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Physical Silver investment increasingly important to global silver demand

Market Trend Report on the Key Physical Silver Investment Markets report examines the leading global physical silver markets:  the United States, India, Germany, and Australia.

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Physical investment is a structurally important part of global silver demand, and the most volatile. Notably, over the past 15 years, physical silver investment has ranged between a low of 157.2 million ounces (Moz) in 2017 and a record high of 337.6 Moz, established in 2022. With growing geopolitical tensions, rising government debt, and an increasing investor perception that silver is undervalued compared to gold, the silver price has experienced a 34 percent year-to-date increase. By comparison, the white metal is outperforming gold, which is up 28 percent, and Bitcoin, rising 18 percent year-to-date. 

To gain a deeper understanding of this critical demand center, the Silver Institute commissioned Metals Focus, a leading precious metals consultancy based in London, to produce a new Market Trend Report on the “Key Physical Silver Investment Markets.” The report examines the leading global physical silver markets:  the United States, India, Germany, and Australia.

 Key points from the report include:

The United States 

  • The scale of US buying has been astounding, with a combined total of 1.5 billion ounces (Boz) of silver purchased by retail investors between 2010 and 2024.
  • The value of US silver physical investment has averaged around 70% of the value of gold investment purchases, compared to just 6% in the rest of the world. 
  • Investment in Individual Retirement Accounts (IRAs) remains a significant part of US physical silver investment. However, precious metals account for a small share of the total IRA market, offering considerable room for IRA silver demand to grow further.
  • Through late 2023, there was an exceptionally low level of retail liquidations, but these have increased since then. Even so, US investors still hold much of the 1.5 Boz acquired over the last 15 years.

India

  • India is the second-largest physical silver investment market, but it has occasionally eclipsed the US, which has traditionally been the largest physical silver market. 
  • The country has a long-standing tradition of owning physical silver, typically in the form of silver bars, which in 2024 comprised 70% of total retail demand.
  • Attractive local prices helped boost retail silver investment up 21% in 2024
  • Between 2010 and 2024, the cumulative demand for Indian bars and coins totaled 840 million ounces. Even at today’s higher and sometimes record-setting rupee prices, the scale of selling back has been surprisingly modest.

Germany

  • Germany has long held the position of the third-largest market for retail silver bar and coin investment, a market that has been volatile in recent years, with physical investment averaging 48.5 million ounces (Moz) from 2020 to 2022.
  • The German physical silver market has long been dominated by bullion coins, accounting for roughly 80% of the market.
  • However, the end of favorable tax treatment at the end of 2022 has weighed on the German physical silver market, with German net silver demand slumping by 39 million ounces (Moz) since 2023, and the gold market also seeing a sharp decline.
  • This year has seen a partial recovery supported by ongoing economic and geopolitical uncertainties, with a forecasted 25 percent year-over-year increase in physical silver investment demand in Germany.

Australia

  • Australia has emerged as the world’s fourth-largest physical silver market in recent years.
  • As recently as 2019, Australian silver coin and bar demand stood at just under 3.5 million ounces. By 2022, it had surged to a record high of 20.7 Moz.
  • Two factors have contributed to the growth of the Australian market: the increasing popularity of investing in silver in retirement accounts and the favorable tax structure applicable to physical silver investment products.
  • Australian physical silver demand is forecast to rise by 11 percent this year as cost-of-living-related selling of precious metals eases, with inflation edging lower and interest rates falling. 

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International News

Vicenzaoro September 2026 Closes With Stronger International Footprint

The Five-Day Trade Show Recorded A 4% Increase In Total Visitors Compared With The September 2025 Edition, While International Attendance Rose By 9%.

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Vicenzaoro September 2026 concluded on 8 September with further growth in visitor traffic and international participation, reinforcing its position as a key global meeting point for the jewellery, gemstones, precious metals and technology industries. Organised by Italian Exhibition Group (IEG), the five-day trade show recorded a 4% increase in total visitors compared with the September 2025 edition, while international attendance rose by 9%.

The edition marked the first major presentation of the expanded Vicenza Expo Centre following the opening of the new Hall 2. The upgraded infrastructure, combined with the show’s Boutique Show format, brought the jewellery supply chain together under one roof—from manufacturing technologies and machinery at T.Gold to finished jewellery, gemstones, packaging and related services.

International attendance reaches new markets

Vicenzaoro attracted visitors from 136 foreign countries, a 4% increase compared with September 2025. Attendance from Europe grew by 9%, while non-European participation also rose by 9%, reaching 91 countries. Visitors from the United States increased by 2%.

