India is one of the largest consumers of silver. As per tradition silver is considered to be a safe investment among upper and middle class in the country. Silver price in Nagpur depends on the overall demand of silver, which comes mainly from the industrial use of this metal. Gold is primarily used as jewellery or investment, whereas silver is used in industrial segment as well.
Study shows that demand for silver has mostly remained constant at approximately 20 million ounces to make jewellery and 25 million ounces as investment per year in the recent five years. As per latest estimates approximately 25% of the entire silver demand goes into making silverware alone. In India including Nagpur, Silver is always in demand for its utility.
Jewellery: Buying silver in jewellery form is an expensive option as the cost for same includes making charges (10% and above) and also melting charges (15% and above) while selling it back. Hence, makes it a costly affair.
Coins: As per experts, purchasing silver coins from reputed banks are costly as they include packaging charges and a certificate. Private Jewellers also levy casting charges apart from sales tax.
ETFs: In India Silver ETFs are not offered. Neither can you buy silver in electronic spot market. Although US market does offer the Silver ETFs, but you have to open a relevant account to invest in global stock markets.
Rates of silver vary between INR 38 to 41 (per gram) or more. Because of market fluctuations, it is important to keep track of silver pricing before investing in it. In initial months of 2017, the prices were stable and better than earlier months, however, price change in silver can happen constantly.
Silver can be purchased from number of showrooms like Kusum Jewellers, Bhatukbhai Sons, Londhe Jewellers, Shree Krishna Jewellers, Pushpalata Jewellers, Arun Jewellers and Parekh Bros etc. Prices remain the same with almost all jewellers only the other ancillary charges/ costs can be bargained.