Total demand for physical silver in 2013 rose by a record 13%, according to the World Silver Survey 2014, released by the Silver Institute. The main growth factor was a 76 percent increase in retail investment in bullion and coins, supported by an active recovery of silver jewelry and silverware.
The total demand for silver last year amounted to 1,081 million ounces. The volume of industrial demand for silver dropped less than 1% to 586.6 million ounces. Its share in the total demand was 54%.
The restoration of jewelry production last year was a reflection of the improvement in economic prospects in the industrialized countries, which increased the confidence of buyers and sales.