Silver Rate Today in Kota

Silver is an intrinsic part of Rajasthani culture and Kota is the third most populous city in Rajasthan. It is a hub for trade in cotton, wheat, oilseed, etc. Kota stone is one of the most famous products to come out of the city. The polished stone is used extensively to decorate commercial and residential properties.

Kota is also home to numerous industries. These include chemical, cement, engineering and power plants. Weaving is also popular as Kota is known for its Saris and Dorias.

Notably, silver is an integral part of the culture of Rajasthan. It is used for making traditional jewellery items or to mark auspicious occasions. Hence, the demand for silver in Kota is mostly high. During festive seasons, the demand for silver witnesses a notable spike.

Here's a closer look at the ongoing silver rates in Kota. In addition, we will also discover fascinating facts about silver and how it compares to gold. So, read on!

How is the Purity of Silver Evaluated in Kota?

Even though the Bureau of Indian Standards (BIS) hallmarks silver-based products in India, many Kota jewellers do not offer hallmarked silver.

Now, let's say you wish to verify the fineness of silver in the product you purchase. Ensure that your checklist includes the following:

• BIS mark
• The fineness mark
• Hallmarking mark 
• Jeweller's identification mark 
• Year of make

Silver is graded by the fineness or purity level of silver in the finished product. There are around 6 grades of silver based on the quantity of pure silver in the final product.

When you purchase a piece of silver jewellery, ensure to collect the invoice. This will prevent you from getting duped. 

Comparison Between Gold and Silver

Gold and silver are both precious metals that have been used as a form of currency and store of value for thousands of years. They are also commonly used in jewellery and other decorative items. However, there are some key differences between the two metals.

• Value: Gold is generally considered to be more valuable than silver, and as a result, it is typically more expensive. The price of gold is often influenced by factors such as supply and demand, as well as geopolitical and economic conditions. Silver, on the other hand, tends to be more volatile in terms of price, and is often more affected by industrial demand.
• Usage: Gold is mainly used in jewellery, coins, bars or artefacts. Silver on the other hand has wide industrial usage. It is used in products like solar panels, mirrors, medicine, and agriculture.
• Store of value: Gold can be a good way to preserve wealth during times of economic uncertainty. Silver, on the other hand, may be more volatile, but it can also offer higher potential.

Some Interesting Facts on Silver

• Silver is one of those rare metals that exist in nature. For example, you can find trace amounts of silver in Shellfish and Oysters.
• Silver is used widely in the medical sector. For instance, professionals use it to detect diseases like Tuberculosis.
• In Kota and many parts of northern India, silver is used in Varak - an edible garnish for sweets.
• Households across Kota use silver utensils for their antimicrobial and antibacterial properties.
• The use of silver in the world dates way back to 700 BC.
• Mexico is believed to be the largest producer of silver in the world.

Paper Silver vs Physical Silver

• Paper silver refers to investments in silver that are not physical, such as exchange-traded funds (ETFs) or futures contracts. Physical silver, on the other hand, refers to silver bought in the form of bullion, coins, jewellery, utensils etc. that can be held and stored.
• Paper silver is a contract and therefore requires no storage. Physical silver must be stored in a secure place.
• Paper silver does not provide the same level of control as physical silver. With paper silver, the investor is buying shares in a fund that holds silver, and the value of the investment is based on the price of silver.
• Physical silver gives the investor full control over their investment. They can hold it in their possession, store it in a safe place, or even trade it on the spot market.
• Paper silver is subject to counterparty risk, there is a risk that the fund or institution holding the silver may default or become insolvent. Physical silver is not risky, as the investor holds the silver with themselves.
• Paper silver is a convenient and easy way to invest in silver. Physical silver is a more tangible and secure investment, but it can also require more effort to store and secure.