Precious Metals Special Report 2025

SPECIAL REPORT

PRECIOUS METALS

PHOTO CREDIT: Platinum Guild International

While gold retains its investment edge,
other metals drive industrial and jewellery demand

By Vaishali Banerjee
President
CIBJO Precious Metals Commission

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SEPTEMBER 4, 2025

The global economy showed resilience in 2024 with the growth of 3.2 percent, despite geopolitical tensions, persistent inflation and regional growth disparities.

According to the International Monetary Fund, the United States maintained steady growth at 2.8 percent, while China’s 4.7 percent growth, though supported by stronger-than-expected net exports, fell short of forecasts as weak consumption and sentiment weighed on the momentum. Inflation moderated across most economies, with global headline inflation projected to fall to 4.2 percent in 2025.

The IMF projects global growth to hold steady at 3.3 percent in 2025.

In a world marked by economic divergence, inflation uncertainty, and geopolitical flux, precious metals – led by gold– continued to assert their relevance, not just as financial safe havens but as vital industrial assets and cultural touchstones.

Across metals mining, legislative reforms brought on in the United States, Mexico and El Salvador reflected a global recalibration toward stricter environmental and social governance, often with government asserting greater control while balancing resource security with sustainability. Industry compliance with international standards such as those promoted by the World Gold Council and broader frameworks like ICMM (International Council of Mining and Metals) and TSM (Towards Sustainable Mining, programme developed by Mining Association of Canada) remains crucial for responsible operations.

There is a growing consensus to ensure mining developments to not compromise environmental stewardship, with ESG principles central to operational approval and project pipelines.

Unfortunately, such evidence and the possible far-reaching consequences of positive sustainability-focused actions may still remain peripheral or unknown to many.

PHOTO CREDIT: Photo by Ian Talmacs on Unsplash

GOLD

Gold Price

Gold continued its extraordinary run throughout the year with an average price of USD 2,386/oz, the highest on record and marking a 23 percent year-on-year increase. After a mild dip in February 2024, with gold price averaging USD 2,023, prices surged from March at USD 2,158 to an intra-year peak of USD 2,690/oz in October, setting multiple records along the way. At the end of the year the average price settled at USD 2,644 making 2024 a landmark year for gold.

Divergent forces have propelled gold to repeated record highs. Gold prices were buoyed by strong central bank demand, reinforced investor confidence, and heightened geopolitical risks — from the Israel-Gaza conflict and Middle East tensions to the war in Ukraine and rising sovereign debt concerns — all of which bolstered its appeal as a safe haven.

In 2025 led by the uncertainties caused due to the tariff announcement by the US, gold prices continued the run with a 19 percent surge in the first quarter, followed by continued successive record highs peaking at USD 3,500 on April 22, 2025. The continuity of economic uncertainty, and heightened geopolitical risks will support gold prices, projecting a consolidation in the USD 3,200-3,400 range.

Gold Supply

Global gold supply increased 2 percent year-on-year to 161.69 Moz (5,029t), with growth in both mine production and recycling.

2024 saw global gold mine production grow by 0.6 percent to an all-time high of 117.7Moz (3,661t).

The output increase in Mexico was 440koz (13.7t), which recovered from labour disruptions at Penasquitto. In Canada it increased by 328koz (10.2t) due to new projects, including IAMGOLD’s Côté. In Ghana, output grew by 320koz (10t) driven by both artisanal mining and increased through put at Newmont’s Ahafo mine.

Recycling grew by 11 percent to a 12-year high of 43.98Moz (1,368t). China recorded the sharpest rise, driven by heavy stock melt amid weak jewellery demand, while India saw a 2 percent decline as consumers turned to gold loans rather than selling their jewellery.

PHOTO CREDIT:Photo by Scottsdale Mint on Unsplash

Gold demand

Total gold demand, including OTC (Over the Counter) and all end uses, reached 163.55Moz (5,087t) in 2024 — the highest level since 2012. This was supported by record central bank purchases, stable investment demand and moderate recovery in industrial usage, even as jewellery consumption declined under the pressure of rising prices.

