Buyer appetite for silver jewellery is expected to strengthen this year as global economic recovery continues. India, a leading market for silver jewellery, could be a major growth driver in 2024.

According to the Silver Institute, global silver demand could reach 1.2 billion ounces this year on the back of potential growth from industrial end-uses as well as a solid rebound in the jewellery and silverware business. 

Specifically, jewellery demand is projected to increase by 6 per cent, with India contributing majority of the growth. The institute said, “This follows a sharp pull back in 2022 when Indian demand weakened after a post-Covid surge in 2021. On top of a return to more ‘normal’ levels, a positive economic backdrop and consumers getting used to high rupee silver prices should also underpin growth this year.”

By contrast, weak consumer sentiment could continue to weigh on silver jewellery consumption in the US and Europe. Retailers replenishing their stock, however, could mitigate the impact on fabrication. 

“In line with the jewellery sector, as demand normalises, a recovery in India will lift global silverware fabrication by 9 per cent,” the institute said.