Silver bangles with coloured gemstones by the Samuel B Collection of the US
Silver jewellery production is expected to post a modest 1 percent hike this year to 207.1 million ounces on the back of renewed demand in key markets, according to the 2017 GFMS/Silver Institute Interim Silver Market Review.
Johann Wiebe, lead analyst in the GFMS team at Thomson Reuters, presented the review's findings at the Annual Silver Industry Dinner hosted by the Silver Institute in New York City earlier this month.
The report noted that Asian demand for silver jewellery had eased this year, largely due to lower offtake in China. This has however been partially offset by stronger demand in India. "North American jewellery demand is expected to rebound this year, thanks to improving economic sentiment," it continued.
Waterfall chandelier earrings in silver by Lucy Quartermaine of the UK
The price of silver averaged US$17.13 per ounce year-to-date, as of November 10. The GFMS team at Thomson Reuters expects this to hold as the average for the whole year, marginally lower than the 2016 figure of US$17.14 per ounce.
In 2016, total silver jewellery fabrication suffered a 9 percent drop to 207 million ounces, according to the Silver Institute-commissioned World Silver Survey 2017 by the GFMS team at Thomson Reuters. The decline however came on the heels of three consecutive years of record-breaking growth.
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