Global silver jewellery manufacturing is expected to rise by 34 per cent between 2023 and 2033, with China leading the growth, according to a Silver Institute study.

The report, conducted by Oxford Economics and commissioned by the Silver Institute, examines and predicts growth rates of key global silver manufacturing sectors and provides an insight into how demand may change over the next 10 years.

Combined production of industrial, jewellery and silverware manufacturers is forecast to go up by 42 per cent through 2033 – double the rate of increase recorded a decade ago. Asia is expected to contribute majority of the growth, according to the report. 

Commenting on silver jewellery production, the report said output forecasts suggest that India may lose some of its dominance in silver jewellery manufacturing to China.

It added that China will likely account for 51 per cent of growth in global production of “other manufacturing” sectors, which include jewellery. Meanwhile, the US and India are expected to contribute an 8 per cent and 2 per cent share, respectively. “This suggests that there will be some move in silver jewellery production from India to China,” the report noted.

Growth in silver jewellery production is predicted to be most rapid in the first five years, which would have begun in 2023, at an annual average of 3.4 per cent, compared to 2.5 per cent from 2029 to 2033.