Page 13 - Bullion World Volume 5 Issue 05 May 2025

Bullion World | Volume 5 | Issue 05 | May 2025

World Silver Survey 2025:

Launch and Summary

Mr Chirag Sheth launched the World Silver Survey 2025 with notable
insights. In 2024, silver prices rose 20%, with over 50% growth from
trough to peak, despite being overshadowed by gold. A fourth consecutive
global supply deficit—about 4,500 tons or 15% of total supply—points to
strong demand. In India, silver is increasingly seen as a strategic asset by
retail and family offices.

Global production grew 1% to 819 million ounces, led by Mexico, the U.S.,
and Australia, while declining in parts of Latin America and Asia. Lead and
zinc mines saw a 15–20% rise in silver output. A 2% supply increase is
expected in 2025, mainly from North America. Industrial demand remains
the dominant driver, especially photovoltaics and EVs. Jewellery demand
stayed flat globally but grew in India. However, investment demand
Mr Chirag Sheth declined in the U.S., and silverware demand fell due to price sensitivity.
Principal Consultant, Metals Focus Sheth warned that price volatility may challenge demand in 2025.

Roundtable Discussion

Sustaining Silver

Demand During Elevated Prices

Mr Neville Patel, HDFC Bank, Mr Ian Harris, ICBC Standard Bank, Mr Surendra Mehta, IBJA,
Mr Rajesh Rokde, GJC, Mr Amar Singh, Asia Pacific & Middle East, StoneX Group Inc.,
Mr Chirag Thakkar, Amrapali Gujarat, Mr Gautam Choksi, Hindustan Platinum, Mr Vijay Murthy, Hindustan Zinc Ltd,
Mr Richard Trainer, Silver Star Resources, Mr Shivanshu Mehta, MCX - (Online)

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