There has been a custom in India to buy gold and silver on Diwali and Dhanteras. Some people shop for jewellery, some buy gold-silver utensils or coins, but most people also focus on buying gold-silver jewellery. However, due to the record increase in gold and silver prices, buying jewelery is no longer a common thing.
The price of silver has reached Rs 2 lakh per kg in the retail market, while the price of gold has reached Rs 1.30 lakh per 10 grams. Due to the demand for these metals on the day of Diwali and Dhanteras, prices are expected to rise even more, due to which buying jewelery may become more expensive. But if you buy utensils or coins made of these metals, you can get double benefit.
Why buying silver utensils instead of jewelery is the right decision?
Compared to jewellery, silver coins and utensils attract lower GST rates. Apart from this, there is also the benefit of making charge, due to which buying utensils and coins can be a right decision compared to gold and silver jewelery and it can give double benefit.
First advantage- Silver utensils and coins attract 3% GST, which is applicable on precious metals like gold and silver. But if making charge is involved in the manufacturing of utensils then this charge will be 5%.
Second advantage- The second biggest advantage is regarding the making charge. Jewelery requires a lot of delicate design, workmanship and hard work. Due to this, making charges often add up to 20% or more. Apart from this, buying jewelery can also become expensive because of the brand name. The design of the vessel is simple. Some do not even have a design, due to which the making charge is 5 percent or a little more.
Design and fashion values
Jewelery can be sold at higher prices due to its design and fashion, but this is not the case with utensils or coins. These are purchased only for utility use or investment, due to which it will be cheaper than jewellery.
Which is more pure?
Pottery is often made at 80%-90% purity, while jewelry is typically 92.5% pure. This means that the utensils are made by adding a little more metal. In such a situation, silver jewelery is purer than utensils.
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