Silver offers the best value among all precious metals. Even today it is an undervalued commodity and investment in silver is very beneficial and prudent. Unlike Gold, Silver is popular not only for jewellery but also for many gift articles. Silver is the only precious metal with so many offerings; Jewellery, Stationery, Gift Articles, Showpieces, Coins & Bars, Dining Set, Cutlery and even Books. It is considered to be a luxury in India and is gifted on every special occasion to friends and family from birthdays to weddings.
But do you know what things you need to consider before buying silver? Do you know that not every silver article or coin you purchase is same? That there is a difference in purity, price and even weight? Often you do not get the purity you are paying for or a price that is current in the market. Do you know what are the components of pricing while buying a silver article? With so many things to consider, let us help you with how to buy silver in India. We will cover the following topics in the following paragraphs.
♥ Silver Purity
♥ BIS Hallmark
♥ Certification of Purity
♥ Silver Pricing
♥ Silver Weight
♥ Silver Plating
♥ Silver Articles Packaging
♥ Silver Tarnishing
♥ Silver Futures
♥ Where to Buy?
Silver Purity & Standards Table
[table colalign=”center|center|center|center” ]Purity, Name, Standard, Common Items
99.99%, Ultra Fine Silver, 9999, Coins & Bars (Very Rare)
99.9%, Fine Silver, 999, Coins & Bars
99.0%, Pure Silver, 990, Coins Bars & Silverware
97.0%, ,970, Coins Bars & Silverware
92.5%, Sterling Silver, 925, Jewellery & Fancy Items
90.0%, Coin Silver, 900, Jewellery & Fancy Items
83.5%, , 835, Jewellery & Fancy Items
80.0%, , 800, Jewellery & Fancy Items[/table]
Did you know silver coins, articles and jewellery are available in different purity levels? You will hear terms like 925 or 92.5%; Sterling or Fine Silver; Silver or Silver Plated, etc. Also more confusion arises when sellers use words like tunch, pure, 100% pure, etc. to specify purity of the silver which are never accurate measure of purity.
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What is Silver Purity
100% Pure Silver is too soft to produce a functional object. Therefore an alloy of Silver and other metals like Copper is used to give the object strength. It does not however effect the appearance of the object.
Silver Purity refers to the percentage content of Silver in the said item. For eg. A 92.5% Pure Silver Pen contains 92.5% Silver and 7.5% other metals.
In India, silver jewellery and items are available in many standard purity levels. These are accepted by the Bureau of Indian Standards (BIS) as well. Please refer to the Silver Purity & Standards Table.
The world-wide accepted standard is the Sterling Silver or 92.5% Purity Silver. Anything above that is obviously better. However due to old trade practices you’ll often find that, in India, silver articles are generally available with purity below sterling silver. Although nowadays many jewellers and silver dealers are following silver standards and making silver jewellery and articles with atleast 92.5% purity.