Silver is one of the most popular assets in India with Chennai being the leading player in Silver as a commodity. The prices in Chennai or any other cosmopolitan city like Delhi or Mumbai is based on numerous factors. It is primarily traded on the Multi Commodity Exchange, (MCX) in India. It is one of the top 3 destinations for silver trading in the world.
Chennai being the highest consumer of silver in the country, it holds an enormous consumption of silver in the form of jewels, ornaments and silverware. Most of the times, India imports silver from across the world. One the global stage more than half of silver is used in manufacturing and medicinal industries.
Chennai's demand for silver mostly catered by imports is used mainly for jewellery and ornamentation but is seen as shifting to the savings sector too. It is a safe bet for savings today. One can earn a good return on a short or long-term investment made in silver. The rates in Chennai are decided mostly in grams or troy weights. Is includes units like tolas, grams, kilograms, ounces, million ounces, short tonnes, etc.
There are numerous famous dealers of silver in Chennai. Some of the familiar names to mention are Vummidi Silverware, N. Gopaldas, SLN Bullion, Khazana Jewellers, Tanishq, GRT, etc. they offer silver in different forms be it bars, silverware, jewellery, gift articles, coins, etc.
Demand and supply of silver
Silver is mostly produced as a by-product out of other metal productions. As a by-product, silver constitutes over 80% of total proportion. A lot of countries along with India have used silver hugely to meet the internal requirements as well as global demands.
The rates of silver in Chennai are directly proportional to the demand and supply chain on the globe. There has been a steady acceleration in its demand more than its supply leading to rising prices of silver in Chennai.