Gold, Silver Prices Drop: 5 Essential Checks Before You Buy in India

• Gold and silver prices have fallen sharply in India, leading to increased buying activity, with silver seeing higher demand.
• Silver is currently trading around Rs 350 per gram (Rs 3,50,000 per kg) as of February 1, 2206, making it popular for jewellery, utensils, and idols.
• Always check for the BIS hallmark to ensure purity and safeguard future resale value, as non-hallmarked silver may be of lower quality.
• Understand silver grades: 9999/9995 for coins/bars (99.99% purity) and 990/925 (Sterling silver) for jewellery (92.5% purity).
• Compare making charges (10-20% for silver), avoid German silver (a coating, not real silver), and insist on a proper bill detailing price, weight, purity, and GST.

Why It Matters: Falling gold and silver prices in India offer buying opportunities, but vigilance on purity, charges, and billing is crucial.