Total investment demand in gold, inclusive of OTC and physical investment, remained resilient at 38.29Moz (1,191t), with bar and coin demand up in Asia and down in the West.

The official sector gold buying continued its extraordinary trajectory in 2024, with net purchases reaching 34.92Moz (1,086t), surpassing the record set in 2022. Notable buyers included Poland (2.89Moz / +90t), Turkey (2.44Moz / +76t), India (2.35Moz / +73t), and China (1.41Moz / +44t). Some of these institutions were also opportunistic sellers during the year, moderating their net addition. According to the Metals Focus report, central banks’ acquisitions are driven by consistent motives — diversifying away from the US dollar, valuing gold’s non-liability reserve status, and responding to geopolitical instability.

Chinese retail investment rose 20 percent year-on-year, reaching levels last seen in 2013, largely driven by equity market underperformance and property market stagnation. India also showed strong growth, aided by rural income support from a good monsoon and the discontinuation of Sovereign Gold Bond issuances, which redirected flows to physical gold.

In contrast, Europe and North America saw steep declines due to ETPs (Exchange Traded Products) outflows, profit taking, and a pivot toward short-term bonds. Germany, traditionally Europe’s largest bar and coin market, hit a new low in retail gold demand.

ETPs remained a drag on net investment in H1, with global holdings falling 3.63Moz (113t) in Q1 and just 225koz (7t) in Q2, but late inflows suggest a potential pivot in H2.

Gold ETP holdings recorded a marginal decline as sizeable net outflows from European products at 3.15Moz (98t) were broadly offset by inflows in Asia by 2.51Moz (78t), led by China and India.

Industrial demand for gold rose 7 percent, led by 9 percent growth in electronics applications, as AI hardware and high-performance computing boosted demand for gold-bonding wires and connectors. Decorative and other industrial fabrication held steady, but dental demand declined further, continuing its structural retreat as ceramics replace gold alloys in prosthodontics.

PHOTO CREDIT:Photo by Ian Talmacs on Unsplash

Gold jewellery demand

Jewellery fabrication fell 9 percent year-on-year to 64.66Moz (2,011t), the lowest annual level since 2010 excluding the pandemic-impacted 2020. The biggest factor driving the decline was the record high gold prices, which was further augmented by currency depreciation. The local price in China increased 28 percent and the hike was 54 percent in Turkey compared to a 23 percent price increase in USD

The contraction was most severe in China, where fabrication dropped 27 percent due to extreme price sensitivity, destocking, and shifting consumer preference toward bars. In jewellery the consumer preference leaned heavily toward high-transparency 24K designs, with minimal labour charges and high liquidity value. The popularity of 3D hard gold, 5G gold, and heritage revival formats remained resilient, particularly among young buyers.

Despite high prices, India saw a 7 percent increase in fabrication volumes, driven by aggressive store expansion by organised retailers and a mid-year cut in bullion import duty from 15 percent to 6 percent. However, Indian consumption shifted to lighter weights and lower karats, showing signs of price fatigue among middle-income buyers.

The U.S. gold jewellery consumption declined 3 percent to 4.24Moz (132t). However, it was close to pre-COVID levels. While high gold prices have kept retailers focused on mainly replenishment, reports suggest an emerging shift towards platinum in the bridal segment, driven by its higher purity (Platinum 950 vs. 14kt gold) and attractive margins.

Europe fabrication declined 2 percent to 7.52Moz (234t) with 4 percent drop in the regional jewellery consumption. A greater challenge was faced by the exports of mass market jewellery outside of Europe. Italy as the leading export player witnessed a 29 percent decline in the exports to the United States and 16 percent to East Asia, due to price rise and de-stocking.

Gold fabrication in the Middle East fell 12 percent following a 9 percent drop in 2023. Turkey recorded the sharpest decline, driven by higher jewellery imports and an 11 percent fall in exports. Domestic consumption proved more resilient, easing just 3 percent as safe-haven demand supported the market. Jewellery consumption, however, declined 8 percent in Saudi Arabia and 13 percent in the UAE.

Sustainability and ESG

ESG developments in the gold sector continued to evolve quietly but steadily. Responsible sourcing, traceability, and refinery-level segregation remained the cornerstones of ethical assurance.

