Middle East’s Silver Market To See Modest Growth With a +0.4% Volume CAGR Through 2035 – News and Statistics
Feb 27, 2026
IndexBox has just published a new report: Middle East – Silver Including Silver Plated With Gold Or Platinum – Market Analysis, Forecast, Size, Trends and Insights.
The Middle East silver market (including silver plated with gold or platinum) saw a consumption decline to 3.4K tons and revenue of $2.1B in 2024. Turkey is the dominant consumer and producer. The market is forecast to grow at a CAGR of +0.4% in volume and +1.5% in value through 2035, reaching 3.5K tons and $2.5B. Imports and exports dropped sharply in 2024 after recent peaks, with the UAE and Turkey being the primary trade hubs. Per capita consumption is highest in Lebanon, Jordan, and the UAE.
Key Findings
- Market forecast to grow modestly to 3.5K tons by 2035 at a +0.4% volume CAGR and +1.5% value CAGR
- Turkey is the largest consuming and producing country, accounting for 39% of total volume
- Lebanon, Jordan, and the UAE show the highest per capita consumption levels
- Imports and exports fell dramatically in 2024 after several years of strong growth
- The United Arab Emirates is the region’s leading exporter by value, with a higher average export price than Turkey
Market Forecast
Driven by increasing demand for silver including silver plated with gold or platinum in the Middle East, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.4% for the period from 2024 to 2035, which is projected to bring the market volume to 3.5K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +1.5% for the period from 2024 to 2035, which is projected to bring the market value to $2.5B (in nominal wholesale prices) by the end of 2035.
Consumption
Middle East’s Consumption of Silver Including Silver Plated With Gold Or Platinum
In 2024, consumption of silver including silver plated with gold or platinum decreased by -2.5% to 3.4K tons, falling for the second year in a row after four years of growth. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, consumption hit record highs at 3.6K tons in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.
The revenue of the silver market in the Middle East declined to $2.1B in 2024, shrinking by -9.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the peak level at $2.3B in 2023, and then declined in the following year.
Consumption By Country
Turkey (1.3K tons) constituted the country with the largest volume of silver consumption, comprising approx. 39% of total volume. Moreover, silver consumption in Turkey exceeded the figures recorded by the second-largest consumer, Iraq (559 tons), twofold. Syrian Arab Republic (337 tons) ranked third in terms of total consumption with a 10% share.
From 2013 to 2024, the average annual rate of growth in terms of volume in Turkey was relatively modest. In the other countries, the average annual rates were as follows: Iraq (+1.4% per year) and Syrian Arab Republic (-2.1% per year).
In value terms, Turkey ($888M) led the market, alone. The second position in the ranking was held by Iraq ($403M). It was followed by Yemen.
In Turkey, the silver market increased at an average annual rate of +1.7% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Iraq (+0.5% per year) and Yemen (+1.9% per year).
The countries with the highest levels of silver per capita consumption in 2024 were Lebanon (23 kg per 1000 persons), Jordan (19 kg per 1000 persons) and the United Arab Emirates (18 kg per 1000 persons).
From 2013 to 2024, the biggest increases were recorded for Jordan (with a CAGR of 0.0%), while consumption for the other leaders experienced mixed trends in the per capita consumption figures.
Production
Middle East’s Production of Silver Including Silver Plated With Gold Or Platinum
In 2024, approx. 3.2K tons of silver including silver plated with gold or platinum were produced in the Middle East; approximately mirroring the previous year. In general, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2023 with an increase of 22%. The volume of production peaked at 3.6K tons in 2015; however, from 2016 to 2024, production stood at a somewhat lower figure.
In value terms, silver production shrank to $1.8B in 2024 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 27% against the previous year. As a result, production attained the peak level of $2B. From 2022 to 2024, production growth remained at a lower figure.
Production By Country
The countries with the highest volumes of production in 2024 were Turkey (1.1K tons), Iraq (559 tons) and the United Arab Emirates (362 tons), with a combined 62% share of total production.
From 2013 to 2024, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by the United Arab Emirates (with a CAGR of +3.1%), while production for the other leaders experienced more modest paces of growth.
Imports
Middle East’s Imports of Silver Including Silver Plated With Gold Or Platinum
In 2024, after four years of growth, there was significant decline in overseas purchases of silver including silver plated with gold or platinum, when their volume decreased by -54.6% to 1.1K tons. Over the period under review, imports, however, posted pronounced growth. The growth pace was the most rapid in 2022 when imports increased by 122% against the previous year. Over the period under review, imports reached the maximum at 2.3K tons in 2023, and then reduced dramatically in the following year.
In value terms, silver imports reduced markedly to $809M in 2024. In general, imports, however, posted a notable expansion. The pace of growth was the most pronounced in 2020 with an increase of 126% against the previous year. The level of import peaked at $1.8B in 2022; however, from 2023 to 2024, imports remained at a lower figure.
Imports By Country
Turkey was the major importing country with an import of around 572 tons, which amounted to 54% of total imports. It was distantly followed by the United Arab Emirates (363 tons) and Israel (51 tons), together constituting a 39% share of total imports. Saudi Arabia (39 tons) followed a long way behind the leaders.
From 2013 to 2024, the biggest increases were recorded for Saudi Arabia (with a CAGR of +13.4%), while purchases for the other leaders experienced more modest paces of growth.
In value terms, Turkey ($469M), the United Arab Emirates ($264M) and Israel ($37M) were the countries with the highest levels of imports in 2024, together comprising 95% of total imports. Saudi Arabia lagged somewhat behind, comprising a further 2.9%.
