Silver Rate Today in Madhya Pradesh

Madhya Pradesh is renowned as the "Heart of India" as it lies in the centre of India. It is the second largest state of India in terms of area. The state is known for its agricultural industry, textile manufacturing, automobile manufacturing, food processing, engineering, and agricultural equipment manufacturing. The city also has a rich reserve of minerals such as copper, diamond, coal, etc. Moreover, the people of Madhya Pradesh love to buy silver. 

Silver, as we know, is less expensive than gold and thus makes for a more cost-effective investment. Silver prices, on the other hand, fluctuate daily. As a result, before investing in silver, you should first understand the current rates. Furthermore, consider the metal's quality to make your purchase decision more efficient.

People believe silver is auspicious and thus purchase it to commemorate various occasions. Furthermore, this white metal is becoming popular as an investment option. People can now purchase silver in paper form without actually owning the metal.

How Is The Purity Of Silver Evaluated In Madhya Pradesh?

To avoid purchasing impure silver, you must examine the hallmark to determine the quality and purity of the silver.  The Bureau of Indian Standards (BIS) established the hallmarking process in 2005 to aid you in making informed buying decisions. Hallmark ensures the finesse, quality, and authenticity of silver. When purchasing silver or silver jewellery, look for the following indicators of authenticity:

The BIS Mark

The BIS Mark is a triangular symbol with a dot in the centre. It is the authorised logo of the BIS and the primary indicator of silver's purity.

Purity Grade

The purity grades of fine silver are 999.9, 999.5, or 999. It represents 99.9%, 99.5%, and 99% purity levels. Jewellery and artefacts have fineness levels of 925, 900, 835, and 800, with purity levels of 92.5%, 90%, 83.5%, and 80%, respectively.

Marking Years

The years of marking also indicate the quality of the silver. For example, J stands for the year 2008.

Identifying Mark

Another way to determine the purity of silver is to look for a jeweller's identification mark.

The Ring Test

One of the most common methods for determining the purity of silver is the ring test. While performing a ring test, you must rub the silver on any other silver item or metal. If the silver rings during this process, it is pure silver; if the voice is dull, it indicates that the silver has been blended with other elements or metals.

The Polish Test

The polish test is a lengthy and time-consuming procedure, but it is highly accurate. Over time, the silver metal oxidises and tarnishes. As a result, it requires polishing. So, if you believe the silver in your possession does not tarnish, it is likely fake.

Impact Of GST On Silver Rate

The GST has a significant impact on the prices of gold and silver. Gold and silver are two of the few items subject to different GST rates at various production levels. The GST on gold and silver applies to both the supply of metal and the manufacture of jewels. The GST Council agreed on a 3% GST rate on gold and silver, which is approximately 1% higher than the prior tax structure. The government has also imposed a 5% GST on jewellery-making charges.

Some Interesting Facts On Madhya Pradesh Silver Rates Vs. Other Cities

In addition to ornaments, silver is used in various industrial sectors. Here are some interesting silver facts:

• Silver is a naturally occurring metal. For example, fish, shellfish, oysters, and mushrooms contain trace amounts of silver.
• Silver is said to have been more valuable than gold in ancient Egypt.
• Silver was one of the first five elements discovered, along with gold, copper, iron, and lead.
• Silver is used in Indian cuisine in the form of 'varak,' which is the most popular option.
• Mexico, Peru, the United States, Canada, Russia, and Australia all have significant silver reserves.