Global demand for silver jewellery is expected to rise by 3 percent in 2019, with India leading the growth, the Silver Institute recently revealed.
According to the Metals Focus / Silver Institute Interim Silver Market Review, stronger demand for silver jewellery in India is fuelled by increasing awareness of sterling silver, coupled with growth of organised retailing as well as subdued prices of silver in the first half of 2019.
Global silver jewellery demand rose 4 percent in 2018. The institute presented its findings at the annual Silver Industry Dinner, which it hosted in New York.
By contrast, jewellery consumption in the US – the world’s second largest single-country market – has remained relatively soft due to competition from gold products as well as company-specific retailing challenges. “Structural factors” meanwhile resulted in further losses in China, the institute said.
“Overall, the silver market is expected to record a small surplus in 2019. That said, this metal should be easily absorbed by investors as rising macroeconomic uncertainties and fresh monetary easing by major central banks rejuvenated the appeal of safe-haven assets from mid-2019 onwards which, looking ahead, should continue to benefit precious metal prices,” it continued.