Silver Rate Today in Chandigarh

Chandigarh is one of the first cities planned in India post-independence and is known internationally for its architecture and famous urban design. The master plan for the city was made by the Swiss-French architect Le Corbusier. Chandigarh’s Capital Complex has been designated as a UNESCO World Heritage Site.

Chandigarh witnesses high consumption of silver annually. People often invest in silver in large amounts in the form of jewellery and coins. Due to this, many top jewellery brands are opting to expand their business in this city. Silver is not only an investment but also collateral to get a loan. The price of silver in Chandigarh keeps changing due to market influences.

What are the methods by which you can invest in silver as a resident of Chandigarh?

Here are some ways in which you can buy silver physically. 

Bullion: Purchasing bullion means buying precious metals in bulk, such as silver bars. This silver is usually 99.5% pure. You can purchase this from banks, jewellers, or online agents in India.

Silver Jewellery: Buying silver in the form of jewellery is also very popular as it is more affordable than gold as a store of wealth.

Silver Coins: Another form of silver investment is physical coins. These are preferable as they will be easier for you to store at home than the other physical forms of silver. Plus, they are more affordable than silver bars. 

How do you invest in Silver as an investor if you do not want to purchase and store physical silver?

Commodity Futures: A well-known form of investing in silver is through the commodities market. This form relies on you following the rate of silver and predicting the movement based on the macroeconomic trends. This method would require adequate research before investment.

Exchange Traded Funds (ETFs): Silver ETFs follow the market's silver rate. This allows the investor to gain appreciation in the silver rate without physically storing the metal.

Does GST affect the prices of silver in Chandigarh?

If you want to purchase silver in Chandigarh, you will notice that the price you pay does not only include the rate of silver.  

An additional 3% of GST will be paid on the silver cost you will use for the ornament.

Methods of Testing the Purity of Silver

Silver comes in various forms, such as fine silver, sterling silver, etc. To check the purity of your silver, you can use the following methods. 

• Check the Hallmark: Hallmarking is a mark or a series of marks put on items made of metal, e.g., jewellery, that will certify the contents of the metal. The most common method to check the purity of silver is checking the stamp or hallmark. Silver is stamped with numbers like 999, 958, 925, 900 or 800. These numbers on the silver piece represent the pure silver percentage in the object. The 999 represents 99.9% purity, 958 has 95.8% silver, and so on. As per the Hallmarking Department of the Bureau of Indian Standards, the Indian standard on silver hallmarking IS 2112:2014 specifies six grades of silver alloys, viz 990, 970, 925, 900, 835, 800 used to manufacture jewellery/ artefacts of silver.
• Test Magnetic Qualities: Silver shows weak magnetic force as it is considered paramagnetic. Use a strong magnet like rare earth to do this test. If the magnet and your silver firmly stick together, it is not pure silver. However, several other metals don't stick to the magnet and can be made to look just like silver. So, combine other tests with the magnetic test to ensure the purity results.
• Ice Test: Silver has the highest thermal conductivity compared to other metals or alloys. When you place ice directly on silver, it will start melting as if it’s placed on something scorching. The ice test to check purity works only well with silver coins and bars, not silver jewellery.
• Ring Test: Silver makes a bell-like sound when it strikes another metal. This trick works best with silver coins. To do the ring test, take a silver coin and drop it on a flat metal surface from 6 inches away. If you hear a bell-ringing-like sound, the silver coin is genuine. If the sound is dull, it may be mixed with other metals.
• Chemical Analysis: You can do a chemical analysis test if you don’t find any stamping on your silver. Get a corrosive acid and put on gloves to do this test. If you are testing plated silver, use the jeweller’s file to make a small mark on the silver item. Put a drop of acid on the scratched surface and analyse the colour that appears on the surface. The colour scale is as follows: 
  Bright Red: 999 silver (pure silver or fine silver)
  Dark Red: 925 silver
  Brown: 800 silver
  Green: 500 silver
  Yellow: lead or tin
  Dark Brown: brass
  Blue: nickel
  Keep in mind that the acid test may slightly damage your silver. So, if you don’t want to damage your silver, you can use alternative methods to test the purity.
• Bleach Test:Silver gets black when it comes in contact with a powerful oxidising agent like bleach. If the silver quickly turns black, the piece is silver. If there is no reaction, it is some other metal. However, plated silver will pass this test. So, make sure you use other methods to be sure about purity. 

Benefits of Investing in Silver

• Due to local needs and industrial sectors, silver is always in demand in India.
• The demand for silver is growing continuously, but the resources are limited. So, the supply could get low in the future, thus raising the market price of silver.
• Silver markets are predictable as it is a known fact that silver sells higher during the wedding and festive seasons.
• People who don’t have bank accounts can also buy some amount of silver without any hassle of taxation.
• It is cheaper compared to gold. So, anyone can invest a small or large amount in silver.
• You can trade e-silver products on the National Spot Exchange Limited (NSEL) if you don't want to keep physical silver in your home.
• In case of a national emergency, when the currency loses its value, silver values won't, as it is high in demand globally.

What is the Current Market Sentiment for Silver across the country?

Silver is used in smartphones and other consumer electronics. 5G is the next major consumer technology development, significantly improving download speeds. With the advent of 5G in the coming years, silver’s role is forecasted to rise over 200% from 2020 to 2030.

All investments in this area require research and understanding of the market factors, and consulting experienced advisors can help you plan your investments correctly.

Silver as an Investment in Chandigarh

Silver has been a wise investment option in Chandigarh. It is a precious metal for investment and is widely used in industries due to its unique features. It is a secure form of investment that helps and protects you against market crashes and is used to diversify your portfolio. It is highly volatile, easy to liquidate, and provides good returns. 

Further, silver is more affordable compared to gold. So, it is suitable for middle-class families in the city. You can invest a small amount of money in silver coins or jewellery and massive amounts through silver bars. People also invest in silver by doing e-trading. Investors can earn huge returns when silver prices are high in Chandigarh. 

What are the factors that make silver an interesting investment for you?

Here are the factors that make silver a good investment option:

Solar Panels: Silver is used in many pro-environment technologies, with solar panels being one of the most common.  With the demand for solar power now rising due to climate change, silver will be in high demand, which could increase silver prices. 

Automotive Industry:  Several parts of a vehicle use silver, an excellent conductor of electricity. It is increasingly being used in electric vehicles and charging stations as well. This has significantly increased the demand for silver. 

Consumer Electronics: Silver membrane switches are used in televisions, toys, and computers. It is also used in simple electronics such as controlling room lights. As per the Silver Institute, the electronic components that enable 5G technology will rely strongly on the silver to make the global 5G platform seamless.

Medicine: Silver is also used in the medical industry to treat wounds and burns. It is also used to make prosthetic bones and cardiac devices. Fun fact: Silver utensils were used for cooking and serving food worldwide because of silver's immunity-boosting and antibacterial properties.