Silver Rate Today in Assam

Assam is a state in northeastern India, situated along the Brahmaputra and Barak river valleys in the southern foothills of the eastern Himalayas.

The economy of Assam is based on agriculture and oil. Assam is famous for its tea and silk production. The state of Assam produces more than half of India's tea. 

Evidence suggests that humans settled in Assam and surrounding areas back in the Stone Age. Assam has a rich history, just like gold and silver. Did you know? According to the Silver Institute, silver has been in use for hundreds of years, dating way back to 700 BC.

Silver is not just a precious metal, but also a valuable international trade commodity. Silver is more affordable than gold and is in high demand in several industries. The international market data for the past decade shows an exponential increase in silver prices.

In terms of investing in silver, investors often prefer coins & bars due to their 99.9% purity. Silver coins are conveniently available in most banks all over India, including Assam. Also, you can buy silver items or jewellery from reputed jewellers nearby.

Silver as an Investment in Assam

There are many ways to invest in silver. If you do not wish to invest in physical silver, there are also paper options, such as silver futures, NSEL, and many others.

Physical silver: Throughout generations, silver and gold have served as family heirlooms. There are various ways to purchase silver, including jewellery, coins, bars, and utensils. The purity of coins and bars makes them a better investment than jewellery. You can buy silver coins from banks and jewellers throughout the state.

Silver contracts – Silver futures and contracts are the latest investment vehicles for silver, and they are traded only on the Multi Commodity Exchange (MCX), the Commodity and Derivative Exchange (NCDEX), and the National Commodity and Derivatives Exchange (NCDEX). However, Majorities of the population are yet to embrace such investment vehicles.

Impact of GST on Silver Rate in Assam

GST (Goods and Services Tax) became effective in 2017. Under this tax regime, all silver purchases are subject to 3% GST. Furthermore, 5% GST is levied on the making charges of the silver jewellery.

In India, gold & silver imports are subject to three types of taxes: Custom Duty (12.5%), Agriculture Infrastructure Cess (2.5%), and Social Welfare Surcharge (10% of Custom Duty).

As of July 2022, the Social Welfare Surcharge has been exempted. Therefore, the total import duty is 15%.

How is the Purity of Silver Evaluated in Assam

Verifying silver purity in Assam or elsewhere in India is as easy as checking the hallmark. The hallmark certifies the purity and fineness of silver under the norms established by the Bureau of Indian Standards (BIS).

If you are purchasing silver jewellery or articles, there are a few signs you should look out for to ensure you are buying pure silver. Here are a few points that will help you determine the quality of the metal.

BIS Mark

This logo represents the Bureau of Indian Standards. It has a triangular shape with a dot inside.

Purity Grade/Fineness

Fine silver comes in three purity levels: 999.9, 999.5, and 999. 

There are five purity grades for silver alloys, jewellery, and artefacts: 970, 925, 900, 835, and 800.

Years of Marking

On the hallmarking of jewellery, some letters represent the year of the marking. As an example, the letter 'A' represents the year 2000, the letter 'B' represents the year 2001.

Jeweller’s Identification Mark

As the name suggests, it serves as a jeweller's identification mark.

Some Interesting Facts on Assam Silver Rates vs Other

In 1778, the Mexican city of San Luis Potosi had 48 active mines, making it one of the largest centres for silver extraction at that time.

The exploration of famous silver mines is one of Mexico's most popular eco-tourism activities.

Many Indian households use silver utensils. As a matter of interest, silver utensils exhibit antimicrobial and antibacterial properties.

According to tradition, silver items are auspicious to purchase during Dhanteras. As a result, silver prices spike during this festive season.

Similar to gold, silver is a highly malleable metal. As a result, it's a good option for making silverware and jewellery.

There has been a close association between silver and healthcare for several decades.

Silver is used to treat burns and wounds. The use of silver is widespread, especially to treat or prevent infection. Silver's unique properties help diagnose diseases like tuberculosis.

The excellent catalytic properties of silver make it an essential component in many chemical processes.