According to recently released, the World Silver Survey 2025, by the Silver Institute that focuses on Outlook for Silver in 2025. The report said, total demand this year is forecast to fall marginally to 1.15 Boz. Following a series of all-time records in recent years, industrial fabrication will remain flat in 2025, as the gains in silver’s use in PV offtake ease.
Both jewelry and silverware are expected to weaken, but a modest recovery in coin and bar demand in some Western markets should largely mitigate losses.
Total silver supply is projected to increase by 1.5 percent, led by higher mine production. As a result, the silver market is anticipated to remain in a deficit, but this gap will be a four-year low of 117.6 Moz. The reason of the 2025 for the supply is based on the facts of the 2024.
Global silver mine production rose by 0.9 percent to 819.7 Moz, underpinned by increased output from lead/zinc mines in Australia and the recovery of supply from Mexico, as Newmont’s Peñasquito mine returned to full production. This was supplemented by additional growth from Bolivia and the US. Lower output from Chile, down 8.8 Moz y/y, partially offset this growth.
Silver production from lead/zinc mines remained the dominant source of silver, but output was flat y/y. In contrast, silver production from gold mines recorded the strongest growth, up 12% y/y to 13.9 Moz, a three-year high. Last year, Mexico remained the leading silver mine-producing country, followed by China, Peru, Bolivia, and Chile.
Recycling rose 6 percent in 2024, reaching a 12-year high of 193.9 Moz. Industrial scrap saw the most significant increase in weight terms, mainly led by the processing of spent EO catalysts. In percentage terms, the highest gain came from silverware recycling, which climbed by 11 percent as firmer silver prices and cost-of-living issues encouraged selling in Western markets.
As outlined in World Silver Survey 2025, the impact of US tariffs will be a key risk to silver demand this year. An extended period of elevated tariffs, or a further escalation of global trade wars, could lead to significant supply chain disruptions and sharply lower global GDP growth. These will weigh on industrial, jewelry, and silverware demand, though physical investment could benefit from rising safe-haven purchases.
Offical Facebook account of heerazhaveraat.com, homepage for Trade News, Articles and Promotion of D
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
