Silver jewelry production to rise over next 10 years

The latest report of the Silver Institute states that the global silver jewelry manufacturing industry will grow by 34% between 2023 and 2033, and China is expected to play a leading role in the silver market.

The report, commissioned by Oxford Economics from the Silver Institute, aims to study and forecast the growth rate of the world's major silver manufacturing industries and provide an in-depth analysis of demand changes over the next 10 years.

Total output by industrial, jewelry and silverware manufacturers is expected to rise by 42% by 2033, double the growth rate of 10 years ago. The report also indicated that Asia will be the region with the highest growth.

According to the report, based on estimates of silver jewelery manufacturing output, India may lose its dominant position in the silver jewelery manufacturing industry, and the declining part will be replaced by China.

China is likely to account for 51% of global production growth in the “other manufacturing” category, which includes jewelry. Meanwhile, the United States and India are expected to account for 8% and 2% shares respectively. "This indicates that silver jewelery manufacturing will shift from India to China," the report said.

The report predicts that the output of silver jewelry manufacturing will grow fastest in the first five years from 2023, with an average annual growth rate of 3.4%; and between 2029 and 2033, the average annual growth rate will be 2.5%.

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