Jewelry demand to reach 182 mn oz in 2023 While silverware to total at 39 million ounces
Due to its role as both a precious and industrial metal, silver is key for investors looking for a safe haven, as well as the production of many consumer and industrial products. However, its industrial side has been in focus in 2023,is in the accordance with the yearend review of silver supply and demand in 2023.
Silver demand is expected to outstrip supply again in 2023, driven primarily by a projected record high in industrial demand. According to the Silver Institute, which works with Metals Focus to provide industry data, industrial demand is set to hit 632 million ounces for the year, while total silver demand will reach 1.14 billion ounces.
Of course, while over half of silver demand comes from industrial sources, the metal also sees consistent and strong demand from its precious side. The Silver Institute is forecasting that jewelry demand will reach 182 million ounces in 2023, while silverware will come in at 39 million ounces. Physical investment is projected to end the year down from 2022’s high of 332.9 million ounces, but will still capture 263 million ounces of demand for the white metal.
On the supply side, mines are expected to produce 820 million ounces of silver by the end of the year, a slight decrease from the 822.4 million ounces mined in 2022. Combined with recycled sources, total silver supply is predicted to come in at about 1 billion ounces, creating a deficit of 140 million ounces in 2023. While that’s lower than 2022’s record deficit of 253 million ounces, the Silver Institute notes that it is high by historical standards and is likely to persist into the future. Key: silver demand-2023, silver jewellery demand, silver-wear investment,