Mumbai/JaipurOne hour agoAuthor: Pramod Kumar Sharma
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In view of the festive demand, the manufacture of coins, utensils and idols starts a month in advance.
On Dhanteras and Diwali there is an omen to buy silver almost all over the country. This time it is estimated that 1.5 lakh kg of silver coins, utensils and idols will be purchased worth about one thousand crore rupees. Silver coins are extensively traded in Delhi, Rajasthan, Madhya Pradesh and Haryana. Silver utensils are bought in South India. There is a demand for idols in almost every state.
In view of the festive demand, the manufacture of coins, utensils and idols starts a month in advance. With Dhanteras and Diwali approaching, factories are working in two shifts. In the silver business of 1.5 lakh kg, about half of the manufacturing is done in the South Indian states.
Rajasthan’s share in this is about 10 percent. For Dhanteras-Diwali in Rajasthan, about 15,000 kg will be used to make silver utensils, coins and idols. Kailash Mittal, President, Sarafa Traders Committee, Jaipur said, “People consider it auspicious to buy silver coins on Dhanteras and Diwali.
3,000 factories of utensils, coins and idols across the country
The largest number of silverware factories are in Kolkata, Jaipur and Jodhpur. More utensils are made in Chennai, Coimbatore, Hyderabad, Bangalore, Vijayawada. At the same time, utensils and coins are made in Nagpur, Mumbai, Poona, Kolhapur, Agra, Lucknow, Ahmedabad, Rajkot and Surat. According to Subhash Gupta, President of Shri Rajasthan Sarafa Sangh, there are about 3,000 factories in the country.
MMTC will sell 2200 kg of goods
thePublic sector company MMTC and private sector companies manufacture branded coins, utensils and sculptures. MMTC GM Vikram Meena said, 1,500 kg silver coins, 700 kg utensils are being made for retail sale on Dhanteras-Diwali. However the demand will remain high.
For the convenience of customers, coins ranging from 5 grams to 1 kg, utensils are also according to the budget.
Although this business runs throughout the year, but on Diwali the demand increases manifold. Coins of 5, 10, 20, 50, 100, 250, 500 and one kg weight are made according to the budget of the customers. Silver notes with images of Lakshmi and Ganesha are also made. For Lakshmi Puja, the purchase of coins of 10 and 20 grams is more. A 500 gm and 1 kg silver bar is sold for investment or gifting. Utensils contain lamps, plates, urns, bowls, glasses, etc. In South India, utensils are made up to a weight of 5 kg. Right now the price of 10 grams of silver is between Rs 725 to 850.
Be careful: Be careful with counterfeit coins
According to jewelers, due to consumer awareness and introduction of branded coins, the business of counterfeit coins has come down, but still in many cities, gilt or less silver coins are made and supplied to towns and rural areas. Customers should be cautious.
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