(Washington, DC – May 21) With global silver jewelry consumption on the rise, the Silver Institute commissioned a survey of U.S. jewelry retailers to gauge their view of the silver jewelry market in 2024. The results indicate that silver jewelry still holds a strong position as a leading merchandise category in the U.S. retail market. The survey showed that silver jewelry sales continued to deliver results for U.S. jewelry retailers, with 53% reporting marginally increased sales over the last  survey, which studied the 2022 market. 

Highlights from the survey include:

Silver experienced the best maintained margins for the Holiday Season: 

• 71% of retailers said they increased their silver jewelry inventory in 2024 by an average of 15%. This represents a 10% growth over the last survey, at 61% in 2022.

• Retailers said their silver jewelry sales, as a percentage of their overall jewelry sales, averaged 31% of unit volume. In 2022, this category was 28%. 

• The average store growth for silver jewelry sales was 20% in 2024, vs. 14% in 2022.

Most important reasons customers bought silver jewelry in 2024:

• According to the retailers surveyed, the age groups buying the most silver jewelry are 20-40, followed by 41-50. Female self-purchase is the best-selling opportunity for silver. 

• 83% said silver jewelry is essential to their business. In 2022, this figure was 88%.

• 92% of retailers say they are optimistic that silver jewelry sales will continue to grow for the next several years. In 2022, it was 88%.

“Silver jewelry offers the consumer many options at a price point that is friendly to the wallet. Interest in big and bold silver jewelry with increasingly stylish designs is leading many consumers to choose silver jewelry,” stated Michael DiRienzo, President and CEO of the Silver Institute.

The complete survey results can be downloaded here: 2024 Silver Jewelry Survey Results.

The survey was conducted online by The Jewelers Collective (TJC), a leading jewelry trade magazine, from February 11 to March 28, 2025. The survey was distributed to jewelry retailers and TJC subscribers.

This was the 14th time the Silver Institute commissioned such a survey.

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The Silver Institute is the silver industry’s primary voice in expanding public awareness of silver’s essential role in today’s world. Its mandates are to provide the global market with reliable statistics and information on silver and to create and execute programs that help drive silver demand. For more information on silver, including its use in the green economy, please visit www.silverinstitute.org.

(New York City – April 16, 2025) Silver industrial demand rose 4 percent in 2024 to 680.5 million ounces (Moz), reaching a new record high for the fourth consecutive year. Demand continued to benefit from structural gains linked to the green economy, including investment in grid infrastructure, vehicle electrification, and photovoltaic (PV) applications. Demand was further boosted by end-uses related to artificial intelligence (AI), which drove growth in consumer electronics shipments.

Overall, global silver demand exceeded silver supply for the fourth consecutive year, resulting in a structural market deficit of 148.9 Moz in 2024. Notably, during 2021-2024, the combined deficit reached 678 Moz, equivalent to 10 months of global mine supply in 2024. 

These and other key aspects of the 2024 silver market are examined in the World Silver Survey 2025, released today by the Silver Institute. The 88-page Survey also provides an outlook for the silver market in 2025. The Survey was researched and produced for the Silver Institute by Metals Focus, the London-based independent, precious metals consultancy.

Key findings include:

Silver Demand

Total silver demand fell by 3 percent to 1.16 billion ounces (Boz) in 2024. The decline was primarily driven by weakness in physical investment and slightly lower silverware and photographic demand. The drop was partially offset by the continued strength of industrial demand, which enjoyed another record year. In keeping with 2023, growth was underpinned by record electronics & electrical demand. This reflected structural gains in the green economy flowing through from the PV and automotive sectors and grid infrastructure development. Demand also received a boost from AI-related applications. While thrifting and substitution remained limited across most sectors, notable advancements within the PV segment led to a sharp reduction in silver loadings. 

On a regional breakdown, China accounted for the largest share of industrial gains, with a 7 percent rise, while India recorded a 4 percent increase. In contrast, Europe saw weaker demand across most countries in the region (except for one-off gains in the UK), while US demand declined by 6 percent in 2024.

Demand for brazing alloys rose by 3 percent, supported by growth in key industries, such as automotive and aerospace. Meanwhile, demand in the ‘other industrial’ category rose by 4 percent, despite a slight drop in ethylene oxide (EO) demand.

