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Total silver demand sees decline of 7% to 1,195 Moz in 2023

Overall, silver demand exceeded silver supply in 2023 for the third consecutive year, resulting in a structural market deficit of 184.3 Moz.

These and many other key aspects of the 2023 silver market are examined in World Silver Survey 2024, released today by the Silver Institute. The 88-page Survey also provides an outlook for this year’s silver market. The Survey was researched and produced for the Silver Institute by Metals Focus, the London-based independent precious metals consultancy.

Some of the key findings include:

Silver Demand

Total silver demand saw a decline of 7 percent to 1,195 Moz in 2023; however, this was coming off a record 2022. The price-sensitive physical investment, jewelry, and silverware sectors mainly contributed to last year’s drop. In sharp contrast, industrial demand hit another record high, led by the electrical and electronics sector, which grew 20 percent to 445.1 Moz last year.

Silver jewelry fabrication fell by 13 percent in 2023 to 203.1 Moz. The losses were concentrated in India, where demand eased after reaching its highest total in 2022. Excluding India, total global losses were modest at 3 percent. This was mainly due to the weakness of US and European jewelry consumption (due to such drivers as cost-of-living issues) plus destocking by retailers.

Silverware demand in 2023 fell by 25 percent to 55.2 Moz. This mainly reflected an elevated base in 2022 when fabrication achieved a record high. As with jewelry, overall losses were almost entirely due to India, owing to high local silver prices.

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