India's Total Gem & Jewellery Exports Witness an Increase of 6.32% in FY 2005-06

According to the Chairman, Bakul Mehta......

Post By : Diamond World News Service On 12 April 2006 12:00 AM
CIBJO, the World Jewellery Confederation, is launching a special report on the industry to ensure its continuing popularity and will be led by Gianni Cacchione, President CIBJO Sterling Silver Commission. The report focuses on issues of consumer confidence and customers concerns surrounding the manufacture of silver jewellery.$$ The silver supply saw a low in 2004 falling by 879.2 million ounces (moz) despite 4% rise in mine production in 2003 which set a record of 634.4 Moz. More than half of mined silver comes from the America followed by Australia and China. These countries all posted strong growth in output in 2004, while Russia saw improvement. The quantity of silver mined is more a function of the price of other source metals. The mine production makes up the largest element of silver supply and usually comprises just under two-thirds of the total, although in 2004 this figure rose to 72%. Scrap makes up 20% of supply and is the silver that returns to the market when recovered from existing manufactured goods or waste.
Disinvestment and government sales are similar in that both comprise the return to the market of old coins or bars respectively by the private sector or governments. The last element of supply is producer hedging, or the early sale by mining companies. This is usually a minor component of global silver supply. Most silver is traded on the London Bullion Market and Comex in New York. Other major exchanges dealing in silver trade are the Chicago Board of Trade, the Sydney Futures Exchange and the Tokyo Commodity Exchange. As the global center of Over-The-Counter trading in silver, the London exchange is the main physical market for silver where a bidding process creates a daily reference price known as the fix. The price of silver is usually quoted in U.S. dollars per troy ounce.%%Total production of silver fell by 2% in 2003 to a six-year low of 836.7 Moz.$$Silver is used in sectors like Jewellery and silverware, electronics applications Photography – radiography and photographic paper and Coins and medals.$$Jewellery and silverware saw 10% fall in 2004 due to slump in Indian demand. In rest of the world jewellery and silverware manufacturing rose 3% mostly in Thailand and China, successful penetration of many European markets by these countries was the main reason for the slight fall in Europes jewelry fabrication.%%Silver used for industrial purposes rose by 5% last year as economic growth around the world boosted demand. A large part of the rise in industrial fabrication was due to a strong electronics sector where demand jumped by almost 14%. The coins and medals sector rose by nearly 15%, mostly due to increased minting of commemorative coins in Portugal, Spain and Canada and higher U.S. proof set demand. The photographic sector declined for the fifth straight year - as digital camera technology continued to impact, notably, in the graphic arts and consumer film divisions. The one positive note last year was in the motion picture sector and the radiography market is now the largest end user in this sector. Photographic film manufacturers demand very high quality silver. States Jewelry Consumer Opinion Council (JCOC) conducted a poll earlier this year to test popularity of sterling silver jewelry which proved to be most affordable metal used in fine jewelry designs.

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