India saw industrial silver demand rise by 4% in 2024: World Silver Survey
Global industrial demand reached a record 680.5 million ounces last year, supported by increased use of green technologies and AI-driven applications, according to the World Silver Survey. India's contribution was notable amid this wider trend, reflecting its growing manufacturing base, the Gem and Jewellery Export Promotion Council reported on its website.
Jewellery fabrication also saw a 3% global rise to 208.7 million ounces, with India accounting for the majority of the gains. The increase was linked to lower silver import duties, robust rural economic activity, and stronger demand for higher purity silver jewellery.
Investment demand in India surged in 2024, with coin and bar purchases rising by 21%, in contrast to a decline globally. The report attributes this growth to bullish investor sentiment and supportive import policies. However, silverware demand in India weakened, contributing to a 2% global decline to 54.2 million ounces, as high prices affected consumer interest in the gifting segment.
Despite global mine production slightly increasing by under 1% to 819.7 million ounces, the silver market recorded a fourth consecutive structural deficit, totalling 148.9 million ounces. The report warned of trade-related risks in 2025, though strong safe-haven interest could sustain demand.
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