Silver jewellery gains ground in global markets
The silver jewellery business is enjoying steady demand from buyers who are looking to diversify their product portfolios with reasonably priced jewellery pieces in versatile, ultra-modern designs.
With continued macroeconomic uncertainties denting consumers’ purchasing power, some companies are expanding their product offerings to include a silver jewellery line while others are making a permanent shift to silver jewellery.
Buyers, for their part, are increasingly gravitating towards silver jewellery since it offers more design flexibility without breaking the bank.
Prospects are also bright for this growing product category. According to the Silver Institute, pent-up consumption alongside heavy inventory restocking in India pushed global silver jewellery demand to record highs in 2022.
Data published in the Silver Institute’s World Silver Survey 2023 showed a 29 per cent jump in silver jewellery fabrication to a record level of 234.1 million ounces (Moz) in 2022. “This was led by India, where pent-up demand, combined with heavy restocking by retailers and a move to higher purities, saw volumes double compared to 2021,” the report said.
The European market also showed notable gains due to higher consumption amid slower exports from Italy.
The year 2023 is poised to be another of solid silver demand, the report also said. It continued, “Although bar and coin demand and jewellery fabrication are expected to fall short of last year’s exceptional levels, both are forecast to remain historically high.”