The global silver jewellery demand recorded a significant up by around 10 percent, from 181.4 Moz in 2012 to 198.8 Moz last year, according to the World Silver Survey 2014 released by The Silver Institute on 14 May.
The survey reported that the strong recovery in silver jewellery and silverware fabrication had contributed to an all-time-high total physical silver demand for 2013, which is 1,081.1 Moz, up from 954.4 Moz in 2012. It also reflected the improved economic outlook in the industrialized world, which lifted consumer confidence and retail sales for a 10-percent increase in jewellery demand. Global silverware fabrication also rose 12 percent to a three-year high, due to strong gains in India and China.
The silver price averaged US$23.79 per ounce in 2013, which is the third highest nominal average price on record. On the date of writing, the per-ounce silver price is about US$19.
On the supply side, the global silver supply fell from 1,005.3 Moz to 978.1 Moz year-over-year. The mine production grew by 3.4 percent to reach 819 Moz.
(Photo courtesy: KIDOU)
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