International News
SILVER INSTITUTE REPORT Global silver market forecast to remain in a sizeable deficit in 2025
1. Market Deficit Dynamics
- Fifth Consecutive Deficit: The silver market is projected to remain in a deficit of 149 million ounces (Moz) in 2025, marking the fifth straight year of supply shortfalls. Though the deficit shrinks by 19% year-on-year, it remains historically significant, signaling persistent structural imbalances.
- Demand Stability: Global demand holds steady at 1.2 billion ounces, with industrial applications (notably green tech and electronics) offsetting declines in jewelry and silverware.
2. Industrial Demand Drivers
- Record Industrial Use: Industrial fabrication grows 3% to over 700 Moz, driven by:
- Green Economy: Photovoltaics (PV) installations hit new highs globally, despite potential U.S. renewable energy slowdowns under Trump.
- Automotive Sector: Vehicle electrification and infrastructure expansion boost silver use, even with slower EV growth.
- AI and Electronics: Artificial intelligence drives demand for consumer electronics.
3. Jewelry and Silverware Weakness
- Price Sensitivity: High silver prices lead to a 6% drop in jewelry demand (notably -10%+ in India) and a 16% decline in silverware fabrication.
- Western Resilience: Shift from gold to silver jewelry in Western markets supports demand, particularly for branded products.
4. Supply-Side Growth
- Mine Production Rises 2%: Output reaches 844 Moz (7-year high), aided by expansions in Canada (Keno Hill), Chile (Salares Norte), Morocco (Zgounder), and China.
- Recycling Surge: Recycling grows 5% to over 200 Moz (first since 2012), led by industrial scrap (e.g., ethylene oxide catalysts) and Indian price-driven liquidations.
- Base Metal Risks: Flat by-product output from lead-zinc mines due to suppressed base metal prices poses supply risks.
5. Investment Trends
- Recovery in Physical Investment: Up 3% in Europe/North America as investors adjust to higher prices, though India sees profit-taking.
- Macro Drivers: Geopolitical uncertainty, U.S. debt concerns, and potential Fed rate cuts underpin safe-haven demand. Short covering in futures markets (linked to Trump tariff fears) boosts prices.
- Gold-Silver Ratio: Elevated ratio suggests silver may be undervalued relative to gold, offering potential upside if sentiment shifts.
6. Risks and Challenges
- Trade Policy Impact: Trump’s tariffs could dampen global growth and industrial metals demand, though silver’s dual role (industrial/investment) may buffer it.
- Real Rates and Inflation: Sticky inflation and anticipated rate cuts could lower real rates, benefiting precious metals.
7. Forward Outlook
- Price Support: Deficit persistence, industrial demand resilience, and safe-haven inflows suggest a bullish floor for prices.
- Watchpoints: Tariff impacts, base metal production trends, and Fed policy shifts will be critical in 2025.
The 2025 silver market reflects a delicate balance: robust industrial demand and investment recovery counterbalance supply growth and jewelry weakness. While risks from trade policies and base metals linger, silver’s structural role in the green transition and as a monetary asset positions it for sustained relevance. Investors should monitor the April 2025 World Silver Survey for deeper insights into evolving dynamics
DiamondBuzz
De Beers Group Launches “Heera Hai Aapke Liye” Program at IIJS Bharat Signature to Revolutionize Natural Diamond Accessibility in India
De Beers Group, the world’s leading diamond company, marked a significant milestone in the Indian jewellery landscape with the official launch of the “Heera Hai Aapke Liye” program at IIJS Signature. The star-studded event featured actress Sonakshi Sinha, who joined Shweta Harit, Global Senior Vice President of De Beers Group and CEO of Forevermark, to unveil an initiative dedicated to making natural diamonds an integral part of daily life for the modern Indian consumer.
The “Heera Hai Aapke Liye” (Diamonds are for You) program is strategically designed to promote natural diamonds by raising awareness, boosting market visibility,and creating a seamless connection between retailers and consumers. With a focus on modern designs and attractive price points, the program also lets local retailers use De Beers Group campaigns as their own—second-piercing earrings, ‘Bestie’ bracelets, and ‘Intention’ pendants. It positions diamonds as a lifestyle choice for self-expression and daily wear.
Speaking at the launch, Shweta Harit, Global Senior Vice President of De Beers Group and CEO of Forevermark, detailed the evolution of the brand’s storytelling, stating, “De Beers Group has a rich legacy of creating iconic ritual campaigns that have shaped how the world perceives diamonds. With ‘Heera Hai Aapke Liye,’ program we are evolving that narrative for the Indian market to another level.
We are not just selling jewellery, we are making natural diamonds more accessible and desirable in India. Our goal is to empower retailers through INDRA (Indian Natural Diamond Retailer Alliance) to ensure that every ‘First Diamond’ journey is as credible as it is beautiful.”
Speaking on the occasion, Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC), said, “IIJS has always been a powerful platform for shaping the future of India’s gem and jewellery industry, and the launch of ‘Heera Hai Aapke Liye’ at IIJS Signature reinforces that role. GJEPC is proud to partner with De Beers Group on the INDRA (Indian Natural Diamond Retailer Alliance) project, which is a critical step towards strengthening domestic demand for natural diamonds.
By empowering retailers, enhancing consumer confidence, and expanding access across metros and Tier 2 markets, this initiative aligns perfectly with our vision to grow the natural diamond category sustainably within India.”
The program ‘Heera Hai Aapke Liye’, rests on few strategic pillars aimed at industry growth and scalability:
- Stocking & New Consumer Opportunity: Identifying gold wholesalers and distributors across 15–20 cities to focus on a first-phase target of 500 retailers.
- Retailer Advantage: Providing a “Design Advantage” and strict “Product Hygiene,” backed by a clear buy-back policy and robust training and marketing support via the INDRA alliance.
- Heera Hai Aapke Liye is robust entry-level product kit featuring earrings, bangles, bracelets, etc supported by exclusive visual merchandising (VM) for display.
- Growth and Scalability: A PAN-India reach strategy designed to unlock new business opportunities for both manufacturers and retailers.
As India continues to grow as the world’s second-largest market for retail diamond jewellery, De Beers Group remains committed to strengthening the natural diamond narrative. By combining the emotional appeal of natural diamonds with the practical “Heera Hai Aapke Liye” framework, De Beers aims to build a sustainable future for the category across both metros and Tier 2 cities. De Beers and GJEPC aim to expand the base of Natural Diamond buyers, increase self-purchase consideration, and establish long-term credibility for the category.
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