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India will lead silver Jewellery demand over the next ten years: Oxford Economics

Three key sectors of global silver demand – industrial, jewelry and silverware – are significant drivers for annual silver consumption and accounted for nearly three-quarters of the world’s demand for silver in 2022. This stands in contrast to investment demand for silver, which was a sturdy 27 percent of overall silver demand last year. New research indicates that silver industrial demand is forecast to increase 46 percent through 2033, while jewelry and silverware demand is projected to rise 34 and 30 percent, respectively, according to Oxford Economics, a leading independent economic advisory and consultancy firm based in London.

Their report, “Fabrication Demand Drivers for Silver in the Industrial, Jewelry and Silverware Sectors Through 2033,” was commissioned by the Silver Institute to examine and forecast the growth rates of key sectors of global silver manufacturing demand, and to gain insight into how demand will change over the next decade. The consultancy found that the combined output of silver industrial, jewelry and silverware fabricators is forecast to increase 42 percent, effectively double the growth rate over the previous decade, 2014-2023.

Oxford Economics forecasts that India will lead jewelry demand over the next ten years, but the report indicates that it may lose some of its silver jewelry dominance to China, as that country’s economic situation strengthens. Silverware demand is to continue to be led by India, but perhaps with a lower market share than it recorded in 2022.

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 jewelry was used in Asia.15 Within this region, manufacturers in India used just under half (or 48%) of the silver used by jewelry fabricators around the globe.

The report also addresses why long-term forecasting is essential, and examines potential risks, such as structural changes like thrifting or possible global economic challenges.

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