White Hot

Sterling silver continues to hold its own in this period of economic crisis, fueled by the steadfast popularity of white jewelry. According to the Silver Institute’s recently released World Silver Survey 2003, silver experienced strong retail demand in 2002. While there was a drop in total fabrication demand in the jewelry and silverware sector—attributed to a slump in Indian demand resulting from a particularly difficult economic year—silver still rose in value despite periods of crisis last year. There was a 5% increase in silver’s price per ounce from 2001 to 2002, and the Silver Institute expects it to rise even higher in 2003—the first-quarter price average was $4.66 per ounce, up from 2002’s average of $4.60.