According to the findings of the World Silver Survey 2023, released by the Silver Institute and researched and produced by Metals Focus, an independent precious metals consultancy, global silver demand reached an all-time high of 1.242 billion ounces (Boz) in 2022, thanks to record silver demand across all major categories.
Demand for silver jewellery increased by 29%, cutlery increased by 80%, while industrial demand and physical investment increased by 5% and 22%, respectively. As the world economy recovers from the pandemic, these improvements resulted in a 38% increase in total worldwide silver demand. However, mine output was lower, resulting in a severe 237.7 million ounces (Moz) structural deficit for the second consecutive year.
Last year, silver jewellery manufacture increased 29% to a record level of 234.1 Moz, primarily due to India, where pent-up demand and greater purities, along with extensive restocking by merchants, saw volumes more than double compared to 2021. Recycling activities increased for the third year in a row, owing to a 7% increase in industrial scrap.
As with jewellery, growth in cutlery were almost completely attributed to India, where demand more than doubled last year as employment and earnings returned to pre-pandemic levels, according to the research.