The World Silver Survey 2023 contains data on the quantity of silver used by jewelry fabricators around the world. In 2022, 71% of the silver used to manufacture jewellery was used in Asia. Within this region, manufacturers in India used just under half (or 48%) of the silver used by jewellery fabricators around the globe.
According to NACE statistical breakdown of industries, the manufacture of jewellery is classified within the “other manufacturing” sector. We have weighted together the forecasts of the output of other manufacturing in each of the countries explicitly identified by the share of the million ounces of silver jewellery manufacturers used in 2022. The unidentified countries are assumed to grow in line with forecasts of world output of other manufacturing.
The forecasts suggest that the demand for silver for jewellery manufacturing will increase by 34% between 2023 and 2033. Judged by the speed at which the other manufacturing sector’s output is forecast to increase, growth is predicted to be most rapid in the first five years (2023 to 2028) at an annual average of 3.4%, compared to 2.5% in the second five years.
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