Silver Rate Today in Meghalaya

Meghalaya is a stunning state located in the Northeast region of India. The climate in Meghalaya is mild and many different ethnic groups, including the Garo, Khasi, and Jaintia, are found in this state. These groups often use gold and silver stones to accentuate their beauty. Their 'Pansngiat,' a crown made of silver and diamonds, is a work of art. Women also frequently sport gold and silver earrings, hoops, accessories, bangles, and anklets. 

Moreover, Meghalaya is home to a large number of gem shops. Silver jewellery, including earrings, necklaces, bracelets, and rings, can be found in almost every shop selling accessories. Common silver gems are used by the locals of Meghalaya. Jewellery for kids, especially silver diamond studs, anklets, and armbands, is often adorned with creative patterns and designs. If you also wish to invest in silver, read on to learn more about the silver rates in Meghalaya and how to invest in this precious metal.

Silver Investment Options in Meghalaya

There are two major silver investment options available in Meghalaya:

• Physical Silver: Physical silver is one of the easiest ways to invest in silver, as it allows you to have silver in your hand. Such investment requires no paperwork and is considered a safe option. Popular physical silver options are coins, bars, ornaments, and jewellery.
• Paper Silver: Paper silver is virtual silver that is traded on different spot exchanges or commodity exchanges. You need a Demat account to trade in paper silver. Some of the popular options are silver mutual funds, silver ETFs, and bonds.

Purity of Silver in Meghalaya

Hallmarking is the procedure through which gold and silver products are officially recorded and their metal content is determined. As a guaranteed seal, hallmarking ensures purity and is recognized across many nations. Silver purity in India is certified by BIS, the Bureau of Indian Standards, the country's official standards organization. Here are some of the things you can check to ascertain the level of purity of silver:

• A BIS mark on the surface
• Purity levels (ranging from 999.9 to 999 for fine silver and silver alloys, silver jewellery, and silver artefacts, silver purity grade is 970, 925, 900, 835, 800).
• The year of marking
• The identification symbol used by the Jeweler

Other methods to test the purity of silver include:

• Ring Test: If your silver object makes a ring sound when hit with another object, then it is pure silver.
• Magnet Test: Use a magnet to check the purity of your silver. Real silver is not attracted to a magnet.

Gold V/S Silver Exchange-Traded Funds

The Exchange-Traded Funds (ETFs) for gold and silver have essentially the same functions except for the underlying commodity. Gold ETFs are more liquid than silver ETFs because of their higher trading volume. However, gold is more prone to price fluctuations than silver because it is more costly to discover and mine than silver.

Gold ETFs have historically offered larger returns than silver ETFs, although at the expense of more volatility. Gold's demand is higher than silver's because of the scarcity of the former precious metal. Gold and silver ETFs are very comparable to the underlying commodities in that they both share the same basic structure.

Impact of GST on Silver Rates in Meghalaya

In Meghalaya, a 3% GST on silver and a 5% GST are levied on silver-making. As a result, silver rates in Meghalaya have gone up but there has been no visible impact on the demand.

Factor Influencing the Silver Rates in Meghalaya

There are a lot of factors that affect the cost of silver and caused it to fluctuate. Silver prices also vary from city to city. Following are some of the reasons that may lead to silver price volatility:

• A change in demand is the primary factor in silver price fluctuations. According to the rule of demand and supply, silver prices go up when demand is high and down when it is low.
• Silver prices may go up or down depending on national economic policies, tax rates, and other factors at the time of transaction.
• Silver prices change as demand for silver rises or falls in the industrial sector.