Silver jewellery manufacturing to tumble by 7%
Global jewelry fabrication in 2019 slipped by 1% to 201.3Moz (6,262t). Much of the decline was down to India, where a slowing economy and an erratic monsoon hit the all-important rural sector. A sizable drop was also recorded in China, thanks to the trade war and poor consumer sentiment. Lastly, western consumption was soft, reflecting such factors as competition from gold and stale product designs.
Much of these losses, however, were countered by an export-led rebound in Thailand, and Italy also saw a modest export-led rise. Unsurprisingly, we are forecasting a larger decline of 7% for the world total this year in 2020. On top of damage to global GDP, the jewelry trade will have to contend with retailers being closed and shipping problems meaning product is unavailable when consumers finally venture out.
Jewelry fabrication in 2020 is forecast to fall by a greater 7%, largely due to COVID-19 losses.