Silver jewellery fabrication is expected to have dipped by 2.5 percent this year to 218.9 million ounces, according to the Interim Silver Market Review of Thomson Reuters.
The findings of the report were presented by Erica Rannestad, senior analyst of the GFMS team at Thomson Reuters, during the annual Silver Industry Dinner hosted by the Silver Institute in New York on November 17.
In a statement, Thomson Reuters said jewellery production this year increased at a healthy pace in Thailand (14 percent), the US (9 percent) and Italy (8 percent). China’s output however dropped by 25 percent. “This sharp decline is largely attributed to offshoring of jewellery manufacturing to Southeast Asian countries and weaker domestic silver jewellery consumption,” the statement said.
Silver prices this year through to November 13 averaged US$15.91 per ounce, 18.3 percent lower than in the same period in 2014. According to the GFMS team at Thomson Reuters, silver prices are expected to average US$15.51 per ounce for the full calendar year.
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