Silver jewellery fabrication increased for the third consecutive year in 2015 to a new record level of 226.5 million ounces (Moz), compared to 224 Moz in 2014, according to the Silver Institute-commissioned World Silver Survey 2016 produced by the GFMS team at Thomson Reuters.
The report attributed the increase to a record performance from India and an improving economic backdrop in Western markets. India and Thailand each registered a 16 percent hike in silver jewellery fabrication last year, while the US grew its production by 5 percent. These gains were however partially offset by a substantial decrease in Chinese jewellery offtake. “Chinese fabrication saw another sizable decline in 2015, slumping 28 percent to 33.9 Moz in 2015, driven lower by economic weakness and a drop in discretionary spending,” the report said.
The top 10 silver jewellery producers in 2015 were India (72.5 Moz), China (33.9 Moz), Thailand (21.8 Moz), Italy (18.4 Moz), Mexico (16.7 Moz), the US (13.7 Moz), Indonesia (6.5 Moz), Korea (5.6 Moz), Turkey (4.4 Moz) and Germany (3.3 Moz).
According to the report, Asia produced 67 percent of global silver jewellery supply in 2015. Europe came in second with 15 percent, followed by North America with 14 percent. The rest of the world accounted for 4 percent of total production last year.
- Full story in SILVERSTYLES, June 2016. To purchase a copy, please click here.
Green onyx pendant set in silver and embellished with white cubic zirconia, from Karma, India