In terms of promoting responsible artisanal and small-scale gold mining (ASGM), the World Gold Council (WGC) secured commitments from four central banks to sign the “London Principles,” a framework designed to formalize and structure Central Bank ASGM Domestic Purchase Programmes (ASGM DPPs). These aim to integrate responsible ASGM into formal supply chains, address associated risks and improve environmental and labour practices within the sector.

The WGC continued its research program on gold and climate change, focusing on understanding the sector’s emissions profile and decarbonization opportunities. It advocates for aligning with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and reducing greenhouse gas emissions in line with the Paris Agreement goals.

Blockchain-based traceability tools, such as Provenance and the Gold Bar Integrity project, have been piloted by industry bodies including the London Bullion Market Association (LBMA) and WGC), with CIBJO and other organisations advocating for wider adoption to enhance supply chain transparency and combat illicit sourcing.

As per the LBMA’s Responsible Gold Guidelines, a significant development in 2024 was the mandatory disclosure by refiners of their high-risk suppliers’ identity and location in their country of origin filings, this is a significant step towards meeting the OECD’s (Organization for Economic Co-operation and Development) due diligence guidelines.

Both the WGC and LBMA continued to emphasize the importance of collaboration, intelligence-sharing, and engaging with governments, industry stakeholders, and civil society groups to advance their sustainability goals.

PHOTO CREDIT: Platinum Guild International (PGI)

PLATINUM

Platinum prices

Platinum’s price is driven largely by end-use demand in industry and jewellery, in contrast to gold, which is driven primarily by investment sentiment tied to geopolitical and macroeconomic factors.

In 2024 the platinum price remained range bound, with levels stable for much of the year. The year started at USD 925, with a small drop in price relative to end of year 2023. The market saw modest gains in March and April, and then briefly crossed the USD1,000 mark in May, reaching USD 1,082. However, this rally was short-lived, for the rest of the year, platinum prices moved sideline between USD 900 and USD1,050 led by declining demand for chemical, retail investment, and automotive sectors.

Despite macroeconomic uncertainty, ETP (Exchange Traded Product) outflows, subdued investor appetite for non-yielding assets, structural supply constraints and resilient end-user demand have underpinned market stability. Analysts highlight a widening gap between current prices and bullish fundamentals, expecting valuations to better reflect physical supply tightness as 2025 unfolds

In the first half of 2025, platinum has demonstrated stronger price stability compared to the previous year, underpinned by its third consecutive annual supply deficit.

Momentum started to build up in May, when the London Platinum and Palladium Market (LPPM) platinum prices resurged above USD 1,000, broke the level of USD 1,400 in late June, with a high of USD 1,474 on 18 July. This round of price escalation marked a 60 percent increase from the price of USD 921 at the beginning of 2025, much higher than the gold’s 27 percent increase during the same period. This is thought to be driven by concerns over U.S. tariffs, which diverted metal flows into the American warehouses, tightening availability in other markets.

Chinese imports continue to anchor prices, with opportunistic buying around USD 950–1,000 defining the range for price movement.

PHOTO CREDIT: Photo by Scottsdale Mint on Unsplash

Platinum Supply

Platinum mine supply rose 3 percent in 2024 to 5.77Moz (179t), mostly due to the processing of work-in-process stockpiles in South Africa. This lifted the South African output to 4.13Moz (129t). Production elsewhere fell 1 percent, driven by lower output from North American primary palladium miners facing margin pressure.

In 2024, platinum secondary supply edged up by 1 percent to 1.53Moz (48t), driven by higher auto catalyst (+4 percent) and electronics (+7 percent) scrap. Auto scrap, comprising 76 percent of secondary volumes, rose in line with stronger new car sales, weather-related damage to vehicles and China’s ongoing scrappage scheme. These gains were partially offset by a third consecutive drop in jewellery scrap, due to subdued flows in Japan and China.

Platinum Demand

Total platinum demand fell 2 percent in 2024 to 8.30Moz (258t), with the largest declines coming from chemical, retail investment, and automotive.

