Silver Rate Today in Bhubaneswar

Known for its temples and virtuous sanctity, Bhubaneshwar is the capital and the largest city of Odisha. From the beautifully adorned idols and sculptures exhibiting Kalingan architecture to its residents frequently organising jewellery exhibitions, Bhubaneswar appreciates the intrinsic value stored in the white precious metal that is silver.

People in the city are well aware of the significance of silver, be it in silverware, gifting items, coins, bullions, articles of religious significance, or handcrafted jewellery. Silver has also been increasingly used across industries such as in electric vehicles, green technologies, photovoltaic cells, automobile, and healthcare sectors.

Before investing in silver, a general understanding of today's silver rates in Bhubaneshwar will enable you to make an informed decision. So follow along as we thoroughly examine today's silver rates in Bhubaneswar.

How is the Purity of Silver Evaluated in  Bhubaneswar?

The purity grade is usually denoted as 999 for fine silver. The purity grades for jewellery, artefacts, or silver alloys are 970, 925, 900, 835, and 800.

The Bureau of Indian Standards (BIS) in India verifies and accredits the purity of silver and gold. Standard markings are imprinted on the silver by assaying centres recognised by the BIS. Moreover, silver is hallmarked with the BIS mark, a blue triangular symbol with a red dot in the middle (the official logo of the Bureau of Indian Standards).

Most silver objects will carry the following five markings:

• BIS mark.
• Purity/fineness is denoted as 999, 925, etc.
• Assay centre’s identification mark.
• Year of marking.
• Jeweller’s/manufacturer’s identification mark.

Factors Affecting the Silver Prices in Bhubaneswar

Silver prices in Bhubaneswar are mainly affected by supply and demand, but other factors also play an important role:

• Industrial demand: Silver has broad commercial and industrial use cases. Higher usage will keep up the need for silver. Thus, increasing silver value and silver prices.
• Import costs: Bhubaneswar does not have silver mines or ore; it imports silver from other countries, which comes with an extra cost. Furthermore, shipping charges are added after import costs. Rupee-dollar value also plays a vital role in the silver price. Silver is traded in the dollar. The higher the dollar value, the higher the silver price.
• Investment demand: Silver is a traditional investment option. As more people become aware of its application, they have started investing heavily in silver.
• Speculation and investor sentiment: Speculation and investor sentiment can also impact the price of silver in India, as investors may buy or sell silver based on their perceptions of its value and potential future price movements.
• Government policies: Changes in government policies, such as changes in import and export tariffs, can impact the supply and demand of silver in India, which can in turn affect its price.

Silver As An Investment in Bhubaneshwar

There are two forms of silver investment in Bhubaneshwar: paper silver and physical silver. Here is a brief explanation of both forms of silver.

Paper Silver

Silver Futures Contract

Futures contracts for silver are traded on exchanges. In this situation, the customer consents to purchase silver at an uncertain future price. However, the product is only delivered at a later time that has been set in advance.

Silver Exchange-Traded Funds (ETFs)

ETFs that invest in silver and silver-based products are known as silver ETFs. Like conventional funds, they are traded on stock markets. The fund houses invest up to 95% of the corpus in commodities contracts or real silver kept in vaults.

Physical Silver

Silver Jewellery.

One of the oldest methods of silver investment in Bhubaneshwar is jewellery. However, jewellery has a danger of theft and is subject to making charges. Additionally, you require a storage room to keep them safe.

Silver Bars.

Choose bars if you wish to buy silver in large quantities. Many reputable banks and major jewellery retailers sell them in Bhubaneshwar. Weights of bars typically range from 500 grammes to one kilogramme.

Silver Coins.

Popular presents for auspicious occasions include silver coins. They take up less room than jewellery and are simple to store. Coins are a great way to invest a tiny amount of money. However, they are more expensive than silver bars.

Some Interesting Facts on Silver in Bhubaneswar

1. The famous Lingaraj Temple in Bhubaneswar is adorned with silver doors.
2. The Ratnagiri Buddhist Excavation site, located about 70 km from Bhubaneswar, has yielded several silver artefacts.
3. Silver is an important metal used to produce Odisha's famous applique work.
4. Silver is used in Ayurvedic medicine, which has a strong tradition in Bhubaneswar and the surrounding areas.

How to Buy Silver in Bhubaneswar?

Before you make a silver purchase, make sure you look for silver prices over some time. Consider these points as an intelligent investor:

• Analyse silver rates: You should observe market trends and price movement before investing. This will help you make data-driven decisions on buying and selling silver.
• Decide which silver product to buy: If you make any purchase to sell it later to make a profit, you should purchase silver ETFs instead of jewellery. You can consider silver jewellery if you want to wear or gift silver.
• Look for Hallmark: When buying silver products, go for hallmarked ones. Hallmarked silver has a high buyback rate. The jeweller will pay you the exact cost of silver at the time of selling. They will remove making charges and GST. If you are buying a non-hallmarked silver product, buy from a reputable jeweller with a high buyback value.

Impact Of GST On Silver Rates in Bhubhaneshwar

Presently, a GST of 3% applies to precious metals such as gold and silver. There is a 10% making charge as well, which leads to an overall increase in the price of silver. However, given the relatively lower rates of silver coupled with the increasing demand, it has not significantly impacted its liquidity and investment value.

Comparative Analysis of Gold vs. Silver in Bhubaneswar

Here's a comparative analysis of gold and silver based on the following parameters:

Appearance: Both gold and silver have different appearances from one another. Pure gold is yellow in colour. However, silver has a greyish tone. The appearance changes when gold and silver are mixed with other metals, such as copper or zinc. Silver, when mixed with copper, acquires a whiter shine. Gold, when mixed with copper or zinc, gives white gold and rose gold.

Cost: There is no doubt the high demand for gold. Additionally, it is more expensive because it is rarer than silver. However, the quality of the gold, the composition of the alloy, and the item's size will all influence the cost.

Durability: Gold and silver are both thought to be softer metals. Therefore, they will be more susceptible to showing scratches than other metals. Silver will show fewer scratches than gold. However, oxidation will cause silver to tarnish. Gold has a very long shelf life.

Care: Very little maintenance is necessary for gold. It would be best to clean gold jewellery in warm, soapy water regularly. Silver, however, requires greater care when it comes to cleaning because oxidation must be avoided.