Silver jewelry fabrication grew by 3 percent to 208.7 Moz. India accounted for the bulk of these gains, thanks to such factors as the import duty cut, a healthy rural economy, and the ongoing rise in purities. Improving exports to key Western countries also lifted fabrication in Thailand by 13 percent. Western consumption was broadly steady as positives, such as branded silver’s gains, balanced negatives including cost-of-living issues. By contrast, China saw a third consecutive year of losses amid a challenging economic backdrop. 

Silverwaredemand declined by 2 percent to a three-year low of 54.2 Moz. The drop was driven by softer demand in India, where elevated prices weighed on the gifting segment. 

 Coin and net bar demand fell 22 percent in 2024 to a five-year low of 190.9 Moz, led by double-digit declines across all major Western markets. The steepest drop was seen in the US (-46%), due to profit-taking at higher prices, market saturation, and investors’ reaction to Trump’s election. In Germany, the lingering effects of the 2023 VAT hike on certain silver products continued to weigh on demand. In contrast, India stood out with a 21 percent surge, thanks to bullish price expectations and the import duty cut. 

 Silver Supply

Global silver mine production rose by 0.9 percent to 819.7 Moz, underpinned by increased output from lead/zinc mines in Australia and the recovery of supply from Mexico, as Newmont’s Peñasquito mine returned to full production. This was supplemented by additional growth from Bolivia and the US. Lower output from Chile, down 8.8 Moz y/y, partially offset this growth. 

Silver production from lead/zinc mines remained the dominant source of silver, but output was flat y/y. In contrast, silver production from gold mines recorded the strongest growth, up 12% y/y to 13.9 Moz, a three-year high.

Last year, Mexico remained the leading silver mine-producing country, followed by China, Peru, Bolivia, and Chile.

 Recycling rose 6 percent in 2024, reaching a 12-year high of 193.9 Moz. Industrial scrap saw the most significant increase in weight terms, mainly led by the processing of spent EO catalysts. In percentage terms, the highest gain came from silverware recycling, which climbed by 11 percent as firmer silver prices and cost-of-living issues encouraged selling in Western markets. 

Outlook for Silver in 2025

Total demand this year is forecast to fall marginally to 1.15 Boz. Following a series of all-time records in recent years, industrial fabrication will remain flat in 2025, as the gains in silver’s use in PV offtake ease. Both jewelry and silverware are expected to weaken, but a modest recovery in coin and bar demand in some Western markets should largely mitigate losses. 

Total silver supply is projected to increase by 1.5 percent, led by higher mine production. As a result, the silver market is anticipated to remain in a deficit, but this gap will be a four-year low of 117.6 Moz.  

As outlined in World Silver Survey 2025, the impact of US tariffs will be a key risk to silver demand this year. An extended period of elevated tariffs, or a further escalation of global trade wars, could lead to significant supply chain disruptions and sharply lower global GDP growth. These will weigh on industrial, jewelry, and silverware demand, though physical investment could benefit from rising safe-haven purchases. 

Silver Price

The average silver price jumped by 21 percent in 2024. The start of 2025 saw further gains, with silver exceeding $34 by mid-March amid rising uncertainties surrounding US trade and foreign policy. Thereafter, the silver price has weakened, following the US tariff announcements. Even so, as of April 7, the silver price was still up four percent for this year-to-date. 

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About the World Silver Survey and Ordering Information

The Silver Institute has published this annual report on the global silver market since 1990 to bring reliable supply and demand statistics to market participants and the public. Metals Focus independently researched and produced the 35th edition of World Silver Survey. The report was sponsored by 22 companies from North and South America, Asia, and Europe.

A complimentary PDF version of World Silver Survey 2025 can be downloaded from the Institute’s website at www.silverinstitute.org. In North America, hard copies may be purchased from the Institute’s website; for copies outside North America, please contact Metals Focus at www.metalsfocus.com. In addition, members of the media and government officials can request complimentary hard copies of the Survey directly from the Silver Institute.

Contacts:

Michael DiRienzo
Silver Institute
+1-202-495-4030
mdirienzo@silverinstitute.org

Philip Newman
Metals Focus
+44-203-301-6510
philip.newman@metalsfocus.com

Click here to listen to the podcast.