Automotive demand, accounting for 40 percent of total demand dropped 3 percent to 3.11Moz (97t) as Battery Electric Vehicles (BEVs) gained market share. Even as the substitution of palladium with platinum saw a slowdown, the overall preference for platinum in the catalyst system remained strong and platinum out performed other auto catalyst metals.

Industrial platinum demand fell 3 percent in 2024 to 2.49Moz (77.3t), representing 30 percent of total consumption. Chemicals saw the largest year-on-year change, dropping 27 percent amid a sharp slowdown in Chinese paraxylene projects, following years of strong growth. All other segments grew: glass rose 14 percent on surging LCD capacity in China, medical demand increased 6 percent, and hydrogen jumped 92 percent from a low base.

PHOTO CREDIT: Platinum Guild International (PGI)

Platinum jewellery

In 2024, Platinum jewellery showed resilience and growth in an otherwise challenging global jewellery market characterised by soaring gold prices, fluctuating consumer confidence and economic slowdowns in key markets. Platinum jewellery fabrication surged 9 percent to 2.01Moz (62.5t) – its highest level since 2019 and the strongest absolute growth of any consumption segment.

The metal benefited from rising gold prices which made it an advantage due to more attractive pricing and higher margins.

The largest growth was in India where demand leapt 31 percent due to a significant growth in exports and higher domestic consumption driven by strong marketing effort. India’s platinum jewellery sales delivered consistent double-digit volume growth throughout 2024, rebounding strongly after Q2 disruptions due to general elections. Consumer demand was driven by the men’s jewellery segment and the Men of Platinum’s ‘MS Dhoni Signature Edition,’ the first collection of its kind to feature the national icon’s signature.

Retailers tapped into platinum’s value-led growth as gold volumes softened during the festive and wedding seasons. Strong marketing, enhanced in-store visibility, and sales staff training further boosted platinum jewellery sales.

A major growth avenue has been the bi-metal platinum and gold jewellery, designed to convert gold buyers in organised retail. With platinum’s price advantage over gold, this format offers Indian consumers high-purity jewellery at a more accessible price points, while providing the trade with higher margins.

PGI India extended its pilot testing in UAE with men’s jewellery brand Men of Platinum and Platinum Love Bands, the brand for couple rings and bands. Platinum brings differentiated jewellery in a gold dominated market, large Indian chains with presence in the region and a leading Emirati chain have reported a growing demand for platinum jewellery. There is a significant growth opportunity, with a large base of South Asian expats along with the Muslim men seeking precious pure white metal jewellery aligned to their cultural norm.

Japan delivered strong growth in demand at 11 percent as it secured market share from gold. At the end of 2024, Japan had recorded continuous growth in jewellery sales for 15 consecutive quarters, with platinum jewellery consistently outpacing the overall market in unit sales. Growth benefited from strong domestic consumption and robust foreign visitor spending. Jewellery sales growth was led by Pt950 purity products, pendants, necklaces, and the Kihei collection.

Jewellery fabrication in North America (USA, Canada, Mexico) rose 2 percent to 440 koz (13.8t), nearing the 2022 record high. Growth was restrained by retailers’ cautious stocking, particularly in the first half of 2024.

The growth in platinum jewellery was supported by its price discount to gold, offering the trade higher margins. Demand was further lifted by growth in sales related to weddings and engagements, increased conversion from white gold, as well as falling diamond prices, which encouraged larger stones and heavier platinum settings.

Platinum has a larger opportunity for growth given the current price structure, the fabrication in 2025 has been robust and is indicative of a 8 percent growth in jewellery demand growth in 2025.

China managed to reverse 10 years of losses with an uptick of 1 percent as consumer preference for gold jewellery weakened in face of high prices and retailers built platinum jewellery stocks. With gold jewellery demand slowing in the Q2 amid record high prices and concerns of near term correction, wholesalers and regional chains built platinum jewellery stocks to capitalize on its price advantage. This led to a recovery in platinum jewellery fabrication in the last quarter of 2024. However, weak consumer sentiment led to a weaker off-take at stores failing to mirror the growth in fabrication.

