Silver Rate Today in Nashik

Silver has always been an integral part of life in Nashik. As you already know, Nashik is a scenic city in Maharashtra, and it is dotted with many natural landscapes and temples. Known for its popular tourist destinations, it has a special mythological significance as it is linked to the Ramayana as well and is a sacred place for holding Kumbh Mela.

Historical and cultural vibrance mark the city of Nashik, which is also famous for its scenic travel destinations such as Tringalwadi lake, Sula Vineyards, and Vihigaon waterfall. There are many hill stations to explore in and around Nashik. The city also hosts a lot of festivals throughout the year, which is when there is a spike in demand for silver.

Some Interesting Facts about Nashik Silver Rates vs Other

• Silver has a unique and lasting shine that is not common to most precious metals and commodities, which is why it is a favourite fashion accessory for many.
• When compared to gold, silver is used in many more items we use in daily life such as laptops, wires, switches, circuit boards, and smartphones.
• Silver is also used in the electrification of electric vehicles and in the power steering and window of most vehicles.
• In India, silver is an integral part of premium tableware and it is used to make spoons, small utensils such as bowls, plates, tumblers, and puja utensils.
• increase over some time.
• Silver is found abundantly in nature. You can trace some amounts of silver in fish, oysters, shellfish, and even mushrooms.
• Silver is also used in cooking as ‘Varak.’ Varak is a fine filigree foil sheet, which is used to decorate certain South Asian sweets and food items.
• Countries, where silver is found in abundance, include Mexico, Canada, the US, Peru, Australia, and Russia.

Paper Silver vs Physical Silver

You can hold paper silver in the form of silver certificates, silver futures accounts, exchange-traded funds (ETFs), and pool accounts, without actually possessing silver in its physical form. Paper silver is ideal for trading purposes if you are not investing too much of your capital.

When compared to physical silver, paper silver is essentially a paper or a certificate that you can sell for money. However, in most cases, you won’t be able to exchange this paper silver for physical silver.

Impact of GST on Silver Rate in Nashik

The implementation of GST has had an impact on the silver rate in Nashik. A GST of 3 percent is charged on silver jewellery and artefacts. This is slightly higher than the earlier 2.2 percent (Excise 1 per cent and VAT 1.2 per cent). An additional 5 percent is charged on the making charges.

Silver, in its purest form, is very soft. Other metals like Copper, Nickel, and Zinc are added to increase the strength of silver. However, copper tends to tarnish when exposed to air or water. Therefore, some jewellers tend to mix platinum which does not tarnish that easily.

Hallmarking is one of the best ways of evaluating the purity of the silver. This is the technique that most well-known silver sellers of Nashik use. This hallmarking scheme was launched in 2005 by the BIS (Bureau of Indian Standards). Many silver dealers in Nashik have hallmark licenses to sell hallmarked silver jewellery and artefacts.

How to buy Silver in Nashik?

The best silver to buy is sterling silver, which is 92.5 percent pure. This will have the stamp of 925 or .925. Silver coins contain 90 percent silver.

A few things you need to look for, while buying silver, are:

• The BIS mark (a triangle with a dot inside) along with the word 'SILVER'
• The Purity grade or the Fineness of silver (925 for sterling silver; for jewellery or artifact the grades would be 800, 835, 900, 925, or 970)
• The identification mark of the assaying centre
• The identification mark of the jewellery manufacturer

Silver as an Investment in Nashik

Silver is considered a viable investment alternative to stocks and bonds.

A few investors invest in silver to minimise their risks when circumstances turn out rough.

People in India buy silver bullion as bars or coins, for investment purposes. Silver coins are slightly expensive when compared to silver bars since they would have some engravings which add up to the overall labour costs. Banks usually sell silver in the form of packaged coins that are certified by reputable sources. Silver bars are sold by reputable vendors in the market.

If you don’t wish to invest in physical silver, you can buy silver through the commodity market.