Saudi Arabia, with a CAGR of +15.3%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.
Import Prices By Country
In 2024, the import price in the Middle East amounted to $767,807 per ton, rising by 2.1% against the previous year. Import price indicated modest growth from 2013 to 2024: its price increased at an average annual rate of +1.8% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when the import price increased by 38%. The level of import peaked at $778,160 per ton in 2021; however, from 2022 to 2024, import prices failed to regain momentum.
Average prices varied somewhat amongst the major importing countries. In 2024, major importing countries recorded the following prices: in Turkey ($819,838 per ton) and the United Arab Emirates ($726,854 per ton), while Saudi Arabia ($598,800 per ton) and Israel ($724,133 per ton) were amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Turkey (+2.8%), while the other leaders experienced more modest paces of growth.
Exports
Middle East’s Exports of Silver Including Silver Plated With Gold Or Platinum
In 2024, after five years of growth, there was significant decline in shipments abroad of silver including silver plated with gold or platinum, when their volume decreased by -55.5% to 933 tons. Overall, exports, however, enjoyed perceptible growth. The growth pace was the most rapid in 2020 with an increase of 164%. The volume of export peaked at 2.1K tons in 2023, and then declined sharply in the following year.
In value terms, silver exports reduced remarkably to $552M in 2024. Over the period under review, exports, however, posted a moderate increase. The pace of growth was the most pronounced in 2020 when exports increased by 215%. The level of export peaked at $1.4B in 2023, and then contracted remarkably in the following year.
Exports By Country
The United Arab Emirates (541 tons) and Turkey (373 tons) represented roughly 98% of total exports in 2024.
From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Turkey (with a CAGR of +5.3%).
In value terms, the United Arab Emirates ($387M) emerged as the largest silver supplier in the Middle East, comprising 70% of total exports. The second position in the ranking was taken by Turkey ($150M), with a 27% share of total exports.
From 2013 to 2024, the average annual rate of growth in terms of value in the United Arab Emirates stood at +4.6%.
Export Prices By Country
The export price in the Middle East stood at $591,605 per ton in 2024, waning by -9.7% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 61% against the previous year. The level of export peaked at $654,921 per ton in 2023, and then declined in the following year.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($716,208 per ton), while Turkey totaled $402,031 per ton.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.1%).
This report provides a comprehensive view of the silver industry in Middle East, tracking demand, supply, and trade flows across the regional value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.
Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between exporters and importers within Middle East. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the silver landscape in Middle East.
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Key findings
- Regional demand is shaped by both household and industrial usage, with trade flows linking supply hubs to import-reliant countries.
- Pricing dynamics reflect unit values, freight costs, exchange rates, and regulatory shifts that affect sourcing decisions.
- Supply depends on input availability and production efficiency, creating distinct cost curves across Middle East.
- Market concentration varies by country, creating different competitive landscapes and entry barriers.
- The 2035 outlook highlights where capacity investment and demand growth are most aligned within the region.
Report scope
The report combines market sizing with trade intelligence and price analytics for Middle East. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts across countries and sub-regions.
- Market size and growth in value and volume terms
- Consumption structure by end-use segments and countries
- Production capacity, output, and cost dynamics
- Regional trade flows, exporters, importers, and balances
- Price benchmarks, unit values, and margin signals
- Competitive context and market entry conditions
Product coverage
- Prodcom 24411030 – Silver, unwrought or in powder form (including plated with gold or platinum)
- Prodcom 24411050 – Silver, in semi-manufactured forms (including plated with gold or platinum) (excluding unwrought or in powder form)
Country coverage
Country profiles and benchmarks
For the regional report, country profiles provide a consistent view of market size, trade balance, prices, and per-capita indicators across Middle East. The profiles highlight the largest consuming and producing markets and allow direct benchmarking across peers.
Methodology
The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.
- International trade data (exports, imports, and mirror statistics)
- National production and consumption statistics
- Company-level information from financial filings and public releases
- Price series and unit value benchmarks
- Analyst review, outlier checks, and time-series validation
All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.
Forecasts to 2035
The forecast horizon extends to 2035 and is based on a structured model that links silver demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts within Middle East.
- Historical baseline: 2012-2025
- Forecast horizon: 2026-2035
- Scenario-based sensitivity to income growth, substitution, and regulation
- Capacity and investment outlook for major producing countries
Each country projection is built from its own historical pattern and the regional context, allowing the report to show where growth is concentrated and where risks are elevated.
Price analysis and trade dynamics
Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.
- Price benchmarks by country and sub-region
- Export and import unit value trends
- Seasonality and calendar effects in trade flows
- Price outlook to 2035 under baseline assumptions
Profiles of market participants
Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.
- Business focus and production capabilities
- Geographic reach and distribution networks
- Cost structure and pricing strategy indicators
- Compliance, certification, and sustainability context
How to use this report
- Quantify regional demand and identify the most attractive country markets
- Evaluate export opportunities and prioritize target destinations
- Track price dynamics and protect margins
- Benchmark performance against regional competitors
- Build evidence-based forecasts for investment decisions
This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of silver dynamics in Middle East.
FAQ
What is included in the silver market in Middle East?
The market size aggregates consumption and trade data at country and sub-regional levels, presented in both value and volume terms.
How are the forecasts to 2035 built?
The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.
Does the report cover prices and margins?
Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.
Which countries are profiled in detail?
The report provides profiles for the largest consuming and producing countries in Middle East.
Can this report support market entry decisions?
Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.
