Globally, silver is used mainly in industrial manufacturing, the photographic industry, and for making jewelry, silverware, silver coins and seal (demand for silver arising from financial investment is excluded here).  Silver demand from the photography industry, traditionally a major consumer of the metal, has been declining due to the development of digital technology, but still, there’s a certain proportion of silver demand coming from this sector. Silver demand from industrial manufacturing and the jewelery industry are generally rising, fuelled by economic growth, while industrial demand is highly subject to economic volatility.

Silver demand from the photography industry continued to decline globally, with the traditional processing technique using silver halide being gradually replaced by digital technology.  Therefore, silver consumption in the photography industry is expected to continue to go downslope.

Silver demand from the global jewelery industry declined 2.2 percent in 2010. The decline was obvious in developed countries such as the United States and Europe, while demand rose in emerging markets such as China and India. Because the year 2010 was very auspicious in the Indian culture, there was an increase in wedding ceremonies during the year, boosting silver consumption.

　　Source：GFMS