Silver Rate Today in Nagaland

If there is a place where jewellery reveals the status, tribe, class, and identity of a person, it is the wondrous state of Nagaland. In Nagaland, you will see several strings of carnelian and glass beads, coral, bronze, boar tusks, cowries in orange, ivory, shells, conch shells, red, green, yellow, blue, bronze and several other shades. Through layers of necklaces, armlets, earrings, anklets, and belts, you cannot miss the glistening shiny metal that Nagas are particularly fond of — silver. Nagaland has a rich culture and traditions, so there is always a strong demand for silver in the North-Eastern State of India. Nagaland has silver mines, and the silver rates depend on mining costs, import costs, storage costs, warehousing costs, hallmarking costs, etc.

How is the Purity of Silver Evaluated in Nagaland?

Silver in Nagaland is available in various purity grades. The highest purity grade in the state is 99.9% or 9999. As a soft metal breaks under stress, jewellers use alloys such as copper and nickel to make coins or jewellery, bringing down purity and value. Silver rates depend on its purity, so it is essential to test it before buying silver.

Here is a basic test that helps investors judge silver's purity.

Ice test

Place a fully frozen ice cube on top of the silver object, which will melt quickly. If the ice melts typically, then the thing is not of silver or has a significantly lower percentage of silver in it.

Magnet Test

Move a magnet over the silver object. If the silver shows signs of attraction to the interest or sticks to the magnet, it is clear that it is not silver or has a low percentage of silver content.

Stink Test

The silver you buy should not have any smell. If the metal is free of smells, it is silver, but it has an odour or metallic smell.

Hallmark

Check the hallmark or BIS mark if you must know the exact purity of silver before buying it in Nagaland. The hallmark has the year of hallmarking and the identification mark of the hallmark centre, the purity grade of silver and the identification mark of the jeweller.

How to Buy Silver in Nagaland?

The people in Nagaland can buy silver from their trustworthy jeweller, bank or online from trusted sellers. Here are some ways of buying silver in Nagaland:

Jewellery

The people in Nagaland wear a lot of silver jewellery and generally buy it as an investment and to use as ornaments. Several jewellers sell silver in Nagaland, and you can buy from them after checking the BIS mark.

Coins

If you want to invest in a small quantity of silver, the best option is to buy coins. However, you will have to pay making charges and other taxes that raise costs. The advantage of buying silver coins is that you can procure them from jewellers or banks near you and liquidate them in need by selling them at their buyback price.

Bars

Large silver buyers in Nagaland buy silver bars and save on making charges and taxes.

Silver as an Investment in Nagaland

Silver trade is an ancient practice in Nagaland. But with online trading and silver future availability on platforms like MCX and NCDEX, more people in Nagaland invest in paper silver for investment purposes. Such trading is not a spot contract and thus eliminates the need to make immediate storage arrangements.

Comparative Analysis of Gold vs Silver in Nagaland

Nagaland's silver price trends follow the gold rate trends in the region, and thus when gold prices rise, silver prices follow suit. Both precious metals are traded in the commodity market and have seen upward price trends. The increase in rates is due to the rise in demand for silver as an industrial commodity and the shift in investment patterns among the people of Nagaland, who are looking at silver as a great investment option.

Impact of GST on Silver Rate in Nagaland

As the people of Nagaland spend money on silver jewellery, the imposition and application of GST have impacted them significantly. They pay GST at 3% on the silver they buy, and on the silver coins and jewellery, they pay a further 5% on making charges.

Some Interesting Facts on Nagaland Silver Rates vs Other

The tribal communities of Nagaland are famous for their colourful jewellery and love for precious metals like gold and silver. Besides silver to wear as jewellery, Nagas also buy silver for investment purposes. Consider the following interesting facts about silver investment returns in the future for the people of Nagaland.

• Silver is the most undervalued precious metal in the world, with a 75:1 silver-to-gold ratio. Which means you can buy 75% more silver for the price of 1% gold. But in the long run, silver investments may earn more returns than gold.
• The production of copper, zinc and lead yields a by-product, and that's silver and which constitutes 59% of the global silver production.
• The current global economic crisis may lead to a market crash resulting in the low output of copper, zinc and lead in low silver production. Silver rates will then skyrocket because of the decline in the silver supply.
• The resultant low silver supply via Market and economic disintegration will encourage silver investments.
• The result will further increase demand while reducing the silver supply. Thus silver rates will keep rising, and silver investors will have substantial gains.