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India Demand Drives Up Global Silver Jewellery

Updated: May 3, 2023


Global silver demand reached an all-time high of 1.242 billion ounces (Boz) in 2022, thanks to record silver demand across all major categories, according to the findings of the World Silver Survey 2023, released by the Silver Institute and researched and produced by Metals Focus, an independent precious metals consultancy.


Silver jewellery demand rose by 29%, silverware grew 80%, and industrial demand and physical investment rose by 5% and 22% respectively. These gains led to the total global silver demand milestone, marking a 38% increase from 2020 as the world economies recover from the pandemic. However, mine production was lower, resulting in the second consecutive annual structural deficit at a significant 237.7 million ounces (Moz) last year.


Silver jewellery fabrication soared 29% to a record level last year at 234.1 Moz, mainly driven by India, where pent-up demand and higher purities, combined with heavy restocking by retailers, saw volumes double compared to 2021. Recycling activity rose for a third year in a row, driven by the 7% rise in industrial scrap.


As with jewellery, gains in silverware were almost entirely due to India, where demand more than doubled last year on the back of employment and incomes returning to pre-pandemic levels, the report noted.


Source:GJEPC



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