PGI estimates that 2025 started on a strong note with 50 percent year on year rise in fabrication in the first quarter, the growth reflects upstream inventory building and retail sell-in, as high gold prices and weak demand for diamond jewellery prompted many jewellers to pivot towards platinum. Platinum jewellery stock-building is expected to continue through the year, supported by persistently high gold prices, robust e-commerce sales, and new product development leading to a forecast of a double-digit growth in China

Europe Platinum jewellery fabrication grew by a record 8 percent at 343koz (10.7t), the growth was driven by bridal and mass market segment responding well to the price advantage. The top end jewellery brands witnessed a strong offtake in jewellery and within that platinum outperformed other metals given that this category is far removed from consumers facing cost of living challenges.

The World Platinum Investment Council has reported a 9 percent increase in platinum jewellery demand in Q1 2025. Led by China with a 26 percent increase in fabrication reemphasizing the reversal of the destocking trend. The widening price differentials have also led to a 17 percent growth in fabrication for Europe and an 11 percent increase in demand in North America supported by the bridal segment and precautionary stocking by retailers ahead of potential tariff changes. In India the fabrication fell 20 percent due to 55 percent decline in the exports due to ongoing U.S. tariff uncertainties.

PHOTO CREDIT: Platinum Guild International (PGI)

ESG and Sustainability

In 2024, platinum’s ESG narrative advanced significantly, driven by growing demand in green hydrogen, responsible sourcing, and manufacturing innovation.

Demand from electrolysers and fuel cell systems doubled year-on-year, reinforcing platinum’s critical role in the net-zero transition.

Meanwhile, innovations in manufacturing, including 3D printing and the use of amorphous Pt850 alloys, enabled lightweight, structural jewellery designs that improve elasticity, wear resistance, and reduce waste and energy consumption during production .

PHOTO CREDIT: Photo of catalytic converters by Photo by Tahamie Farooqui from Pexels: https://www.pexels.com/photo/stack-of-catalytic-converters-in-workshop-display-28641471/

PALLADIUM

Palladium prices

In 2024, palladium prices averaged USD 983/oz, down 27 percent, trading within a narrower range than the extreme volatility seen in 2020–2022.

The year started with monthly average price at USD 984/oz in January – down from USD 1066/oz monthly average in December 2023, and ended at a December average of USD 953/oz The market found technical support around USD 900/oz, following a prolonged decline from the 2022 peak of USD 3,339/oz.

Price movement was dominated by sentiment shifts in the automotive sector – palladium’s primary end-user – and by investor positioning. Extreme short positions on the CME, reaching the peak of 1.6Moz (51t) during the year, suppressed rallies, though occasional short-covering squeezes pushed prices higher temporarily. The narrowing discount between platinum and palladium dampened substitution momentum, reducing one of the key downside risks for palladium.

Palladium supply

Global mine output rose marginally to 6.56Moz (204t). A 3 percent increase in Russian production, despite ongoing sanctions, and the processing of work-in-process inventories in South Africa offset declines in Canada (-10 percent), where low prices prompted selective mining of higher-margin ounces.

Secondary supply increased 9 percent to 2.79Moz (87t), led by a 13 percent rise in auto catalyst scrap flows, particularly in China where palladium-heavy catalyst systems dominate. Jewellery scrap fell 31 percent, reflecting depleted legacy stocks in China’s carat palladium market.

In 2025, total mine production is forecast to drop 6 percent to 6.19Moz (193t) as US production has been particularly exposed to palladium price pressures, with Stillwater West being placed on care and maintenance and weak production elsewhere further impacting mine supply.

Palladium Demand

Total demand fell 4 percent to 9.75Moz (303t) in 2024, driven primarily by a decline in automotive demand, which accounted for 83 percent of the total demand. Automotive fabrication dropped 5 percent to 8.10Moz (252t), as catalysed light vehicle production fell 3 percent. Ongoing thrifting and substitution added to the decline, although the latter slowed as the price gap between platinum and palladium closed during the year.

