Silver Rate Today in Lucknow (1st May 2024)

You can purchase silver bars from local jewellery shops and online stores selling silver. Silver bars of all purity grades can be purchased from these places based on availability.

There are five main components to a silver hallmark, which is used to determine an item's origins and purity:
BIS Mark
Fineness number
Assaying and Hallmarking Centre's mark
Jeweller's identification mark
Year of marking denoted by a code letter as decided by BIS
Six grades of silver alloys, including 990, 970, 925, 900, 835, and 800, are listed in the Indian Standard on Silver Hallmarking (IS 2112: 2014). These alloys are used to make silver jewellery and other artefacts.

In our country, silver is in high demand and its supply declines as demand increases, making it rarer. The electrification of vehicles, the development of 5G technology, and the dedication to green infrastructure will all likely increase demand for silver in the industrial sector. Additionally, it was anticipated that physical silver investment would increase by 18% in 2022.

The ideal period to buy Silver is in the first half of the year, preferably in the first quarter of the year itself.

There are multiple taxes to be paid on silver, including 1% VAT, 3%GST. You also have to pay Wealth tax if the value of silver is above 5 Lakh rupees. Taxes may vary depending on the region.

Available in lower quantity
Higher purity grade assurance
Readily available
Easy to store and transfer
Presented in a very artistic form, good for gifting.

Yes. Banks typically charge higher rates compared to jewellers, this is on account of purity checks and assurance provided by them. Taxes on the purchase are to be paid extra.

Silver is a physical asset with many uses and high demand in industry.
When compared to other investment options, silver is affordable.
Silver is a secure investment with a prominent presence in jewellery.

Even though stocks and ETFs are more liquid than physical silver, owning them is simpler and less expensive. Additionally, you won't have to worry about storage, despite the fact that it increases the risk of a third party dependency fault.