Silver jewellery production is expected to post a 4 per cent decline in 2025, according to the Silver Institute.

The decline is largely attributed to weak market sentiment in India, where the rupee silver price has been trading at record highs well before the price increases in the international market. 

Preliminary figures from market intelligence firm Metals Focus estimated that silver demand for jewellery manufacturing fell by 8 million ounces (Moz) in 2025, down from 207 Moz in 2024 to 199 Moz. This brought levels closer to the 201 Moz produced in 2023.

The price of silver hit a record high of US$54.48/oz on October 17 and has since largely held at above US$47/oz. The gold:silver ratio has been trending lower as well, falling to 78 in October after peaking at over 107 in April. 

Aside from record metal prices, the silver market saw stronger investment demand and an unprecedented liquidity squeeze in 2025, said the Silver Institute.