Silver Rate Today in Mizoram

Mizoram is one of India's most beautiful states in the northeastern corner of India. With its green hills, blue water, and pleasant climate, Mizoram is a fascinating area that has remained largely untouched by modernization and development. A trek through the hills of Mizoram offers visitors a chance to experience the state's unique culture and breathtaking landscapes. Besides its natural beauty, Mizoram has much to offer regarding artistic and cultural pursuits.

Silver has been found in Mizoram for centuries, with archaeological records indicating it was first discovered and used for various purposes in ancient times. This precious metal and its related artefacts were used for jewellery, religious ceremonies, or as a currency. Silver was also used in many crafts that Mizoram is still known for today, such as pottery, ornamental items and weapons. Silver remains an important resource in Mizoram, where it is mined, crafted and traded, with much of its value stemming from its place in the region's culture and history.

Impact of GST and Central Bank Policies on Silver in Mizoram?

Reserve Bank of India, the country's financial watchdog and policy maker plays a leading role in affecting the prices of silver in Mizoram. RBI determines how much silver can be imported to India, and it is pertinent to note that-- India imports most of its silver supply. In addition, RBI, through monetary policy, intervenes to stabilize the Indian rupee when it notices the value of the rupee is depreciating. The central government levies Goods and services tax (GST) at 3% on silver, and the central government exclusively decides the GST rate. Therefore, any increase or decrease in the GST rate shall also impact the price of silver in Mizoram.

How is the purity of Silver Evaluated in Mizoram?

If you buy silver in Mizoram, you can ask for the Bureau of Indian Standards (BIS) hallmark on jewellery, coins or bars. The hallmarked items must bear a BIS mark and the word “Silver” on them. You can also check for the purity grade and a mark that identifies the manufacturer and the centre where the item has been assayed. The silver marking standard in India is IS 2112: 2014. There are six grades of silver alloy: 800 means the item is 80% pure; 835 means it is 83.5% pure; 900 means the item is 90% pure; 970 means the item is 97% pure; and 990 denotes that the item is 99% pure.

Paper Silver Vs Physical Siler

Physical silver is tangible, in the form of coins, bars and ornaments. You don't need to have specialised knowledge to buy physical silver. The advantages of physical silver are that it can be gifted to others and moved from one place to another, and it is a reliable investment during inflation. The downside of owning a large quantity of silver is that it has to be stored in safety vaults, and often it could be cumbersome to buy and sell silver in the physical form.

Paper silver means the value of silver only on paper, and one doesn't own silver in tangible form. There are many types of paper silver, for example, future accounts, certificates and pool accounts, and these instruments are very easy to trade. One of the critical advantages of paper silver is you can quickly sell it for a fair price. If you notice, the markets are volatile, and the downsides are paper silver may not reflect the market value of silver, and the transaction costs can be expensive.

Silver Vs Other Investment Options in Mizoram

Mizoram has abundant natural resources and is one of the leading regions producing silk and wooden handicrafts. It also has many tourist attractions drawing visitors from India and other places worldwide. In addition to the textile, handloom, and bamboo-based industries, many small and medium industries produce agricultural products. The region has a good potential for generating hydel electricity. However, returns from the investments could be time taking, but on the other hand, investment in silver could be an easy process, and the returns could also be quick.

Silver Rates in Mizoram Vs Other Cites 

Silver price in Mizoram is on par with other cities such as Mumbai, Kolkata, Bangalore, Chennai, Hyderabad and Delhi, but slight differences may be noticed as different factors like demand, festive seasons, state government policies, availability, transportation cost etc. can create slight up and down. However, the GST rate @3% levied on silver is the same throughout all the cities. In addition to the GST, the import duty is another factor influencing the silver rate. It is pertinent to note that India imports most silver from the international market.  

Where to buy silver coins/bars and jewellery in Mizoram?

Many jewellery shops dot the commercial hubs of Mizoram. Silver has special significance in Mizoram's cultural space as several ethnic tribal groups prefer heavy silver jewellery with traditional designs. Several banks in Mizoram also trade in silver and gold. Therefore, options to buy silver in Mizoram are aplenty.