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Report: Silver jewelry production on rise

March 30, 2007

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Washington—The United States joins Germany, India, Italy and Mexico as the top silver jewelry-consuming countries in 2005, fueling an increase in production over the last decade, according to the new Global Jewelry Report from the Silver Institute.

The report finds that from 1996 to 2005, global silver-jewelry output increased 17 percent to 171.8 million ounces. Helping to spur the category's growth was Chinese silver fabrication, which skyrocketed from 2.2 million ounces in 1996 to 17.4 million ounces in 2005.

Overall, global jewelry trade increased 86 percent from 2000 to 2005, creating a $2.6 billion market, according to the report.

London-based precious-metal consultant GFMS Ltd. produced the report for the Silver Institute. This represents the first time the company has produced separate data on silver's use in jewelry and silverware.

Founded in 1971, the Silver Institute's members include producers, refiners, manufacturers and bullion dealers. The free report is available at SilverInstitute.org.
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