Silver Rate Today in Sikkim

Landlocked Sikkim is located in the Himalayan belt of India. In terms of population, it is one of the least populated states in the country. It is home to Mount Kanchenjunga, the third-highest peak in the world. There are 18 biodiversity hotspots in the state, making it an ideal tourist destination. Over the years, the state’s green image has attracted a significant number of investors.

How to Buy Silver in Sikkim?

You can buy silver from banks and reputable jewellers in Sikkim. The local jewellers in Sikkim determine the rate of silver based on international market prices. Small-scale investors can purchase silver coins for investment purposes.

Gold Rates vs Silver Rates in Sikkim

In Sikkim, silver is more popular than gold. As a result, people buy more silver than they do gold. Therefore, the price of silver in Sikkim tends to be lower than gold prices.

How to Check the Purity of Silver in Sikkim?

The purity of silver is measured in the number of parts per thousand (ppt). The fineness of silver is measured in millesimal fineness. The latter is a unit that indicates how many parts per thousand are pure silver in an alloy. 

To test the purity of your silver, you can use a loupe, also called a jeweller's loupe. You can buy a cheap one from any hardware store and use it to look at your silver up close. This will allow you to see if any imperfections in the metal would indicate that it is not pure.

Another way is using a magnet, which will stick to other metals such as iron but not silver. If your piece does not stick to a magnet, it is likely made of high-quality sterling silver or fine gold. Other tests include using an acid/base solution like Nitric or Muriatic Acid (HNO3).

Impact of GST on Silver Rates

GST is a tax that is levied on goods and services. Silver is subject to 3% Goods and Services Tax (GST).

What are the Investment Options Available for Silver?

When you decide to invest in silver, you will have multiple options. These include:

Physical Silver

Silver coins — These are minted by governments and come with a face value related to the number of precious metals they contain. They can be used for investment purposes. 

Silver bars — Bars are usually made of 99.9% pure silver (though some may be as low as 90%). They can vary in size but typically range from 1 gram to 100 grams or more. Bars offer investors a convenient way of storing large amounts of silver while being easy to transport due to their compact nature.

Silver bullion — This type of investment product comes in many different forms, such as coins and rounds, which are sold by weight rather than face value. 

Paper Silver

Silver Stocks - Silver stocks represent ownership of the mines that produce silver, so they are excellent investments. When you buy a stock, you buy into a company that owns & operates mines. 

Silver ETFs - Silver Exchange Traded Funds (ETFs) are a great way to invest in silver because they allow you to buy & sell silver without having to store it yourself. They are like stocks but with a focus on silver as a commodity instead of companies. 

Some Interesting Facts on Sikkim Silver Rates vs Other

Let us learn some interesting facts about silver in Sikkim:

1. Seeding is a process in which silver iodide is dropped onto the clouds. It brings rain to dry areas during drought. 
2. Silver is known for its antimicrobial properties. A small quantity of silver can kill the  bacteria.
3. In more than fourteen languages, the words for ‘silver’ and ‘money’ are the same.
4. Historically, in Egypt silver was considered more precious than gold.

Factors that Affect Silver Prices in Sikkim

Several factors can affect the price of silver in Sikkim:

1. The demand and supply of silver in the world market.
2. Economic conditions in India and Sikkim, as well as across the globe.
3. Inflation rate
4. Government policies (such as taxes on gold and silver jewellery)
5. The price of other precious metals (such as gold)
6. Exchange rates (how much a foreign currency is worth in terms of another country's currency)