Asia accounted for 67 percent of global silver jewelry production in 2015, according to the Silver Institute-commissioned World Silver Survey 2016 produced by the GFMS team at Thomson Reuters. Europe came in second with a market share of 15 percent, while North America produced 14 percent of the total. Five of the top 10 silver jewelry producers last year were Asian countries, with India, China and Thailand topping the tally.
Silver jewelry production increased for the third consecutive year in 2015 to reach a new record level of 226.5 million ounces( Moz), compared to 224 Moz in 2014, the report said. Growth was driven mainly by hefty increases by India, Thailand and North America but these were tempered by yet another significant decline in China’s production levels.
Lower silver prices last year allowed retailers to offer their customers great options at attractive price points, the World Silver Survey 2016 noted. Silver however lost some market share to gold in certain consumer segments in North America and Europe due to the relative affordability of gold last year and color trends that favored the “ yellow look”. Demand also shifted last year from heavy branded silver to smaller, more intricate designs, gem-set pieces and daily wear jewelry, the report pointed out.
According to the World Silver Survey 2016, the top 10 procedure of silver jewelry in 2015 were India(72.5 Moz), China (33.9 Moz), Thailand (21.8 Moz), Italy (18.4 Moz), Mexico (16.7 Moz), the US (13.7 Moz), Indonesia (6.5 Moz), South Korea(5.6 Moz), Turkey (4.4 Moz) and Germany (3.3 Moz).