Silver Rate in Tuticorin

FAQs on Silver Rate in Tuticorin

• What is the determining factor for the cost of silver in the country?

  The cost of silver in India is determined by factors such as international silver rates and the exchange rate between the Indian currency and the US dollar. Fluctuations in these factors can influence the price of silver in India, as changes in the exchange rate impact the cost of importing silver and shifts in the international market affect the overall price.

• What is the reason that silver tarnishes?

  Silver tarnishes over time when exposed to air due to a reaction between the metal and Sulphur present in the atmosphere. This reaction forms a black layer of silver supplied on the surface of the silver, causing it to appear dull and discolored. 

• Is silver considered a profitable investment in Tuticorin?

  Silver is widely regarded as a promising investment due to its standing as a precious metal. Its demand remains constant for both ornamental and industrial purposes. However, it's essential to monitor market rates and trends before making any investments in silver. 

• Can silver jewellery be sold for more than its weight in silver in Tuticorin?

  No, silver jewellery  will always be valued less than the weight of silver used in its making. The price of silver jewellery typically does not include any additional value for its design. Selling silver coins or bars may fetch a better price. 

• How are pure silver and 925 sterling silver mainly differentiated in Tuticorin?

  The main distinction between pure silver and 925 sterling silver lies in their respective purity levels. Pure silver, also known as fine silver, contains 99.9% silver content, while 925 sterling silver is composed of 92.5% silver. 

• How to find out if silver is real at home?

  A simple test is to check whether a magnet attracts the metal. Genuine silver is typically not magnetic, so if it is not attracted to the magnet, it may be real silver. This test can also be applied to silver jewellery. If that piece of jewellery is attracted to the magnet, it is likely not made of 925 sterling silver, which is commonly used for silver jewellery. 

• Is any form of silver taxable in Tuticorin?

  Yes, taxes are levied on the purchase and sale of silver in Tuticorin, as it is considered a taxable commodity and a form of investment. 

• How often does the price of silver change in Tuticorin?

  Silver prices are subject to frequent changes and can vary significantly based on market conditions. Price fluctuations in silver are typically observed on a daily basis. 

• What additional charges are applied when buying silver in Tuticorin?

  When purchasing silver in Tuticorin, additional charges such as Goods and Services Tax (GST), crafting fees, and waste fees may be applied during the transaction. 

• How to ensure the purity of silver when buying it in Tuticorin? 

  To ensure the purity of the silver, ensure that the silver you purchase is certified by the Bureau of Indian Standards (BIS). Look for the BIS mark and other standard marks, such as purity/fineness, the identification mark of the assaying centre, the year of marking, and the jeweller's mark. These marks guarantee the authenticity and purity of the silver.