With gold costs hovering round its all-time highs (as on October 23 value of gold per 10 grams was Rs 38, 061), silver is a less expensive various – value of silver per 10 grams as on October 23 was Rs 454. You do not want to be a genius to do that math.
In case you are planning on shopping for silver this Dhanteras, listed below are 5 issues that you must know.
Identical to gold, one may also purchase hallmarked silver. The Bureau of Indian Standards (BIS) hallmarks silver articles as properly. Yash Punamiya, Proprietor of Kundan Jewellers says, “Based on BIS guidelines, there are 4 indicators that one should search for whereas shopping for a hallmarked silver article. Nonetheless, hallmarking of silver and gold jewelry is a voluntary course of. If the jeweller is providing you non-hallmarked article, you’ll be able to request him to get it hallmarked. Hallmarking of silver articles supplies a legitimate proof of purity of silver article.” The 4 indicators are as follows:
- BIS brand
- Purity grade/fineness
- Hallmarking centre’s identification mark/quantity
- Jeweller’s identification mark/quantity
Previous to January 1, 2017, there was one extra marking, i.e., the yr of hallmarking. Nonetheless, this was eliminated when guidelines had been revised with impact from January 1, 2017.
BIS hallmarks following grades of silver articles:
| Grade | Fineness |
| 9999 | 999.9 |
| 9995 | 999.5 |
| 999 | 999 |
| 990 | 990 |
| 970 | 970 |
| 925 | 925 |
| 900 | 900 |
| 835 | 835 |
| 800 | 800 |
Supply: BIS Web site
Punamiya provides, “Grade 9999, 9995, 9999 is taken into account fantastic silver. This fantastic silver is taken into account ideally suited for getting cash, bars and utensils. For getting silver jewelry, artefacts, any grade from 990 to 925 is taken into account good. Not like in gold, the place one should buy 24KT solely within the type of gold cash and bars, one should buy gadgets equivalent to utensils of 999 fineness in silver aside from cash and bars. Most jewellers promote 925 fineness silver, also referred to as sterling silver, thought-about as a normal”
Do understand that to provide energy to silver jewelry or utensils, others metals are added to it. One ought to ask the jeweller what sort of steel is added to the silver product. Punamiya says, “Normally copper or zinc is added to silver to make it extra sturdy.”
There’s a value side that you just want to remember whereas shopping for hallmarked silver merchandise. Based on the BIS web site, hallmarking prices Rs 25 per silver article. Equally, minimal fees per consignment are Rs 150. Service tax and different levies as relevant can even be added to the worth of the product.
Whereas shopping for silver jewelry, we normally take the worth quoted by the jeweller on face worth. Nonetheless, you have to ask the jeweller what’s the value of silver prevailing out there and what are the making fees being charged by him for the article you need to purchase. Punamiya says, “Normally making fees for the silver article begins from Rs Three per gram with no most restrict. Nonetheless, making fees for silver articles are on the decrease aspect as in comparison with the fees for gold jewelry.”
- Examine for the buy-back coverage
Many individuals promote outdated silver or gold jewelry to purchase a brand new one. Whereas shopping for new silver jewelry or utensils, ask the jeweller in regards to the buy-back coverage. How a lot cash will you get if you happen to determine to promote the article bought on a future date again to the identical jeweller? As an illustration, when you have purchased silver jewelry of 925 grade then on the time of promoting your jeweller pays you just for 92.5 per cent of silver. Due to this fact, you must know the assorted fees that will probably be taken into consideration in calculating the sale value of your jewelry.
- Gems on silver jewelry
Typically silver jewelry has gems embedded in it. You need to be sure that your jeweller has not priced within the weight of those gems within the value of silver.
These days, aside from silver one may also purchase one thing referred to as German silver. Nonetheless, one should not confuse German silver with sterling silver and even silver. Punamiya says, “There’s a distinction between sterling silver and German silver. Sterling silver is definitely made up of pure silver and different alloys which is hallmarked by BIS. Then again, German silver is any steel equivalent to copper or brass which has silver polish. This isn’t BIS hallmarked.”
Watch outs whereas shopping for silver
Bejon Misra, Professional on Shopper Rights and Coverage suggests some watch outs for the consumers planning to purchaser silver this festive season.
1. All the time purchase from the authenticated retail outlet that offers with hallmarked merchandise. BIS additionally as registered jewellers from the place one should buy hallmarked silver merchandise. (Click on
here for the checklist of BIS-licensed jewellers.)
2. Whereas shopping for silver merchandise, you must get the receipt so that there’s an proof of the acquisition. One should additionally be certain that the receipt mentions the purity of silver and weight of the article that you’re shopping for.
3. In case you are shopping for vintage silver coin with the yr talked about on it, be certain that the identical yr is talked about on the invoice as properly.
