In 2004, total fabrication fell 2% to a six-year low of 836.7Moz. This figure is more than the amount of newly mined silver (634.4 Moz), however, scrap metal accounts for approximately 25% of the world's consumable silver. Industrial demand has grown with the increasing use of electronics and electrical uses. From mirrors to paints, and dental alloys to coins, silver is used in numerous areas. Today industrial uses account for 44% of worldwide silver consumption.
In 2004 the photography industry consumed 19% (181 Moz). Although the photography industry is one of the largest consumers of silver, demand has fallen for the fifth consecutive year; down 6% in 2004 alone. Analysts are attributing the decreased demand for silver in the photography industry to digital technology competition.
Demand by the jewelry and silverware industries decreased by 10%. Rising silver prices have had a negative effect on India's jewelry and silverware demand. From 2003 to 2004 the price of silver rose over 36%.