The Silver Institute predicts a significant rise in silver jewelry demand for 2024, driven primarily by the Indian market and robust U.S. consumer activity.
According to Metals Focus’ Silver Market Review 2024, both silver jewelry and silverware demand are expected to grow by 5%.
“India remains a key driver across all sectors, with particularly strong sales from late July to early September, spurred by reduced import duties and declining silver dollar prices,” a spokesperson for the Institute noted. “Meanwhile, increased jewelry consumption in the U.S. will benefit major exporters in Asia and Europe.”
Globally, silver demand is projected to rise by 1% year-over-year, reaching 1.21 billion ounces. This growth is fueled by record-breaking industrial demand alongside the recovery of the jewelry and silverware markets. The report highlights this as the second-highest demand level recorded since the Metals Focus series began in 2010.
However, physical investment in silver remains a potential drag, contrasting with strength across most other sectors. Silver prices have also shown an upward trend in 2024, nearing $35 for the first time since 2012 and surging by 29% year-to-date as of November 11.
The report added, “Despite a brief drop in the gold-to-silver ratio to a three-year low of 73, it has largely stayed between 80 and 90 in 2024.”