Silver Rate Today in Delhi

Delhi is a metropolitan city located in the north-central part of India. It comprises Old Delhi in the north and New Delhi in the south. In Delhi, marketplaces and streets are hotspots for buying quality silver jewellery in high demand during wedding seasons and other festivities, like Diwali and Dhanteras. Indian households also tend to purchase silver coins to invest their money for future use.

How is the Purity of Silver Evaluated in Delhi?

Hallmarking is the most common method of identifying the purity of gold or silver. Looking for a hallmark is crucial as it can help you save yourself from fraudulent purchases. The Bureau of Indian Standards (BIS) introduced the hallmarking system to determine and examine the quality of precious metals. Look for these identifiers to evaluate the purity of silver in Delhi:

BIS Mark: This is a logo in the shape of a triangle with a dot inside. It is the official logo of the BIS organisation, which marks the quality of silver.
Years of Marking: This method has the letter J to refer to the year 2008.
Purity grading: The fineness grade for pure silver is 999.9, 999.5, or simply 999. The grading for silver alloys, artefacts, and jewellery is 970, 925, 900, 835, 800
Identification Mark of the Jeweller: Look for the logo or any other identification mark specific to the jewellery brand or store you are buying from.

Some Interesting Facts About Silver

Silver has an amazing history, and some exciting facts about silver arouse a lot of curiosity from people worldwide. A few interesting facts about silver are: -

1. Almost 50% of the present global demand for silver is for industrial production, compared to gold, which is about 10-15%. 
2. Silver’s use in ornaments is due to its unique shine. The atomic symbol of silver- Ag, derived from its Latin name Argentum and also taken from Greek, can be interpreted as ‘shiny’.
3. Silver also finds its use in medicine to treat wounds and burn care.
4. In India, the first silver coin was minted in Thiruvananthapuram in 1857.
5. The ‘cold rain’ process to facilitate an increase in rainfall uses silver iodide.

Investment Options for Silver in Delhi

You can invest in silver in basically two forms:

1. Physical Silver
2. Paper Silver

Physical Silver

This investment option includes primarily three major forms of silver:

Silver jewellery: Preferred by people as it is more affordable than gold. You must ensure the jewellery you purchase is certified and made from pure metal for top quality.
Silver coins: They are easy for storing and purchasing. They are readily available at banks and jewellers and are ideal for small investment options.
Bullion: Bullion is silver with a purity of 99.5% in bulk quantity. They are traded in the commodities market and available as coins or bars. Bullions with impurities are called un-parted bullions, whereas pure bullions are called parted bullions.

Paper Silver

It is an asset that connotes the price of silver. It includes these forms:

Digital Silver of National Spot Exchange: This is a type of e-silver where investors can put money in smaller amounts and carry their purchase in a particular format.
Commodity Futures: You can invest through commodities market and with the help of a broker service.

Factors Influencing the Silver Rates in Delhi

Demand and Supply equation: Industries like manufacturing, jewellery, silverware, and many more, require silver to produce industrial and commercial products. This rise or fall in demand can subsequently lead to a hike or reduction in the prices of silver in Delhi.
Government Policies: Government policies affect silver prices a lot. Policy changes, such as GST and other regulations, influence the prices of silver, gold, and other metals.
Gold Rates: The price of gold is another crucial factor in the rise and fall of silver rates.
Mining: Crude prices and cost of mining silver will also affect the silver rates.

You can invest in silver coins, bars, and jewellery. The silver rates in Delhi depend on government policies, demand, inflation, etc. Silver is a good investment option, as it is convenient to store and trade and is cost-effective.

How to Buy Silver in Delhi?

Silver coins and bars can be easily purchased from physical stores and via online methods. Often, reputed banking institutions sell certified silver coins and bars directly to customers according to the current rates. Silver coins are also available to buy in several online branded jewellery stores. You can choose from different designs and patterns. Purchasing silver coins from such online brands might be expensive. You can also buy silver bullion, which is silver melted into bars with a purity of 99.5%, from banks, jewellers, and other online stores.

Comparative Analysis of Gold vs Silver in Delhi

Gold

• Gold has only 12% usage and applications in industries.
• The gold market is bigger than the silver market, with a greater annual supply.
• Gold prices are less volatile.
• Gold is pricier than silver, with one ounce costing eight times more than an ounce of silver.

Silver

• Silver has greater use in various sectors than gold.
• The total annual supply is less than that of gold.
• Rates of silver are highly volatile. Silver prices will fall and rise more than gold.
• Silver is more affordable than gold. It is more practical for gift-giving and everyday purchases.

Silver and Its Increasing Demand in New Delhi

The recent rise in the bullion trade has increased the demand for gold and silver in bars, coins and even ornaments. Silver’s popularity has taken a sharp rise after the lockdown and pandemic.

The spike in demand for silver can also be associated with the wedding season and festivals like Diwali and Dhanteras, where it is considered auspicious. It is a sign of good luck to purchase silver items or gift silver coins or jewellery. 

Silver is an investment metal as well as an industrial one. It has varied uses and, thus, varied demands. Many green technologies, such as decarbonisation and electrification, use metal. With a growing global clamour towards a greener economy, there is a significant rise in the use of silver towards renewable energy projects like solar energy and photovoltaic cells. Electric vehicles also require silver in the process, further boosting the demand.