Gold and silver have separate traditional significance in Pune, as in all other parts of India. Gold holds more importance in the jewellery industry as well as an investment, while silver is mostly considered for the latter. The global demand and supply for silver is one of the leading parameters that decides the silver rate in Pune every day. It is second only to gold in terms of its abundance as well as its demand.
There are several international and national factors that affect the daily silver rates in Pune, like it does for all other parts of the world. These factors are dominantly economic by nature. The following are the factors that affect silver rate in Pune:
Increasing import costs: The taxes applicable on silver imports in India push up the silver rate in Pune, explaining the frequent price fluctuations. Not just that, the higher conversion rate of US dollar to the Indian Rupee is also responsible for the varying silver rate in Pune.
Silver as an investment: The reducing reserves and rising demand is one of the primary reasons behind silver being seen as an increasingly more effective investment.
Demand from industries: Apart from the jewellery industry, there are various other industries that require silver for the manufacture of their products. Some of these include electronic appliances like mobile phone and television as well as other products like solar panels, certain medicines, RFID chips, etc.
The following are the ways in which an investor can invest in silver in Pune:
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 the 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: As per Indian traditions, silver is auspicious and forms an integral part of Indian festivities.
Following are the factors you need to keep in mind while purchasing silver in Pune:
Current silver rate in Pune – Update yourself on the ongoing silver rate in Pune before you make an investment in the metal.
Futures exchange market – The contract sizes of silver is higher than some other commodities like gold. However, despite this fact, it is often a recommended investment for seasoned investors. Such investments are not only devoid of capital market risks, there are also no extra charges applicable over and above the prevailing silver rate in Pune.
Silver Exchange Traded Fund – Pune residents can invest in silver ETFs listed in the US market. All that you need to do is open an account with a broker, who specialises in investing in international stock markets.
Trend of Silver Rate in Pune for July 2019
| 1st July 2019 | Rs.40,578 |
| 31st July 2019 | Rs. 44,965 |
| Highest Price on July | Rs.44,965/- per kg |
| Lowest Price on July | Rs.40,560/- per kg |
| Overall Performance | On the rise |
| Percentage Change | +10.81% |
Trend of Silver Rate in Pune for June 2019
| 1st June 2019 | Rs. 39,600 |
| 31st June 2019 | Rs. 40,500 |
| Highest Price on June | Rs.40,500/- per kg |
| Lowest Price on June | Rs.39,450/- per kg |
| Overall Performance | On the rise |
| Percentage Change | +2.27% |
Trend of Silver Rate in Pune for May 2019
| Silver Rates | 1 Kg |
| 1st May rate | Rs.40,500 |
| 31st May rate | Rs.39,500 |
| Highest rate in May | Rs.40,700 on May 3 |
| Lowest rate in May | Rs.39,360 on May 25 |
| Overall performance | Falling |
| % Change | -2.47% |
Trend of Silver Rate in Pune for April 2019
| Silver Rates | 1 Kg |
| 1st April rate | Rs.40,647 |
| 30th 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 Pune for March 2019
| Silver Rates | 1 Kg |
| 1st March rate | Rs.43,300 |
| 31st 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 | Falling |
| % Change | -4.16% |
Trend of Silver Rate in Pune for February 2019
| Silver Rates | 1 Kg |
| 1st February rate | Rs.41,450 |
| 28th February rate | Rs.43,300 |
| Highest rate in February | Rs.43,700 on February 26 |
| Lowest rate in February | Rs.41,300 on February 4 |
| Overall performance | Rising |
| % Change | +4.46% |
The GST rate of 3% is applicable on silver, with effect from 1st July, 2017. Industry insiders believe that the increase of the GST rate will encourage unorganised players in the industry to enter the organised market.
The current silver rate in India determines the price that you will have to invest towards your purchase, according to its weight, intricacy of artwork on silver jewellery, extra charges (if any), etc. For example, if you are a resident of Pune, it is essential for you to be aware of the silver rate in Pune prior to your investment. This will enable you to ensure that you are being quoted the correct price for the day and also get your desired quality.
Bureau of Indian Standards (BIS) is authorised with the task to oversee, record and evaluate the purity of silver in India through the process of hallmarking. It analyses the quality of the metal constituent in silver or gold. FX Global Metal Corporation was the first company in India that was founded to offer 999 BIS Hallmarked Silver Coins. Silver from banks are safer and, hence, more reliable from the perspective of its quality. These investments are accompanied by purity certificates and hallmarks that are a proof of their quality. Therefore, despite certain extra charges being applicable, they are often a more preferable option than purchasing from jewellers.
The Hallmark scheme was launched by Bureau of Indian Standards in the year 2005 under IS 2112. A hallmarked silver investment will include the following –
Below are the points you should consider while buying silver:
Know the current silver rate in Pune – Be aware of the ongoing silver rate in Pune before investing in the metal. This will eliminate the scope for being overcharged or compromising on quality.
Know your investment objectives – The type of silver you want to invest in – jewellery, coins, bars or household items, etc. – should be decided by your investment goals. For individuals looking for a long term investment, silver jewellery should be the preferred option. On the other hand, silver bars and coins are more expensive because of the 15% making charge, but they usually offer better quality. Silver bars are mostly considered to be a good investment for experienced investors. Consider these parameters and have a clear perspective over your investment objectives before to take a conscious decision.
Emphasise on hallmarks and certifications – Make sure that you don’t make a silver investment when you are not being given the necessary certifications and hallmarks - BIS hallmark, mark of the Central Government, mark of your jeweller, year of marking and purity grade.
Be more careful during online purchases – Online purchases have made it easy for us to make silver investments from the comfort of their homes. We can also make our purchases while on the move, irrespective of geographical locations. Digitalisation has made lives easier for both sellers and customers. No wonder, silver products are readily available online. However, customers should emphasise 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.
Bureau of Indian Standards (BIS) has organised the jewellery industry, introducing transparency in the processes. It records and analyses the purity of silver, and maintains price and quality standards in the industry. This has eliminated the dominant challenges that the industry was faced with before BIS was established. Investors have to be aware of the prevailing silver rate in Pune, and emphasize on the essential certifications and hallmarks before investing in silver.
What is per gram silver rate in Pune?
The per gram silver rate in Pune, as on 14th August 2019, is Rs. 47.27.
What is 10 gram silver rate in Pune?
The silver rate in Pune for 10 grams, as on 14th August 2019, is Rs. 472.70.
What is 100 gram silver rate in Pune?
The silver rate in Pune for 100 grams, as on 14th August 2019, is Rs. 4,727.00.
What is 1 kg silver rate in Pune?
The silver rate in Pune for 1 kg, as on 14th August 2019, is Rs. 47,270.00.
What is 10 kg silver rate in Pune?
The silver rate in Pune for 10 kg, as on 14th August 2019, is Rs. 4,72,700.00.
