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Silver Rate in Trichy

Silver rate in Trichy, like in the rest of India, is determined by several parameters, which are predominantly economic. Silver occupies a position that is second only to gold, not only in terms of jewellery, but as an investment as well. The increasing demand of silver across the world, along with its falling reserves, is one of the predominant factors behind frequently fluctuating silver rate in Trichy.

Factors Affecting Silver Rate in Trichy

Let’s discuss the predominant factors behind the fluctuating silver rate in Trichy:

Rising import expenses: The taxes applicable on silver imports in India is one of the primary factors that increase the silver rate in Trichy, as it does in all other parts of India. Additionally, the higher conversion rate of US dollar to the Indian Rupee further increases the silver rate in Trichy.

Industrial demand: The metal is not just used by the jewellery industry, but also by other industries like electronic appliances like touchscreens of television and smartphone as well as RIFD chips, solar panels, manufacture of certain medicines, amongst others.

Silver as an investment: The gradually rising silver rate in Trichy, as in all of India, is making investors take note of the metal as an effective long term investment.

How to Invest in Silver in Trichy?

As silver is a versatile metal, there are various ways in which you can invest in silver in Trichy. These are as below:

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 are a good investment option as it is affordable and can be purchased at a few hundred rupees, depending on the weight. It achieves steady capital appreciation over the long term, and that too without being exposed to the volatility of the capital market. As an investment, coins and bars are a preferred option as it does not involve the 15% melting charge that is applicable to silver jewellery.

Household items: Silver is considered to be an auspicious metal and is an essential part of Indian festivities. Not just silver coins, household kitchen cookware and artefacts made of silver are also purchased.

Things to Remember Before Purchasing Silver in Trichy

Silver coins are considered to be an auspicious part of festivals in Trichy. There are two channels through which you can invest in silver coins and bars:

Jewellers - Silver jewellery and coins are available in varied weights, which enable individuals to invest in them as per their budget. Silver jewellery prices also depend on the intricacy of designs. Therefore, buyers have the flexibility to choose the design and weight. Leading jewellery brands offer customers the convenience of purchasing silver coins and bars online.

Banks and non-financial institutions - Banks and non-banking financial institutions also offer silver bars and coins. However, extra charges like damage-proof packaging, etc. are added over and above the base price of the metal, as per the ongoing silver rate in Trichy. Investors should emphasize on a purity certificate, which involves further charges. This eats into the profit margin of the return on investment.

However, despite the increased price, purchasing from an investor is also less risky, making buying from a jeweller a comparatively better investment option.

Silver Rate in Trichy for the Last 6 Months

Trend of Silver Rate in Trichy for July 2019 (rates per kg)

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 Trichy for June 2019 (rates per kg)

Silver Rates1 Kg
1st June rateRs.39,600
30th June rateRs.40,500
Highest rate in JuneRs.40,500 on June 29
Lowest rate in JuneRs.39,450 on June 2
Overall performanceRising
% Change+2.27%

Trend of Silver Rate in Trichy for May 2019 (rates per kg)

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 Trichy for April 2019 (rates per kg)

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 Trichy for March 2019 (rates per kg)

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 Trichy for February 2019 (rates per kg)

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 on Silver Rate in Trichy?

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 unorganised players to enter the organised market.

What is the Importance of Checking Silver Rate in Trichy?

The current silver rate in India determines the price that you will have to pay for your investment in silver, as per its weight, intricacy of silver jewellery, extra charges (if any), etc. For instance, if you are an inhabitant of Trichy, it is essential for you to check the silver rate in Trichy, before you invest in silver. Otherwise, you may be overcharged for your investment.

What is BIS Hallmarked Silver Rate in Trichy?

Bureau of Indian Standards (BIS) is authorised with the responsibility of overseeing, managing and evaluating the purity of silver in India through the process of hallmarking. This process measures the metal constituent in silver or gold. FX Global Metal Corporation was the first company in India to offer 999 BIS Hallmarked Silver Coins.

Silver offered by banks is accompanied by certifications and hallmarks. Although it involve extra charges, it is often preferred over jewellers despite them involving extraneous charges. These certificates are a proof of their quality, as notified by the concerned bank and an external agency.

The Hallmark scheme was launched by BIS in 2005 under IS 2112. An authentic hallmarked silver item should include the following

  • The BIS hallmark, and
  • Identification hallmark or number assigned by the Government of India
  • Identification mark of your jeweller
  • 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
  • Year of making, as mentioned by a unique code letter indicating the year of manufacture

How to Buy Silver After Checking Silver Price in Trichy?

Below are the points you should consider while buying silver:Be aware of the ongoing silver rate in Trichy – Make sure that you know the prevailing silver rate in Trichy 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. Be doubly sure for online purchases – Online availability of silver in all forms have made its purchase hassle-free for customers. However, you are unable to check its quality and weight physically, and hence, you must emphasize on the necessary hallmarks and certifications before the purchase. You should also make sure that you opt only for certified sellers.

Conclusion

Ensuring quality and price of silver is the responsibility of investors as well as BIS, which has been established to streamline the processes and introduce transparency. Investors, too, have to emphasise on the necessary hallmarks and certifications, and stay updated on the ongoing silver rate in Trichy to prevent ourselves from being overcharged for the quality of silver being offered.

FAQ's On Silver Rate in Trichy

What is the per gram silver rate in Trichy?

The per gram silver rate in Trichy, as on 16th August 2019, is Rs. 48.40.

What is 10 gram silver rate in Trichy?

The silver rate in Trichy for 10 grams, as on 16th August 2019, is Rs. 484.00.

What is 100 gram silver rate in Trichy?

The silver rate in Trichy per 100 grams, as on 16th August 2019, is Rs. 4,840.00.

What is 1 kg silver rate in Trichy?

The silver rate in Trichy per 1 kg, as on 16th August 2019, is Rs. 48,400.00

What is 10 kg silver rate in Trichy?

The silver rate in Trichy per 10 kg, as on 16th August 2019, is Rs. 4,84,000.00

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