Indian demand increases global silver demand and manufacturing

By

Isabelle Crossley

Published
Apr 28, 2023

High Indian demand for silver jewellery helped global demand for the precious metal reach an all-time high of 1.242 billion ounces in 2022 and demand reached record levels across multiple categories, according to the World Silver Survey 2023. 

Global silver jewellery demand rose by 29% and silverware demand rose by 80% year-on-year, according to the World Silver Survey 2023, the Gem and Jewellery Export Promotion Council reported on its website. The World Silver Survey 2023 was conducted by the Silver Institute and researched and produced by independent precious metals consultancy Metals Focus.

The total global silver demand was 38% higher in 2022 than in 2020 which signifies world economies recovering from the effects of the pandemic. Demand, however, outpaced mine production and this led to the second year with an annual structural deficit in a row at 237.7 million ounces. 

Despite lower production rates of silver (the metal), silver jewellery production increased by 29% year-on-year in 2022, according to the survey. India was the main driver of this trend. 
 
Silver recycling was also up in 2022 for the third year in a row. However, it was industrial scrap driving the 7% silver recycling increase and jewellery and silverware recycling had only marginal gains. High demand for silver is also expected to continue in 2023, according to the survey.