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DEMAND

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.

Silver Demand Worldwide

Industrial	367.1 Moz
Photography	181 Moz
Jewelry & Silverware	247.5 Moz
Coins and Medals	41.1 Moz

Silver Demand in the United States

Industrial	94.2 Moz
Photography	55.2 Moz
Jewelry & Silverware	15.4 Moz
Coins and Medals	15.5 Moz

Unlike twenty years ago when coins, ornaments, jewelry & silverware accounted for less than 10% of the silver consumption, today, those areas make up 30% (288.6 Moz) collectively. Commemorative coin minting is mostly responsible for a 15% rise in coins and medal fabrication. Coins and medals demand have increased 36.5% since 1995. Global manufacturing of coins & medals rose to its highest total since 1994.

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%.