Surging Demand for Gold and Silver Coins Ahead of Ram Mandir Inauguration
- 16 Jan
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As the consecration ceremony in Ayodhya draws near, scheduled for January 22, the country is abuzz with excitement. Indeed, demand for Gold and Silver Coins increases ahead of Ram Mandir inaugurations, as each coin is adorned with sacred imprints of the Ram temple and the divine Ram Darbar. As we delve deeper into this phenomenon, we explore why people rush to acquire these precious metal tokens of faith.
Religious Fervour and Economic Impact
The surge in demand for gold and silver coins adorned with religious imagery ahead of the Ram Mandir inauguration in Ayodhya reflects a profound wave of religious fervour that has swept across the region.
This phenomenon extends beyond a mere appreciation for precious metals; it embodies a deep-seated spiritual and cultural connection that compels people to seek these commemorative items. Let us explore the multifaceted aspects of this religious fervour and its far-reaching economic implications.
The Ram Mandir holds immense religious significance for millions of Hindus in India and around the world. Lord Ram, a revered deity in Hinduism, symbolises virtues such as righteousness, duty, and morality.
The temple's consecration ceremony marks a historic event that devotees have eagerly anticipated for generations. As a result, the demand for coins and statues featuring Lord Ram, Sita, Lakshman, and Hanuman is driven by the desire to commemorate this sacred moment.
These gold and silver coins go beyond their material value; they carry deep emotional attachments for individuals and families. Nevertheless, many see them as tokens of faith, love, and reverence. It is common for such coins to be gifted on auspicious occasions, passed down through generations, or displayed prominently in homes as symbols of devotion.
The magnitude of the demand for these coins and statues has not gone unnoticed by the economic sector. This surge has injected substantial revenue into the market, benefiting jewellers, artisans, and related businesses.
The economic impact of this trend is estimated to be significant, with Pankaj Arora, president of the All India Jewellers and Goldsmiths Federation, suggesting a business turnover of approximately Rs 800 crore in Lucknow alone. This infusion of capital not only supports local businesses but also contributes to the broader economic landscape.
Thus, the surge in demand for gold and silver coins depicting religious motifs reflects the profound religious fervour and emotional connections that individuals have with the Ram Mandir consecration. Also, beyond the spiritual significance, the economic implications of this trend are substantial, positively affecting businesses and contributing to the local and regional economies.
Silver Coins Depicting Ram Darbar
Among the array of commemorative items capturing the essence of the Ram Mandir inauguration, the silver Ram Darbar coins stand out as a symbol of devotion and reverence. These coins, featuring the divine quartet of Lord Ram, Sita, Lakshman, and Hanuman, have become a cultural phenomenon, capturing the imagination of both devotees and collectors.
Now, let us find out the reasons behind the immense popularity of these silver coins and the wide range of prices they offer. So, if you are thinking, Should I buy silver bars or coins you want to go with anything with such stunning imprints.
Symbolism and Aesthetic Appeal
The silver Ram Darbar coins carry profound symbolism. As the central figure, Lord Ram represents the embodiment of righteousness and dharma (duty). Sita symbolises purity and devotion, while Lakshman exemplifies loyalty and brotherly love. Hanuman, the devoted disciple, signifies unwavering devotion and strength. Combining these revered figures in a single coin makes it a powerful representation of faith and values.
Moreover, these coins boast an inherent aesthetic appeal. Craftsmen meticulously engrave intricate details on the coin's surface, capturing the essence of each character and the aura of divinity. The shimmering silver enhances the visual appeal, making these coins not only objects of devotion but also exquisite pieces of art.
Varied Price Range
One notable aspect of the silver Ram Darbar coins is their diverse price range. So, this inclusivity allows individuals from different economic backgrounds to partake in the celebration and acquire a piece of this symbolic artwork. Prices can range from a humble Rs 900 to a more extravagant Rs 25,000, accommodating the preferences and budgets of a broad spectrum of buyers.
Resale Value Considerations
Why is the silver resale value low you may ask. As individuals acquire gold and silver coins adorned with religious motifs, it's natural to ponder the resale value of these precious items. These coins often carry significant emotional and cultural value, but various factors influence their financial worth.
Factors Affecting Resale Value
- Market Demand: The resale value of these coins can be influenced by the ongoing market demand for such items. If the demand remains high due to their religious or cultural significance, resale prices may be relatively strong.
- Condition: The condition of the coins plays a vital role in determining their resale value. Well-preserved coins with minimal wear and tear tend to fetch higher prices in the secondary market.
- Purity and Weight: The intrinsic value of gold and silver coins is tied to their purity and weight. Coins with higher purity and weight typically have more excellent resale value.
- Collectable Appeal: Some coins may be sought after by collectors, which can drive up their resale value beyond their intrinsic metal value.
- Dealer Margins: Buyers should be aware that dealers often charge a premium when purchasing precious metal coins and may offer a lower price when buying them back.
What is GST on Silver?
When considering investments in silver, understanding the Goods and Services Tax (GST) implications is crucial. Silver is subject to GST in India, and its rate may vary based on certain factors.
Current GST Rates for Silver
As of the latest information, the GST rate for silver in India is 3%. However, it's essential to note that this rate can change, and individuals should verify the current rate with the relevant authorities or consult a tax expert before making a silver purchase.
Variations Based on Purity and Form
The GST rate on silver can vary based on factors such as purity and form. For instance, silver bars and coins are often classified under a different GST category than silver jewellery or utensils. The specific rate applied may depend on these distinctions.
To make informed investment decisions and understand the tax implications, individuals should consider the purity and form of the silver they intend to purchase and be aware of any potential variations in the GST rate.
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So, whether you're looking to part with old gold jewellery, seeking cash for silver, or finding a top-rated gold silver buyer, 24Karat provides a secure and efficient platform that caters to all your needs. With their expertise and unwavering dedication to customer satisfaction, 24Karat.co.in is undoubtedly the go-to destination for all your gold and silver exchange requirements.