International News

SILVER INSTITUTE REPORT Global silver market forecast to remain in a sizeable deficit in 2025

Published

2 years ago

January 30, 2025

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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

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International News

Van Cleef & Arpels Gives Its Iconic Alhambra a Pink Enamel Makeover

The Maison Introduces Five New Alhambra Creations Featuring Translucent Pink Enamel and Yellow Gold

Published

2 days ago

September 3, 2026

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Van Cleef & Arpels has unveiled a vibrant new chapter for its iconic Alhambra collection, introducing translucent pink enamel to the signature four-leaf clover motif for the first time. The new creations combine the Maison’s emblem of luck with yellow gold, bringing a fresh, contemporary expression to the enduring design.

The new five-piece selection comprises a Vintage Alhambra pendant, five-motif bracelet, 10-motif necklace, 20-motif long necklace and Magic Alhambra two-motif earrings. The earrings additionally feature guilloché yellow gold, adding texture and contrast to the pink enamel.

The distinctive pink is the result of several years of research at Van Cleef & Arpels’ enamel workshops. Inspired by the historic 17th-century “gold-ruby” technique, the colour is created using fine particles of gold rather than traditional pigments. Carefully controlled particle size, shape and concentration produce the desired translucent hue.

Adding to its visual depth, the enamel contains tiny bubbles, giving each Alhambra motif a distinctive character while creating subtle variations as the surface catches and reflects light. The motifs are framed by the Maison’s signature gold beaded contours, further enhancing the interplay between the pink enamel and yellow gold.

Since its debut in 1968, Alhambra has continually evolved through different stones, materials and colours while retaining its instantly recognisable four-leaf clover silhouette. The introduction of enamel marks another significant step in that evolution, bringing together heritage craftsmanship, technical innovation and contemporary colour.

With its new pink interpretation, Van Cleef & Arpels continues to reinvent one of jewellery’s most recognisable motifs, demonstrating how traditional savoir-faire can give a familiar icon an entirely new expression.