Silver Price/Rate in Erode Today

FAQs on Silver Rate in Erode

• What is the distinction between pure silver and 925 sterling silver?

  The main difference between pure silver and 925 sterling silver is the purity of silver present in each. Pure silver, also called fine silver, is composed of 99.9% silver, while 925 sterling silver is made up of 92.5% silver.

• Can I sell silver jewellery for more than its weight in silver?

  Intricately designed silver jewellery may fetch lower prices than expected as jewellers only pay for the weight of the metal and not the design. Selling silver coins or bars may fetch better rates than jewellery.

• Is silver a good investment?

  Silver can be a good investment as it is a precious metal that is always in demand for industrial and ornamental use. However, it is essential to keep an eye on market trends and prices before making any investment decisions.

• Why do silver articles become black when exposed to air?

  Silver articles, when left exposed to the air for an extended period of time, may turn black in colour. This is due to a reaction between the silver and sulphur present in the atmosphere, resulting in the formation of a black layer of silver sulphide on the surface of the article. This layer gives the appearance of dullness and discolouration to the silver article.

• How to test if silver is genuine at home?

  If a piece of jewellery is made of authentic silver, it will not be affected by a magnet. However, if the jewellery is attracted to a magnet, it likely is not made of 925 sterling silver.

• How is the value of silver determined in India?

  The cost of silver is determined by a combination of factors in India, including international silver prices and the exchange rate of the Indian rupee against the US dollar. The value of the rupee can affect the cost of importing silver into India, and fluctuations in the international silver market also have an impact on the cost of silver in the country.

• Is silver taxable in India?

  In India, there are taxes associated with buying and selling silver, as it is considered a taxable commodity.

• How often do silver prices change?

  Silver prices can vary on a daily basis and can fluctuate greatly depending on market conditions.

• Are there any additional charges when buying silver?

  Yes, there are additional charges such as GST, making charges and wastage charges when buying silver.