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Silver Price in Nagpur
India is the second largest consumer of silver. Traditionally, gold is considered the number one option in terms of safe investment for the middle class and upper middle class in the country. However, silver rates in Nagpur depend on the overall demand for silver, which largely originates from the industrial use of the metal in the country. Unlike gold which is primarily used as jewelry or investment, silver is used in several industrial segments.
Silver as an Investment
According to experts, demand for silver to make jewelry has, by and large, remained constant at around 20 million ounces a year for the past four to five years. Also, around 25 million ounces of silver has been bought in the country for investment in the past few years. In India, including Nagpur, silver is preferred for its beauty. According to recent estimates, about 25% of the overall silver demand every year caters to silverware alone.
Jewelry - Many investors consider buying silver in the form of jewelry more expensive compared to buying coins. Jewelry comprises making charges (10 per cent and above), melting charges (15 per cent or above while selling), which can prove to be more costly.
Coins - According to experts, silver coins bought from banks are more expensive in that they include packing charges and a certificate. Also, jewelers charge levy casting charges in addition to sales tax.
ETFs - There are no silver ETFs offered in the country. You cannot buy silver in the electronic spot market either. However, you can buy silver ETFs in the US market. Towards the end, you have open an account to invest in global stock markets.
Silver Price Trends in Nagpur
One gram of Silver is currently pegged at Rs. 37.45 in Nagpur. Silver rates in Nagpur have plummeted in the past few months with one gram of silver costing Rs. 38.75 in the month of May. Silver rates in Nagpur have been witnessing fluctuations in that one gram of silver was pegged at Rs.37.95 in the month of April and Rs. 37.85, Rs. 37.95 and Rs. 40.05 in the months of March, February and January respectively this year.
Where do I Buy Silver in Nagpur?
Nagpur has several silver showrooms such as Bhatukbhai Sons, Londhe Jewellers, Pushpalata Jewellers, Shree Krishna Jewellers, Kusum Jewellers, Arun Jewellers and Parekh Bros among many others. While most jewelers in Nagpur do not differ widely in terms of silver rates, you can reduce the other ancillary costs or charges.
Also Check Silver Price in NearBy Cities of Nagpur
|Silver Rate In Bhopal||Silver Rate In Indore||Silver Rate In Surat|
|Silver Rate In Raipur||Silver Rate In Hyderabad||Silver Rate In Mumbai|
|Also Know: Gold Rate in Nagpur|
Read more on Silver
- Silver – Poor Man’s Gold
- Silver Bars and Silver Coins
- Global Demand for Silver
- How to Find Certified/Authentic Silver
- Need for Silver as an Industrial Commodity