World Silver Survey 2023, report is published jointly by the Silver Institute and Oxford Economics. Their forward-looking statements said, the World Silver Survey 2023 contains data on the quantity of silver used by jewelry fabricators around the world.
In 2022, 71% of the silver used to manufacture jewelry was used in Asia. Within this region, manufacturers in India used just under half (or 48%) of the silver used by jewelry fabricators around the globe.
According to NACE statistical breakdown of industries, the manufacture of jewelry is classified within the other manufacturing, sector. We have weighted together the forecasts of the output of other manufacturing in each of the countries explicitly identified by the share of the million ounces of silver jewelry manufacturers used in 2022.
The unidentified countries are assumed to grow in line with forecasts of world output of other manufacturing.
Our forecasts suggest that the demand for silver for jewelry manufacturing will increase by 34% between 2023 and 2033.
Judged by the speed at which the other manufacturing sector’s output is forecast to increase, growth is predicted to be most rapid in the first five years (2023 to 2028) at an annual average of 3.4%, compared to 2.5% in the second five years. Just over half of the growth in the global output of the other manufacturing sector between 2023 and 2033 is forecast to occur in China. The United States is forecast to have an 8% share of the additional other manufacturing output. Three countries including India are expected to generate 2% of the additional output.