Silver Rate Today in Uttarakhand

Human beings first settled in Uttarakhand around the prehistoric era. Rivers Ganga and Yamuna both trace their origin to this state. It is home to nature. Yet, to religious and spiritual sites such as Rishikesh as well. This has formed a strong cultural connection to silver.

Jewellery made from silver is traditionally worn throughout Uttarakhand. There aren't any major natural deposits of silver in the state. Thus, there is always demand. Making silver a useful financial investment for people.

How is the Purity of Silver Evaluated in Uttarakhand?

There is a simple formula for calculating the price of silver in India. It depends on the rate, the weight, and the purity multiplied. The body responsible for certifying silver is the Bureau of Indian Standards (BIS). It is presently not mandatory to hallmark silver jewellery by quality in India. Although recommended. It would help to have the certification for future reselling. Further, it would assure you that the silver you possess is of quality.

• Unlike gold, karat is not used as a grading system for silver. The six grades of silver alloys are 990, 970, 925, 900, 835, and 800. Keep in mind that purity here is crucial.
• Even if the process is not mandatory. Certification helps with the understanding of quality. The mark of BIS along with the word 'SILVER' is present on hallmarked silver. Keep in mind that the certification makes it easier to understand the quality.
• Further, look at the grade of purity along with an identification mark for the grader.
• The manufacturer's identification is also provided.

Impact of GST on Silver Rate in Uttarakhand

2017 saw the Goods and Services Tax (GST) coming into force. Its influence impacts the buying of silver. The present GST applicable to the purchase of silver is 3%. Further, the GST on the making charges of silver into jewellery is at 5%. There are other charges involved as well. The Value Added Tax is at 1.2%. While the Customs Duty is at 10% and Excise Duty is at 1%. These charges total up to higher prices than what is at the outset.

Some Interesting Facts on Silver

• Silver has many uses. It forms parts of electronic devices such as boards and switches. It is crucial to make electric vehicles. Such vehicles have recently started gaining attention as sustainable sources. Silver is in other renewable energy resources as well.
• Silver is in healthcare globally as well. It treats burns and wounds. Further, it minimises infection. It is being used to locate diseases like tuberculosis.
• It is believed that silver was more valuable to ancient Egypt than even gold. It is among the first identified elements. Countries such as Mexico have turned silver reserves into tourist sites.

Comparative Analysis of Gold vs. Silver in Uttarakhand

Gold and silver have historically been in demand as precious metals. While comparing the two, it is important to look at domestic and global markets. Gold's demand comes from households. Silver is widely used by various industries. Both of the metals are options for investments.

There is a proven relationship between the prices of gold and silver. Proposed by Sir Issac Newton in 1717. This is the 'gold-to-silver' ratio. It maps the number of units of silver required to buy a unit of gold. This is a worldwide standard now.

Around 50% of the demand for silver comes from industrial production worldwide. While it makes up around 10-15% of the demand for gold. Further, the demand for silver is likely to grow in the coming years.

Gold drives the sentiments of investors. Thus, it is a lucrative tool for investments. Silver prices have been more volatile globally. Yet, the demand has been increasing recently. This is because many sectors need it for manufacturing. Further, it is traditional to gift silver coins in India during festivals.