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Chennai is a city in the Indian State of Tamil Nadu. Silver in Chennai is one of the most appreciated commodities as it makes for a good investment option, offering amazing returns in the long run. Since silver is more affordable than gold, people in Chennai invest in the silver metal as it proves to be beneficial even in the times of financial crisis just like the yellow metal. Chennai tops the list when it comes to investment in silver. Due to a number of factors, the silver rate in Chennai changes on a daily basis. Silver is an imported commodity in Chennai and is largely used for industrial as well as trading purpose. Depending on a number of factors, the Chennai silver rate is fixed on a per gram basis for different purity levels.
Here are a few factors that have a direct impact on the silver rate today in Chennai
Demand and supply of silver in Chennai: Over the years, the demand for silver has exceeded its supply, which has led to a rise in the rate of the white metal.
US dollar: Silver rate and the US dollar have an inverse relationship. When the US dollar becomes strong, the rate of silver falls in Chennai and when the US dollar is weak, the rate of silver rises. This vice versa relation is a by-product of buying habits of the investors as one is likely to invest in a commodity which has an appreciating value.
Industrial purpose: Since silver in Chennai is just not used for making jewellery but also for manufacturing of various medical, kitchenware and other items, there is a constant rise in the demand for it by the industrial sector. This has led to silver becoming an important commodity in the south due to which there is a constant fluctuation in its price.
Import duty: We all know that silver in Chennai is an important commodity. So, any increase or decrease in the import duty eventually has an impact on the price of silver.
Gold rate: Silver rate in Chennai follows the trend of gold price in the city. A decrease in the gold rate in Chennai leads to a dip in the silver rate prevailing in the city.
Inflation: Owing to the trend of inflation in Chennai, the silver rate in the city too witnesses a change. This is because of silver hedges against inflation. So, when the inflation trend in Chennai witnesses an upward trend, the silver rate too rises.
Owing to the above factors, the silver rate in Chennai changes on a daily basis and is decided by the Indian Bullion and Jewellers Association Ltd. The Indian Bullion and Jewellers Association Ltd. consists of members who take the ‘buy’ and ‘sell’ quote from top silver jewellers in the country and then decide on silver rate today in the country.
Over the years, silver has witnessed a steady increase in its buy and sell rate. Chennai is one of the top 3 consumers of silver in India. Apart from purchasing it in the form of jewellery or silver sets, people in Chennai also buy the metal as it makes for a good gift option too. Chennai is known as a religious city, so silver is not just looked upon as an investment option but also as a metal having immense cultural value.
Silver investments in Chennai are considered safe due to which all classes of people in the city invest in the white metal.
Here are a few ways by which one can invest in Silver in Chennai
Silver coins: Silver coins in Chennai make for a good gift option and are often purchased on the eve of one's birthday, anniversary or to commemorate any festival. Silver coins in Chennai can be purchased from banks, jewellers or online stores. Coins come in an array of shapes, grams and purity, depending on which, its price varies.
Silver jewellery: Chennai women are extremely fond of silver jewellery. Investment in silver jewellery can be done in the form of earrings, rings, bracelets and others. Just like coins, silver jewellery too comes in different shapes, purity and grams. The demand for silver jewellery usually picks up during the time of festivals and weddings in Chennai.
Silver bars/bullions: Silver bars are one of the popular investment options in the city as they are easily available and are affordable too. Silver bars can be purchased from various bullion providers in the city and are available in different grams and purity levels.
Silver trading: Another popular way of investing in silver is taking the trading route i.e. investing in it electronically through MCX or Multi-Commodity Exchange in India. To trade in silver in Chennai, it is important for an individual to hold a Demat account.
Buyback: Many jewellers today offer silver investors an option of buyback i.e. the investor can replace old jewellery to buy a new one. Having a buyback option always allows you to keep up with the latest jewellery trends and designs. However, it is important to note that the reselling of jewellery is done on the basis of its weight.
Online shopping: While purchasing silver online in Chennai, always ensure that you are doing so from a reputed jewellery brand. Also, always check on the silver rate today in Chennai to ensure that you are not paying any amount higher than the rate prevailing on that day.
Check for the hallmark: Buy silver that is BIS certified i.e. it consists of the below marks:
Ask for an invoice: To make your silver purchase a transparent process, ensure that you ask for the invoice. In case you want to sell the silver in the future, the bill can be useful and be of help in case of any discrepancies.
Which jeweller is best in Chennai?
Few of the top jewellers in Chennai are Gopaldas, GRT, SLN Bullion, Tanishq and Khazana Jewellers.
What is todays silver price in Chennai?
You can check todays silver price in Chennai online or at the nearest jewellery store.
How is the silver rate in Chennai in the last 30 days?
In the last 30 days, the Chennai silver rate has witnessed an upward trend.
What are the uses of silver in Chennai?
Silver in Chennai is mainly used for the purpose of radiology, manufacturing silver utensils, treating warts and corns and others.
What is the impact of GST on silver in Chennai?
Due to GST, purchasing silver has become expensive as people have to pay 3% as the GST charge.