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1、Silver Jewelry ReportPrepared by GFMS Ltdfor The Silver InstituteMarch 2007Units used: supply and demand data are given in units of million troy ounces (Moz) rounded to one decimal place. 1 Moz = 31.103 t (metric tons) 1 ton = 32,151 troy ounces1 ton = 1,000,000 grams (g)Terminology: “-” = not avail
2、able or not applicable0.0 = zero or less than 0.05“dollar” refers to the US dollar unless otherwise stated.Definitions:Jewelry fabrication = metal used solely for the manufacture of silver jewelry. As such, it excludes silver used in alloys for the production of other jewelry, for example, as may be
3、 used in white gold jewelry, as well as in costume and plated jewelry products.Prices:Unless otherwise stated, US dollar prices are for the London Silver Market fixing.Table Rounding:Throughout the tables and charts, totals may not add due to independent rounding.3Independent - Informed - Internatio
4、nalSilver Jewelry ReportTable of Contents1.0 Introduction 52.0 Executive Summary 63.0 Silver Jewelry Fabrication 84.0 Silverware Fabrication 17 5.0 Jewelry Consumption: Historical and Future Trends 216.0 Competition for Silver Jewelry 327.0 Price Sensitivity of Silver Jewelry Demand 378.0 Appendices
5、 41 Copyright, March 2007. GFMS Limited All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior written permission of the copyright owner.DisclaimerWhilst every effort has been made to ensure the ac
6、curacy of the information in this document, GFMS Ltd cannot guarantee such accuracy. Furthermore, the material contained herewith has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient or organisation. It is published solely for informa
7、tional purposes and is not to be construed as a solicitation or an offer to buy or sell any commodities, securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information cont
8、ained herein. GFMS Ltd does not accept responsibility for any losses or damages arising directly, or indirectly, from the use of this document. 5Independent - Informed - InternationalSilver Jewelry ReportThis report has been prepared by GFMS Limited on behalf of the Silver Institute, in order to pro
9、vide a detailed analysis of trends in the global silver jewelry market.Since 1994 GFMS have been responsible for preparing the Silver Institutes annual World Silver Survey, which includes a detailed breakdown of the global supply/demand balance. One of the key areas of fabrication demand is jewelry
10、and silverware, which has increased in importance with the recent decline in silver use by the photographic industry. Since its inception, the World Silver Survey has featured jewelry and silverware as a combined total in the main country-by-country tables (with each Survey showing data for the past
11、 decade), although, where appropriate, the analysis has always focused on the distinct trends within each sub-sector. In this report, global statistical series have been produced that separate jewelry and silverware. In preparing this report, GFMS has also carried out a detailed review of the countr
12、y-by-country data, which, in some cases, has resulted in refinements to individual series. As well as including a 10-year global series for both jewelry and silverware, the report includes a detailed qualitative analysis of the silver jewelry market. This opens in Chapter 3 with a review of trends i
13、n silver jewelry fabrication, both at the regional level as well as focusing on countries with manufacturing volumes exceeding one million ounces, including China, India, Italy and the United States. The analysis brings out the main trends, specific to each market, which have impacted on silver fabr
14、ication over the past decade. The prime focus of the report is silver jewelry but, in the light of the continued importance of silverware to global silver demand, a review of developments in this industry is also included in Chapter 4. Trends in jewelry fabrication do not of course occur in isolatio
15、n and Chapter 5 focuses on jewelry consumption. Once again, this is the first time that disaggregated data on the leading silver jewelry consuming nations has been published, the report including country-by-country data for the 10 largest consuming countries for the 2000 to 2005 period. Consumption
16、is in fact highly concentrated among a small number of countries and this report provides a detailed review of demand trends within this group, including expectations for the future. The chapter finishes with a review of global trade in silver jewelry, focusing on the top five importing and exporting nations. A review of the outlook for jewelry consumption, in the previous section, is developed in Chapter 6. In particular, this focuses on the competition
