Production of silver jewellery is poised to grow by 4 per cent in 2024, with volumes estimated to reach 211.3 million ounces (Moz) after a substantial decrease last year, according to the World Silver Survey 2024.
The recently released Silver Institute-commissioned report by Metals Focus reported that silver jewellery production dropped 13 per cent last year to 203.1 Moz compared to the record-high 234.5 Moz achieved in 2022.
The institute remarked, “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 per cent. This was mainly due to the weakness of US and European jewellery consumption – due to such drivers as cost-of-living issues – plus destocking by retailers.”
Top players in 2023
India still topped the tally of silver jewellery producers last year, despite a 25 per cent decrease in production volumes due to high local prices, limited stock replenishment and competition from imports, the report noted.
Coming in second and third were export-driven markets Thailand and Italy, which registered slight production declines of 6 per cent and 3 per cent, respectively.
Meanwhile, demand in China – once the world’s foremost producer of silver jewellery – was affected by poor consumer sentiment and competition from gold jewellery.
| Rank | Country | 2023 (Moz) | 2022 (Moz) | % change |
|---|---|---|---|---|
| 1 | India | 83.7 | 111.6 | -25 |
| 2 | Thailand | 22.2 | 23.7 | -6 |
| 3 | Italy | 21.1 | 21.8 | -3 |
| 4 | China | 16.2 | 17.1 | -5 |
| 5 | USA | 11.2 | 12.8 | -13 |
| 6 | Turkiye | 6.9 | 7.2 | -5 |
| 7 | Indonesia | 4.7 | 4.1 | +13 |
| 8 | Canada | 4.1 | 3.7 | +11 |
| 9 | Germany | 3.3 | 3.4 | -5 |
| 10 | Mexico | 2.5 | 2.3 | +6 |
Source: World Silver Survey 2024, Metals Focus
Projections for 2024
India is expected to return to growth this year, with sales gains and restocking set to bolster silver jewellery production, according to the report.
Growth in discretionary spending and restocking are likewise projected to lift demand in Western markets.
Silver jewellery production in China is however expected to fall a further 3 per cent this year due to "consumers' ongoing focus on gold, the supply chain's lower investment in marketing and product development, and a slowdown in the economy," the World Silver Surver 2024 stated.
| Region | 2023 | 2024 | % change |
|---|---|---|---|
| Europe | 31.3 | 32.0 | 2 |
| North America | 17.7 | 18.4 | 4 |
| Middle East | 11.0 | 11.5 | 5 |
| South Asia | 87.0 | 91.4 | 5 |
| East Asia | 48.3 | 49.6 | 3 |
| CIS | 3.7 | 4.1 | 10 |
| Others | 4.0 | 4.2 | 6 |
| TOTAL | 203.1 | 211.3 | 4 |
Source: Metals Focus
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