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India Emerges as Global Leader in Silver Jewellery Growth in 2024

Driven by rising industrial demand, policy support, and a preference for high-purity designs, India takes center stage in the global silver market, according to the World Silver Survey 2025.

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India has solidified its position as a global powerhouse in silver jewellery fabrication in 2024, playing a pivotal role in the metal’s record-breaking industrial and consumer demand, as per the latest World Silver Survey 2025 by the Silver Institute

Global industrial demand for silver reached an all-time high of 680.5 million ounces (Moz), fueled by the expanding green economy and rapid growth in AI-related technologies. India stood out with a 4% rise in industrial silver demand, second only to China, underscoring its growing importance in the global silver landscape.

Jewellery fabrication—India’s traditional stronghold—also saw robust growth. Global silver jewellery demand increased by 3% to 208.7 Moz, with India contributing the majority of that rise. This surge was attributed to a combination of factors, including a cut in silver import duty, a resilient rural economy, and a rising consumer preference for high-purity silver pieces.

In a notable contrast to global trends, India also posted a 21% jump in demand for silver coins and bars, even as worldwide demand declined. This was largely driven by bullish investor sentiment and favorable import policies that encouraged safe-haven buying.

However, the silverware segment saw a 2% decline, falling to a three-year low of 54.2 Moz, primarily due to softened demand in India’s gifting segment, where elevated silver prices dampened consumer enthusiasm.

On the supply side, global silver mine production edged up slightly by less than 1% to 819.7 Moz, yet the market remained in a structural deficit for the fourth consecutive year, with a shortfall of 148.9 Moz.

The report also warns that geopolitical tensions and potential U.S. tariffs could impact silver demand in 2025. However, strong safe-haven investment interest may help cushion any potential declines. Despite global uncertainties, silver prices rose 21% in 2024 and continue to maintain strength heading into the new year.

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JB Insights

Jewellery Advertising and Promotion Hijacked By AI and Algorithms

From decoding what Gen Z wants before they even know they want it, to conjuring surreal ad campaigns featuring models who don’t have a pulse, tech is rewriting the rules of luxury.

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By Steve Fernandes

Forget dusty velvet trays and weeks of agonizing over sketches. The jewellery world—an industry notoriously obsessed with heritage, heavy gold, and “the way we’ve always done it”—just got a massive software update.​Artificial Intelligence has officially crashed the atelier. From decoding what Gen Z wants before they even know they want it, to conjuring surreal ad campaigns featuring models who don’t have a pulse, tech is rewriting the rules of luxury.

But while algorithms are churning out prototypes at warp speed, the industry’s heavy hitters are drawing a hard line in the gold dust: AI can crunch the numbers, sure, but only human hands can give a piece a heartbeat.

​The Tireless Studio Assistant

Walk into a modern design studio today, and you’re just as likely to see prompt engineering as you are pencil shavings. With gold prices hovering in the stratosphere and lifestyles shifting toward lighter, everyday statement pieces, brands can no longer afford to guess what will sell.

​The conversation around AI isn’t about replacing artisans—it’s about removing the guesswork. AI test-drives hundreds of variations in gemstones, proportions, and finishes before a single gram of gold hits the workbench. Instead of looking in the rearview mirror at last season’s sales, AI scours search trends and social chatter to predict the next big silhouette.

Pair AI-driven trend forecasting with next-gen hardware—think 3D printing, paper casting, and electroforming—and you get intricate, feather-light pieces hitting shelves at record speed. Throw in blockchain for airtight traceability, and suddenly, the ancient trade of goldsmithing looks straight out of Blade Runner.

​Decoding the Modern Buyer

If you think AI is just a backend factory tool, think again. It’s also reading the room—and the customer.

​In hyper-discerning markets shoppers want it all: a heritage bridal set steeped in tradition for the wedding, and sleek, contemporary pieces for Monday morning brunch.

By analyzing buyer behavior, AI helps jewellers nail hyper-personalization, offering virtual visualizations and bespoke directions tailored to specific milestones, self-rewards, or celebrations.

Remember:​ You can’t code the intuition of a seasoned karigar hand-setting a diamond, nor can an algorithm translate a family’s multi-generational story into an heirloom. AI is a creative enabler, not a replacement.

​Pixels, Faux-Models,

Of course, the revolution isn’t just happening at the workbench—it’s taking over your feed. Traditional luxury shoots are notoriously brutal on budgets: massive crews, exotic locations, and logistical nightmares. Enter generative AI, slashing content production times by up to 65%.

​Brands are ditching physical sets for surreal, dreamlike digital editorials—picture golden heart pendants floating in zero-gravity landscapes—and tapping virtual influencers to front major drops. Just look at Indian label KALON Art Jewellery, which rolled out its “Wildfire” collection starring AI influencer Naisha Bose.

​The Glitch in the Glamour

Before we hand the keys of the vault over to our silicon overlords, let’s talk about the catch. For all its swagger, AI still has a glaring blind spot: reality.

​Generative algorithms don’t understand physics, metal thickness, or stone-setting mechanics. A ring that looks transcendent on a screen might be structurally impossible to forge in a real workshop without a complete CAD overhaul. Worse, AI still trips over basic human anatomy—nothing kills a luxury vibe faster than a viral campaign featuring a model with six fingers or a warped gemstone.

​Then there’s the trust factor. Buying fine jewellery is an emotional, high-stakes flex, and consumers are starting to push back when they realize the radiant model wearing a diamond choker doesn’t actually exist.

The law is catching up, too—New York just passed a landmark regulation forcing brands to slap a disclosure label on ads using “synthetic performers.”

​The Verdict

The future of fine jewellery isn’t a cage match between the algorithm and the artisan—it’s a collab. The brands poised to win the next decade are the ones bold enough to let AI handle the heavy lifting of data, speed, and hyper-personalization, while fiercely protecting the raw, messy, irreplaceable magic of human craftsmanship.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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