Silver Demand

Following a strong recovery in 2021, total silver demand took a major leap last year, with total offtake growing by 18 percent to 1.242 Boz. With the exceptions of slight drops in photographic and brazing alloys demand, all other fabrication sectors achieved new highs. Demand from the industrial segment posted another record in 2022, of 556.5 Moz. Some of these gains reflected green economy applications, particularly the significant growth in photovoltaics (P.V.), which consumed 140.3 Moz of silver in 2022.

Industrial demand was also supported by electrification within the automotive segment and other power generation and distribution investments. A rise in vehicle output, 5G network investments, and growth in the construction industry also assisted this segment. Similarly, other industrial demand fabrication rose, chiefly due to increased demand for ethylene oxide (E.O.) catalysts. The overall total was also helped by thrifting and substitution (outside of P.V.) remaining modest. Apart from a 6 percent decline in Europe, all regions saw growth. India led with a 24 percent jump, followed by East Asia at 7 percent and North America at 6 percent.

Silver Jewelry and Silverware Demand

Silver jewelry fabrication soared 29 percent to a record level last year at 234.1 Moz. This was led by India, where pent-up demand, combined with heavy re-stocking by retailers and a move to higher purities, saw volumes double compared to 2021. Notable gains were also seen in Europe, where higher consumption helped even as exports from Italy fell. Exceeding jewelry in percentage terms, silverware demand in 2022 saw astounding growth of 80 percent to 73.5 Moz, a record high. As with jewelry, gains in silverware were almost entirely due to India, where demand more than doubled last year on the back of employment and incomes returning to pre-pandemic levels.

Global Silver Jewelry Fabrication

Global Silverware Fabrication

Material and statistics in this section were adapted in part from the Silver Institute’s World Silver Survey 2023.