The cost of replacing your silver-plated rings is rising fast.
According to the latest data, the average price of a silver-plate ring for 2017 is Rs. 12,000, up from Rs. 9,500 last year.
In 2018, the cost of silver- plated rings has also risen.
The average price for a silver ring is Rs 3,000 in 2017, according to data compiled by Mint.
The average cost of replacement silver- plate rings has gone up from about Rs 4,000 to Rs 6,000 over the past five years.
This is the first time in the past 15 years that the price of silver has gone higher than the cost for replacement.
Silver is a scarce commodity in India, with less than half of the population using the metal as a precious metal.
The other half are using it as an inexpensive substitute for precious metals.
The scarcity of silver is due to the fact that it is mined from coal in mines that are prone to explosions and mine explosions, which can destroy precious metals, such as gold, platinum and palladium.
According to the Indian Mint, the price for gold rose nearly 40 per cent in 2018 from Rs 11,000 at the end of 2016 to Rs 18,000 this year.
The cost for platinum rose from Rs 10,000 a piece to Rs 15,000.