Organisation to write report in partnership with Thomson Reuters GFMS.
The US-based organisation The Silver Institute has been commissioned to write a report on the Chinese silver market, with a focus on the growing importance of China in the global silver industry, emerging trends and their potential market impact.
The report will be produced by The Silver Institute in partnership with precious metals consultancy group Thomson Reuters GFMS and will be published in October 2012.
A release from The Silver Institute said: “Twenty years ago China accounted for some 3% and 5% of global silver demand and supply, respectively. In 2011, according to World Silver Survey 2012, those figures climbed to 16% and 14%, making China the world’s second largest consumer and third biggest producer of the white metal.”
The Silver Institute offers that “many knowledgeavle observers” of the Chinese market have forecasted that silver demand will continue to rise during the next eight years, increasing China’s importance on the global market.
For example, China switched in 2007 from being a net exporter to a growing net importer of silver bullion.
Michael DiRienzo, executive director of The Silver Institute said: “This report will describe the dramatic rise of China as a source of both supply and demand, and analyse what the trend in these variables is likely to be over the next few years.”
The Silver Institute is a non-profit international industry association with headquarters in Washington, D.C. It was established in 1971 and aims to act as the industry’s voice in increasing public understanding of the value and many uses of silver.