Industrial demand slipped marginally less than 1 percent to 1.42Moz (44.1t). Chemical sector use fell 3 percent, particularly in decorative plating for the luxury goods segment. Dental demand contracted by 6 percent as alternative materials gained share. Electronics demand rose 1 percent, supported by consumer electronics recovery and AI-driven semiconductor expansion, only marginally offsetting some of the chemical and dental declines.

Jewellery demand for palladium rose 1 percent in 2024 to 235koz (7.3t) — a five-year high — though it accounted for only 2 percent of total demand. The growth in jewellery demand was led by higher use of palladium as an alloy for platinum jewellery in Japan. In contrast, offtake in Europe fell as a swing to the yellow look trimmed demand in white gold alloys. In China it gained traction in minimalist, lightweight designs targeting younger urban consumers.

Palladium jewellery demand is forecast to decline 2 percent in 2025, giving up all of the gains seen in 2024. This reflects a downturn in white gold jewellery fabrication, particularly in Europe.

Sustainability and ESG

In 2024, palladium’s ESG profile centred on responsible sourcing, recycling, and material efficiency in its dominant automotive applications. Auto catalyst recycling expanded, with higher recovery rates in China and Europe boosting secondary supply and advancing circular economy goals.

Meanwhile, the automotive sector pursued substitution and thrifting strategies in catalyst systems, aiming to lower critical metal dependency while addressing cost, carbon footprint, and long-term supply resilience.

Leading producers continued to reduce environmental impact, progressing on decarbonisation commitments and integrating renewable energy at major mining operations in South Africa and North America.

PHOTO CREDIT: Photo by FANQI on Unsplash

SILVER

Silver prices

The year 2024 marked a standout performance for silver, with prices surging 21 percent within the year and a 59 percent from trough-to-peak rally. The annual average rose by more than 20 percent, reaching its highest level since 2012, a clear indication of renewed investor interest.

Silver’s gains were supported by a favourable macroeconomic and geopolitical backdrop for institutionally important precious metals — particularly gold, with which its investment flows are closely linked.

With a strong expectation of rate cuts on the back of the U.S. Federal Reserve relaxing its tightening cycle, silver prices were steady at the USD 22/oz mark in January and February 2024. Prices then rose steadily, climbing from USD 29/oz in June 2024 to a peak of USD 32/oz in November.

Silver’s growth extended into Q1 2025, opening at USD 30/oz and rising to USD 34/oz by March.

PHOTO CREDIT: Photo by Scottsdale Mint on Unsplash

Silver supply

Total supply rose 2 percent to 1,015Moz (31,570t) in 2024.

Global mine output increased marginally by 0.9 percent to 819.7 Moz (25,497t). Gains in Mexico, Chile, and the US offset declines in Peru and China. Higher grades at certain polymetallic operations and the commissioning of new projects contributed to the modest rise.

Recycled silver supply rose 6 percent to 194Moz (6,032t), recording a 12-year high. The increase was led by higher jewellery scrap in India and electronics recycling in East Asia.

Silver demand

Total demand for silver fell further last year to 1,164.1Moz (36,207t), down 3 percent. Much like in 2023, the drop was led by weakness in physical investment and silverware.

Silverware demand in 2024 fell 2 percent to a three-year low of 54.2Moz (1,684t). This was mostly due to modest losses in India where high prices hit the gifting segment, and a notable decrease in China at -10 percent due to poor consumer sentiment and a weak gifting market.

Industrial demand rose 4 percent in 2024 to a record 0.68 Moz (21.16t), marking the fourth consecutive year of growth. Applications linked to artificial intelligence (AI) supported electronics demand, which climbed 4 percent to a new high of 460.5 Moz (15,350t). Growth was underpinned by photovoltaics up by 3 percent to 197.6 Moz / 6,587t) and rising demand for high-performance electronics in AI, EVs, and grid infrastructure.

China was the main contributor for industrial demand, with industrial offtake up 7 percent while India was up 4 percent. In the West, Europe was generally weak (barring one-off gains in the UK), while US demand fell 6 percent.

Silver fabrication in photographic applications continued to decline in 2024, falling 7 percent to 25.46Moz (792t) due to the ongoing shift to digital imaging and alternative materials.

