rate in Goa for the Last 6 Months

Trend of Silver Rate in Goa for July 2019

1st July 2019Rs.40,578
31st July 2019Rs. 44,965
Highest Price on JulyRs.44,965/- per kg
Lowest Price on JulyRs.40,560/- per kg
Overall PerformanceOn the rise
Percentage Change+10.81%

Trend of Silver Rate in Goa for June 2019

1st June 2019Rs. 39,600
31st June 2019Rs. 40,500
Highest Price on JuneRs.40,500/- per kg
Lowest Price on JuneRs.39,450/- per kg
Overall PerformanceOn the rise
Percentage Change+2.27%

Trend of Silver Rate in Goa for May 2019

Silver Rates1 Kg
1st May rateRs.40,500
31st May rateRs.39,500
Highest rate in MayRs.40,700 on May 3
Lowest rate in MayRs.39,360 on May 25
Overall performanceFalling
% Change-2.47%

Trend of Silver Rate in Goa for April 2019

Silver Rates1 Kg
1st April rateRs.40,647
30th April rateRs.40,000
Highest rate in AprilRs.40,863 on April 10
Lowest rate in AprilRs.40,000 on April 23
Overall performanceFalling
% Change-1.59%

Trend of Silver Rate in Goa for March 2019

Silver Rates1 Kg
1st March rateRs.43,300
31st March rateRs.41,500
Highest rate in MarchRs.43,300 on March 1
Lowest rate in MarchRs.41,100 on March 8
Overall performanceFalling
% Change-4.16%

Trend of Silver Rate in Goa for February 2019

Silver Rates1 Kg
1st February rateRs.41,450
28th February rateRs.43,300
Highest rate in FebruaryRs.43,700 on February 26
Lowest rate in FebruaryRs.41,300 on February 4
Overall performanceRising
% Change+4.46%

How Does GST Impact Silver Rate in Goa?

With effect from 1st July, 2017, a GST rate of 3% is applicable on silver. It is believed that the increase of the GST rate would encourage unorganized players to enter the organized market.

What is the Importance of Checking Silver Rate in Goa

The prevailing silver rate in India determines the price that you will have to pay for your investment, as per its weight, intricacy of silver jewellery, extra charges (if any), etc. For instance, if you are a resident of Goa, it is important for you to check the silver rate in Goa, before making an investment. This will prevent you from being overcharged.

What is BIS Hallmarked Silver Rate in Goa?

BIS or Bureau of Indian Standards is the institution that is authorized with the responsibility to oversee and ensure the purity of silver in India through hallmarking. Hallmarking is the procedure followed to record and analyse the quality of the metal constituent in silver or gold. The first company in India that was founded to offer 999 BIS Hallmarked Silver Coins was FX Global Metal Corporation. Silver purchased from banks are perceived to be more reliable in terms of its purity than from jewellers, despite silver from banks being more expensive because it involves extraneous charges. Silver investments from banks are also less risky because they are accompanied with a purity certificate that is proof of their quality, as notified by the relevant bank and an external agency.

The Hallmark scheme was launched by Bureau of Indian Standards for silver in 2005 under IS 2112. A hallmarked silver item will consist of

  • The BIS hallmark, and
  • Identification hallmark or number assigned by the Government of India
  • A purity grade varying between 999.9 to 999 for fine silver and grades of 970, 925, 900, 835 or 800 for silver jewellery, alloys of silver and silver artefacts
  • Identification mark of the relevant jeweller
  • Year of marking, as indicated by a unique code letter for the year of manufacture

How to Buy Silver after Checking Silver Price in Goa?

Below are the points you should consider while buying silver: Be aware of the ongoing silver rate in Goa – Make sure that you know the prevailing silver rate in Goa when you invest in silver. This will enable you to ensure that you are not overcharged for your investment.

Know your investment objectives – The type of silver you should invest in – jewellery, coins, bars or household items, etc. – determines what you are aiming to achieve through the purchase or investment. Jewellery is best as a long term investment as it is more expensive than silver coins due to the 15% making charge. Silver bars are a preferred option for seasoned investors. Consider these factors to take a well-informed decision.

Ensure certification – Certifications and hallmarks are a proof of the quality of silver an individual is investing in. Check that the silver that you invest in bears the BIS hallmark, mark of the relevant jeweller, mark of the Government of India, year of marking and purity grade. Make online purchases carefully – Digitalisation has made lives easier for both sellers and customers. No wonder, silver products are readily available online. However, customers should emphasize on the necessary hallmarks and certifications before the purchase to be sure of the weight and quality of silver. Also, you should opt for certified sellers only.

Conclusion

The digital journey has given rise to e-commerce platform, making products and services accessible, right from our homes and even while on the move, irrespective of the geographical location.

The Bureau of Indian Standards (BIS) has introduced transparency in the jewellery industry, streamlining the process, and controlling the quality and silver rate in Goa. Investors, on the other hand, should be aware of the ongoing silver rates and emphasize on the essential hallmarks to ensure that they are investing in quality product and at the right price.

FAQ's On Silver Rate in Goa

What is per gram silver rate in Goa?

The per gram silver rate in Goa, as on 14th August 2019, is Rs. 47.40

What is 10 gram silver rate in Goa?

The silver rate in Goa for 10 grams, as on 14th August 2019, is Rs. 474.00.

What is 100 gram silver rate in Goa?

The silver rate in Goa for 10 grams, as on 14th August 2019, is Rs. 4,740.00.

What is 1 kg silver rate in Goa?

The silver rate in Goa for 10 grams, as on 14th August 2019, is Rs. 47,400.00.

What is 10 kg silver rate in Goa?

The silver rate in Goa for 10 grams, as on 14th August 2019, is Rs. 4,74,000.00.