The largest international visitor groups came from:

  • The United Kingdom.
  • Germany.
  • China.
  • India.
  • Romania.
  • Switzerland.
  • Spain.
  • Denmark.
  • Colombia.
  • Belgium.

The strongest growth in visitor numbers was recorded from South Korea, Singapore, Kuwait, South Africa, Finland, Norway, Denmark, Indonesia, Cyprus and Saudi Arabia.

India’s presence among the top five international visitor markets underlines the importance of the country to Vicenzaoro’s global strategy and reflects the continued strength of business links between Italian manufacturers and the Indian jewellery trade.

“This growth confirms the work carried out during the transitional editions when construction of the new Hall 2 was underway,” said Matteo Farsura, head of IEG’s Jewellery & Fashion division. He noted that international attendance has risen steadily since September 2024 and, boosted by T.Gold, is now 12% higher despite an increasingly complex global environment.

MAECI and ICE programme delivers 910 buyers

The show’s international business programme, organised in collaboration with Italy’s Ministry of Foreign Affairs and International Cooperation (MAECI) and the Italian Trade Agency, brought 700 hosted international buyers to Vicenza. A further 210 Italian buyers participated, taking the total number of hosted trade visitors to a record 910.

The buyers represented 73 countries and were reported to be 33% higher in number than at the September 2025 edition.

Farsura said the programme was designed not only to increase visitor numbers but also to identify buyers according to the profiles of exhibiting companies and the markets they serve. The network of approximately 70 Italian Trade Agency offices worldwide played a significant role in supporting the initiative.

New Hall 2 reshapes the exhibition

The opening of Hall 2 represented a significant milestone in IEG’s development of the Vicenza Expo Centre. The two-storey facility covers approximately 23,000 square metres and connects Halls 1, 3, 4 and 6, improving movement across the exhibition complex and creating a more integrated environment for exhibitors and visitors.

The expanded layout hosted 1,300 exhibiting brands from 40 countries, with international exhibitors accounting for 45% of the total. T.Gold, the specialised exhibition dedicated to jewellery manufacturing technologies and machinery, was brought inside the Expo Centre for the first time, strengthening the show’s ability to present the complete value chain in a single location.

In a period marked by uncertain demand, margin pressure and changing consumer expectations, the format enabled Vicenzaoro to combine commercial activity with a focus on innovation, production efficiency and future market trends.

CIBJO centenary adds global relevance

A major feature of the September edition was the centenary congress of CIBJO, the World Jewellery Confederation. Led by President Gaetano Cavalieri, CIBJO brings together the international jewellery industry around standards, nomenclature, responsible business practices and consumer confidence.

Held in Vicenza to mark the organisation’s 100th anniversary, the congress attracted more than 600 delegates, including representatives of luxury groups, mining companies, retailers, laboratories and other parts of the global supply chain.

The congress addressed several of the industry’s most pressing issues, including sustainability, market transparency, the classification of natural and laboratory-grown diamonds and coloured stones, and the need to strengthen consumer trust. Its presence further positioned Vicenzaoro as a forum where businesses, associations and institutions can discuss the structural changes shaping the jewellery sector.

Networking remains central to the show

Beyond its exhibition and sourcing functions, Vicenzaoro continued to emphasise the value of professional relationships. The event provided a platform for companies, buyers, institutions, associations and international industry leaders to exchange views and develop new commercial connections.

This networking-led approach has become one of the show’s defining characteristics, allowing business discussions to extend beyond individual transactions to wider conversations on market development, technology, distribution and consumer behaviour.

The September edition also featured the ninth edition of VO Vintage, which brought together 53 selected exhibitors specialising in vintage and modern jewellery and watches. The event, open to the general public, combined sales with an educational programme featuring expert speakers and initiatives aimed at strengthening interest in watchmaking culture.

Broad industry support

Vicenzaoro’s strategic partners include MAECI and the Italian Trade Agency. Its international partners are CIBJO, GJEPC India, the Hong Kong Jewellery & Jade Manufacturers Association and Francéclat.

National partners include Confindustria Federorafi, Confcommercio Federpreziosi, Confartigianato Orafi, CNA Orafi, Club degli Orafi Italia, Confimi Industria’s Gold and Silver Category, Assogemme, Assocoral and AFEMO. The regions of Sicily and Campania also participated as institutional representatives.

IEG’s jewellery calendar will continue with JGTD—Jewellery, Gems and Technology in Dubai—from 27 to 29 October 2026. Italy’s jewellery industry will meet next at the Valenza Gem Forum on 22 October and the Italian Jewellery Summit in Arezzo on 3 December.

The next edition of Vicenzaoro and T.Gold will take place from 15 to 19 January 2027, while VO Vintage is scheduled for 15 to 18 January 2027.

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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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