Kolkata: When did you last face a situation when jewelers have stopped taking orders for silver before Diwali and Dhanteras, which represents the peak of the festive season in India. Reports indicate that with frantic buying there is a scarcity of metallic silver and premiums are reported to zoom to Rs 30,000 per kilogram over and above the official rates. This has pushed the effective price close to Rs 2 lakh per kilogram in Zayeri Bazaar, Mumbai’s iconic jewelry market.

The official rate for a kg of silver according to the IBJA (India Bullion Jewellers Association) was Rs 1.78 lakh. This means that the effective rate is being quoted at Rs 1.98 lakh a kg. “The rate if........

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