Record industrial demand for silver in 2024 has highlighted India’s growing importance in both manufacturing and jewellery fabrication, according to the World Silver Survey 2025 released by the Silver Institute.
Silver industrial demand hit a record high of 680.5 million ounces (Moz) globally last year, buoyed by the green economy and AI-linked applications. India played a pivotal role in this surge, with industrial demand rising by 4%, second only to China.
Jewellery fabrication, a key strength for India, also grew 3% globally to 208.7 Moz, with India accounting for the lion’s share of these gains. The rise was attributed to factors such as the reduction in silver import duty, a strong rural economy, and increasing preference for higher purity silver jewellery. The country also posted a 21% surge in silver coin and bar demand, defying a global decline, driven by bullish investor sentiment and favourable import policies.
In contrast, silverware demand declined by 2% to a three-year low of 54.2 Moz. The drop was driven by softer demand in India, where elevated prices weighed on the gifting segment.
While global mine production edged up by just under 1% 819.7 Moz, the silver market remained in structural deficit for the fourth year running, totalling 148.9 Moz.
The report also cautions that global trade tensions and US tariffs could impact silver demand in 2025, though safe-haven buying may offset some losses. Despite this, silver prices rose by 21% in 2024 and remain strong into 2025.
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