India is expected to drive steady growth in silver jewellery demand in 2024, with strong jewellery consumption in the US providing support, the Silver Institute said.

Citing a 2024 review of the silver market by precious metals consultancy Metals Focus, the institute said silver jewellery and silverware are both projected to increase by 5 per cent in 2024. 

“For each segment, India has been the key growth contributor, with particularly strong sales between late July and early September when the import duty cut coincided with a pullback in the dollar silver price,” it noted. “Jewelry consumption is also set to grow in the US, which also benefits key Asian and European exporters.”

Meanwhile, global silver demand is expected to rise by 1 per cent year over year to 1.21 billion ounces in 2024, bolstered by record industrial demand and a recovery in jewellery and silverware.

This is also the second highest in Metals Focus’ series, which started in 2010. 

Majority of demand segments are seen to strengthen this year, led by industrial applications, leaving physical investment as the only key demand component to post a meaningful decline.

The price of silver also rallied during 2024-to-date, nearly touching US$35 for the first time since 2012. Through to November 11, prices have surged by 29 per cent since the beginning of this year. 

“Leaving aside a brief drop to a three-year low of 73, the gold:silver ratio has largely held between 80 and 90 so far in 2024,” the report noted.