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U.S. Silver Jewelry Imports Rise in First 5 Months of 2015

Aug 5, 2015 4:51 AM   By Ronen Shnidman
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RAPAPORT... Imports of silver jewelry to the U.S. increased 11 percent from the beginning of 2015 until the end of May, according to the Silver Institute, a non-profit silver industry association.

The U.S. is the world's largest importer of silver jewelry according to the association. This contrasts with gold jewelry, for which the U.S. is the third largest consumer after China and India according to World Gold Council data.

GFMS Thomson Reuters (GFMS), a precious metals consultancy, estimates that globally silver jewelry will grow 5 percent in 2015. However, the consultancy also predicted in May that silver prices on average would decline 14 percent to $16.50 per ounce this year.

At the same time, India, a major jewelry producing country, has recorded a sharp surge in silver jewelry exports during the quarter that ended June 30. Silver exports from the country rose 55 percent year on year to $523.1 million during the period, according to data gather by India’s Gem & Jewellery Export Promotion Council. In contrast, exports of gold jewelry from India declined 23 percent to $1.15 billion during the same quarter. 
Tags: GFMS Thomson Reuters, Gold jewelry, Ronen Shnidman, silver, Silver Institute, silver jewelry
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