Investment demand led by coin and net bar demand dropped sharply by 22 percent to a five-year low of 190.9Moz (5,939t) in 2024. All key Western markets saw declines, typically due to cost-of-living issues and profit-taking at higher prices. The fall was steepest in the United States, at -46 percent, due to investors’ reaction to the new administration and market saturation.

In contrast, India was the big outlier last year as its 21 percent rise took coin and bar demand to its highest level since 2015. Positive price expectations, combined with the import duty cut in July, were the main drivers. The rupee price continuing to make new highs also limited profit-taking as it reinforced bullish price expectations.

In 2024, silver ETPs experienced a turnaround after two years of outflows. Combined holdings increased by 6.3 percent to 1,038Moz (32,295t) by end-2024, reversing most losses over the past two years.

PHOTO CREDIT: Photo by GRT Jewellers (India)

Silver jewellery

Global silver jewellery fabrication grew 3 percent to 208.7Moz (6,491t). India remained the largest market with a 5 percent recovery over the previous year, at 87.9 Moz (2,734t) North America stood at 18.2Moz (607t), led by the United States at 11.3Moz (377t. East Asia, at 50.7Moz (1,690t) saw relatively stable demand, aided by silver’s relative affordability compared to gold.

Silver jewellery retained its dual positioning as both an accessible precious metal and a vehicle for artisanal, design-driven products.

In India, rural and urban consumption strengthened. This was aided by a variety of factors including July’s bullion import duty cut, a healthy rural economy, trade re-stocking, a swing to higher purities within silver jewellery and some diversion from gold.

In the United States, designer silver jewellery gained traction among younger consumers, with trends leaning toward bold, sculptural pieces. In Europe and Japan, silver’s role in contemporary fashion collections was reinforced through collaborations between jewellery brands and apparel designers, further broadening its appeal as a fashion-forward precious metal.

Global economic growth could support an increase in silver jewellery demand. However, in terms of weight, gains may be limited as markets in the West, India, and China shift toward higher‑margin, lighter, and branded designs. This structural shift would enhance the sector’s resilience to price changes, though significant declines, particularly in India, remain possible if prices rally sharply.

Sustainability and ESG

In 2024, the silver industry’s ESG narrative was shaped by responsible sourcing, and its critical role in green technologies.

Mining companies and refiners deepened their focus on supply chain integrity. Blockchain-enabled traceability was increasingly deployed to verify responsibly sourced silver and enhance transparency. For instance, the London Bullion Market Association (LBMA) and the Responsible Minerals Initiative (RMI) advanced digital due diligence frameworks to combat risks of unethical sourcing.

As demand grew across renewable and industrial sectors, companies placed greater emphasis on aligning with sustainability goals. Silver remained central to the renewable energy transition, especially in solar photovoltaics. Advances in photovoltaic (PV) technology drove efficiency gains, resulting in higher silver loadings per solar cell. According to the Silver Institute, solar accounted for a record share of silver industrial demand, reinforcing its role as a cornerstone of the green economy.

PHOTO CREDIT: Photo by COPPERTIST WU on Unsplash

IN CONCLUSION

The year 2024 was defined by gold’s ascent, with prices hitting multiple record highs and investment demand as the dominant driver. Jewellery demand, led by weakness in China, saw a significant decline, while electronics provided support to industrial demand.

For platinum, jewellery was a standout, rebounding in key markets on the back of marketing efforts and price advantages. Automotive and hydrogen applications reinforced its role in the clean energy transition, though total industrial demand softened, and mine production faced headwinds.

Palladium’s outlook remained challenged amid continued supply pressures and softer demand signals, with further declines anticipated in 2025.

Silver’s story was one of renewal: investment flows returned, and the metal’s pivotal role in solar photovoltaic technology and the renewable transition reinforced its industrial relevance, while jewellery and other fabrication segments saw muted growth.

The precious metals landscape in 2024 was defined by volatility and shifting regional dynamics. In 2025, the sector is set to be shaped by record-high gold prices, rising platinum jewellery demand and clean energy momentum, continued supply pressures in palladium, and silver’s pivotal role in the accelerating energy transition.

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