Buying silver this Dhanteras? Don’t make these 10 mistakes!

financialexpress.com:

Dhanteras and Diwali are just round the corner and many people prefer to buy silver coins, jewellery and religious artefacts to celebrate these festivals. Silver is a precious metal that holds significant value in Indian culture. Whether for investment, adornment, or religious purposes, purchasing silver is a common practice across the country, especially during the festive time. However, the uninitiated may fall prey to the common misconceptions and pitfalls, jeopardising their silver purchases.

To ensure a smooth and informed silver-buying experience, it is crucial to avoid these 10 mistakes:

Purity is paramount when buying silver. Ensure the silver you purchase is hallmarked, indicating its genuine silver content. Reputable dealers will provide a certificate of authenticity, guaranteeing the purity of the silver. Silver contracts are offered in a range of purity levels, commencing at 99.9 (999 silver finesse) and scaling down to 80 (800 fineness).

Look for a hallmark on the silver item. The Bureau of Indian Standards (BIS) certifies silver items by a BIS logo, purity in terms of ‘fineness’ (e.g., 999 for 99.9% purity), the logo of the assaying centre, and the jeweller’s mark. This hallmark indicates the purity and authenticity of the silver.

Also Read: 5 things to check before buying gold coins this Dhanteras

It is recommended to buy silver after you know the market price in your city. It will help you negotiate the price. Silver prices fluctuate constantly, and attempting to predict exact movements is challenging. Instead, employ a disciplined approach, investing steadily over time.

Proper storage is essential for preserving the condition and value of your silver. Invest in airtight containers or secure vaults to