Global demand for silver jewellery rose 21 per cent to 181.4 million ounces in 2021, demonstrating solid post-lockdown recovery on the back of improving business and market sentiment. 

Growth was largely fuelled by India, with demand increasing 45 per cent to 58.7 Moz, data from the Silver Institute-commissioned World Silver Survey 2022 revealed. India benefitted from rapid economic rebound as Covid restrictions were eased and weddings and social events resumed.  

Italy meanwhile enjoyed a boom in silver jewellery exports, especially to the US – the world’s second largest consuming market after India. Silver jewellery sales grew in 2021 due to stimulus packages and the diversion of spend from travel. Logistical challenges in bringing in exports led to a rise in production for US manufacturers. 

Silver jewellery manufacturers also gained from buyers replenishing stocks, which dipped substantially in 2020. The top 10 producers in 2021 were India, Thailand, China, Italy, US, Turkey, CIS, Indonesia, Canada and Germany.

The silver jewellery sector is poised to sustain its post-pandemic recovery in 2022, with global demand forecast to grow 11 per cent. India will continue to drive growth, according to the survey.
 

Top 10 silver jewellery producers

*In million ounces

Source: World Silver Survey 2022