The new members include:

Skeena Gold & Silver (TSX:SKE and NYSE: SKE), headquartered in Vancouver, Canada, is a precious metals developer focused on advancing the Eskay Creek Gold-Silver Project – a past-producing mine located in the Golden Triangle in British Columbia, Canada. Skeena hopes Eskay Creek will be one of the world’s highest-grade and lowest-cost open-pit precious metals mines, with substantial silver by-product production. 

Silver Tiger Metals (TSXV:SILVR and OTCQX:SLVTF), based in Halifax, Nova Scotia, is a Canadian company whose management has more than 25 years of experience discovering, financing, and building sizeable hydrothermal silver projects in Mexico. Silver Tiger’s 100% owned 28,414-hectare Historic El Tigre Mining District is in Sonora, Mexico.  

TCA S.p.A. is based in Arezzo, Italy, and is a leading player in the recovery of precious metals from various industrial sectors. With three branches in Italy, the company has collaborated for years as a process partner for the Italian gold and silver industry, and with industrial companies worldwide since 1977. TCA S.p.A is listed on the London Gold and Silver Good Delivery List with the LBMA, and the London Platinum, Palladium, and Rhodium Good Delivery lists with the LPPM.

This year’s three new members come on the heels of seven new companies joining the Silver Institute last year. 

Octavio Alvidrez, CEO of Fresnillo plc and the Chairman of the Silver Institute, stated, “We welcome the newest members to the Silver Institute. With the addition of 10 new members in just over a year, it is clear that the global silver industry recognizes the valuable work and mission of the Silver Institute, and we will continue to advocate for all things silver on behalf of our members, leading to a more robust global silver industry.”

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The Silver Institute is the silver industry’s principal vehicle in increasing public awareness of silver’s vital place in today’s world, especially in the growing adoption of green technologies. Its mandates are to provide the global market with reliable statistics and information on silver and create and execute programs that help drive silver demand. For more information on silver please visit www.silverinstitute.org. 

(Washington, D.C. – February 19, 2025) Silver is a rare, precious metal with a high intrinsic value. This fact helps explain its historical role as money and its continuing relevance as an investment asset. Since the industrial age, silver has become increasingly important as a commodity, its unique characteristics making it essential for many industrial applications, including leading clean energy uses.

Silver’s scarcity and value means there has always been a powerful incentive to safe keep and hoard the metal in its purer and weightier forms, such as coins, bars, silverware, and, to a lesser extent, jewelry. For other fabricated products, the silver content may also have some inherent value related to the precious metal content. Together, these various forms of silver constitute the above-ground stocks of precious metal.    

To examine the relationship between the level of and changes in Above-Ground stocks and the silver price, the Silver Institute commissioned a new Market Trend Report, “Price Sensitivity of Above-Ground Silver Stocks,” produced by Precious Metals Insights. 

The Report contends that no correlation exists between the overall level of Above-Ground stocks and the silver price.

Some of the key conclusions from this Report are summarized below:

• There is no correlation between the overall level of Above-Ground stocks and the silver price;
• Annual changes in total Above-Ground stocks and the silver price are likewise uncorrelated;
• In contrast, movements in bullion stocks have an impact on the silver price and vice versa.  
• The vast majority of Above-Ground stocks are “immobile,” with only small net additions to or subtractions from stocks on an annual basis;
• Increases in bullion stocks are often positively correlated with the price, as investment demand grows when silver prices increase, which still stimulates higher prices;
• Multi-year drawdowns in bullion stocks have tended to occur in bear markets for silver and have exacerbated these. However, these drawdowns have typically set silver up for more substantial rallies as investors have rebuilt their bullion holdings; and
• Above-Ground stocks of fabricated products are less price-sensitive than those of bullion. Only specific subsets of silver fabrication demand show a sensitivity to the price, such as jewelry and silverware.  

To download the complimentary Report, please click here.

The Silver Institute is the silver industry’s primary voice in expanding public awareness of silver’s essential role in today’s world, especially in green applications. Its mandates are to provide the global market with reliable statistics and information on silver and create and execute programs that help drive silver demand. For more information on silver, including its use in the green economy, please visit www.silverinstitute.org. 

Precious Metals Insights Limited is a Hong Kong-based specialized consultancy providing macroeconomic analysis and insights on the four major precious metals markets. It was established in 2013 by former GFMS (the precious metals consultancy) principal Philip Klapwijk.