Silver News

First Annual China Silver Conference a Success - Country’s Silver Consumption Poised to Grow

Silver interests in China recently organized the First Annual China Silver Conference in Hohhot, the capital city of China’s Inner Mongolia Autonomous Region.

More than 300 people attended, according to Paul Bateman, Executive Director of The Silver Institute. “The first annual conference was a success,” said Bateman, “and we’re looking forward to the second one next year.”

China’s silver industry has come a long way in a short time. In 1994, it was a net importer of silver and now it is a leading exporter and producer. Silver consumption reached 36 million ounces last year compared to 49 million ounces which it produced.

The Chinese silver market is set to expand mainly because the economy is growing at 8 to 10 percent annually. The photography market and jewelry sector are poised for growth as consumer spending grows. Currently, China is the world’s third largest photography market even though the average consumer uses 36 times fewer rolls per capita than people in the developed countries. This fact alone bodes well for future consumption. Silver consumption for photographic uses is expected to grow at around 8 percent annually until 2005.

Electrical consumption of silver uses about 30 percent of China’s silver and is expected to grow an average of 10 percent annually for at least the next 3 years.

Silver News - Fourth Quarter 2002