Total silver fabrication demand in 2012 dipped to 846.8 Moz, reflecting losses in key areas.  Industrial silver fabrication slipped by 4 percent to 465.9 Moz, the result of the challenging economic environment seen in many industrialized countries.  However, India recorded a 4 percent gain while China experienced a small increase in industrial demand.

Worldwide jewelry fabrication at 185.6 Moz remained effectively unchanged from 2011, thereby proving far more resilient than gold with its 4% decline.  Growing consumption in India and China for silver jewelry offset softer western markets.  Photographic demand for silver fell to 57.8 Moz, while the silverware sector slipped to 44.9 Moz due to ongoing structural factors and economic weakness.

World Silver Demand

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Material and statistics in this section were adapted in part from the Silver Institute’s World Silver Survey 2013.