The Silver Institute: The Voice for the Global Silver Industry

By MICHAEL DIRIENZO, President & CEO, The Silver Institute

In the race toward a sustainable future, one metal stands out as an unsung hero: silver. Silver’s unique properties-its superior electrical conductivity, antibacterial nature, and high reflectivity—make it indispensable in green technologies. From enabling efficient solar panels to enhancing 5G network connectivity, silver plays an essential role in the transition to renewable energy and advanced technology systems. However, while silver is everywhere in our modern lives, few recognize the extensive global network of players that drive the silver industry forward.

At the heart of this network is the Silver Institute, a Washington, DC-based non-profit international industry association that has served as the voice of the silver industry since 1971. Today, the Institute’s mission is more crucial than ever: to promote silver’s vital role in modern industries and educate the world on its indispensable place in a sustainable future.

The Silver Institute is a unique entity, drawing together stakeholders from across the silver industry, including silver miners, refiners, bullion suppliers, manufacturers of silver products, transporters and wholesalers of silver investment products. As diverse as its membership is, the Silver Institute’s goals remain focused: to encourage the development and uses of silver, develop markets for silver, foster research into silver uses, spread knowledge and understanding about the uses of silver and collect and provide authoritative statistics about production, consumption, marketing and distribution of silver and silver products.

The Institute plays a pivotal role in ensuring that silver’s value and versatility are recognized not only by industry insiders but also by policymakers, investors, and the public. This vision for silver’s expanded role in global industry is especially significant in 2024, as the Silver Institute turns its attention to promoting silver as a keystone in green energy solutions, a role that will become increasingly essential in the years to come. For example, silver is a crucial component in solar cells, in producing biofuels, electric vehicles, 5G phone services and many more applications where silver works more efficiently than any other material to meet a specific requirement.

One of the most successful ways to accomplish our goal is through our host of publications and our website, which serves as a clearinghouse for information on the global silver market. Supplying reliable industry and market data and information has been our mainstay since our founding.

Our most impactful resource is the annual World Silver Survey, which we’ve published since 1990. This flagship report is considered the leading source for data on silver supply and demand, price trends, recycling statistics, and innovative uses of silver. The World Silver Survey has become essential reading for market participants, journalists, policymakers, and analysts seeking to understand silver’s place in the economy. The report’s reach and influence are bolstered by the Institute’s careful compilation of global data, which includes inputs even from politically or economically challenging regions, making it the most comprehensive and reliable authority on the silver market.

In addition to the World Silver Survey, the Institute offers a range of Market Trend Reports (MTR) throughout the year. These reports focus on specific key areas of the silver market, covering topics such as the Indian Silver Investment Market, Factors that Determine the Silver Price, Trends in Silver Jewelry, Silver and Global Connectivity, Silver and Automobiles, and more. By providing focused insights on these individual sectors, the MTRs keep industry leaders updated on emerging trends, enabling them to make data-driven decisions to navigate a rapidly evolving market.

The Institute’s bi-monthly Silver News publication further complements these resources, offering an engaging, conversational look at silver’s latest applications in industrial, medical, scientific, and consumer segments. Regularly cited by journalists and analysts, Silver News provides accessible insights into complex innovations that are shaping the future of the silver industry.

As part of our mission to educate and engage, the Silver Institute has developed a robust digital presence, including a comprehensive website that serves as a central repository of its publications. The Institute’s website also includes media assets such as videos that highlight silver’s applications in green technology, making the content accessible to a broader audience.

The Institute actively participates in silver-related events worldwide, such as the India Silver Conference, the Asia Pacific Precious Metals Conference, and the London Bullion Market Association, ensuring it maintains a visible presence on the global stage. Furthering this outreach, our Talking Silver podcast brings industry leaders and experts together to discuss current silver market trends and applications, reinforcing the Institute’s role as an information hub. The Institute’s commitment to advancing knowledge and transparency is evident in its policy of making all data and information freely accessible to the public, furthering its mission to promote silver’s essential role in various sectors.

While the Institute does not fund new technologies directly, we support innovation through our Technical Monitoring Team based in the U.K., which advises startups and aids companies interested in incorporating silver into their new products. Connecting stakeholders across the supply chain also is a crucial element of the Institute’s work. We maintain international programs in India, China, Peru, and Mexico, where we have developed deep contacts. We also have strong working relationships with our allies in other associations in the precious metals arena, too, such as the World Gold Council, the World Platinum Investment Council, the Singapore Bullion Market Association, the London Bullion Market Association, the Canadian Mining Association, and others. Although they may be involved with different precious metals, there are many areas – legislation or regulation for example – in which we work together.

For example, the Institute has successfully lobbied for the inclusion of silver in retirement portfolios in the United States, advocating for the integration of silver bullion and coins as approved investment assets in Individual Retirement Accounts (IRAs). One of our aims was to encourage legislation that allowed several different types of silver investment such as ingots, bars and bullion coins in retirement accounts. We did this through fact sheets, meetings with legislators, and other information to help legislators and others understand why this is not only good for the silver industry but also for the investing public. The Institute also provides guidance on international issues that affect silver, including monitoring the impact of sanctions related to the Russia-Ukraine conflict. These insights help members navigate complex geopolitical factors that influence the silver market.

A trade group such as ours is only as strong as its members and their voices. To that end, we work diligently to bring new members into our group. We do this through our outreach programs, industry meetings and other efforts. 2024 also marked a period of growth for the Silver Institute, with the addition of seven new members, each representing diverse segments of the global silver industry. These new members include Ava Global Logistics, headquartered in the U.K., which specialises in securely handling precious metals and banknotes; San Cristobal Mining, a private company headquartered in Vancouver, British Columbia, which in February 2023, acquired 100% interest in Minera San Cristobal, considered one of the largest silver producers in the Americas; The Australian Bullion Company, based in Sydney, is Australia’s leading precious metal and bullion specialist; Bunker Hill Mining Corp., which is building a modern, sustainable mining company with the Bunker Hill Silver-Lead-Zinc Mine as its cornerstone asset; Glencore, one of the world’s largest global natural resources companies, producing over 60 commodities, with offices in over 35 countries; Silver Bullion Pte Ltd., one of Singapore’s largest precious metal dealers, specializing in wealth protection and offering services, including trading, vaulting, collateralising, and non-destructive testing of metals; and Sunshine Minting, a full-service minting facility headquartered in Henderson, Nevada, a primary supplier of silver and gold products to several of the largest national mints, producing large volumes of high-quality bullion, blanks, coins, bars, and medallions.

Through the expansion of its membership, the Silver Institute enhances its global reach

Through the expansion of its membership, the Silver Institute enhances its global reach, bringing new voices and regions into the conversation about silver’s role in a sustainable future. This network strengthens the Institute’s influence, allowing it to champion silver’s value across a range of sectors and markets.

Looking ahead to 2025, the Silver Institute remains committed to strengthening silver’s place in the green energy revolution. Through out publications, advocacy efforts, and expanding membership, the Institute will continue to foster the growth of the silver industry, helping stakeholders and the public alike understand silver’s critical contributions to a more sustainable and connected world.

Michael DiRienzo is the President and CEO of the Silver Institute, where he leads the Institute’s daily operations, public affairs, and advocacy efforts on behalf of the global silver industry. Michael’s career includes prior roles as Vice President of the Gold Institute and as Director of Government Relations for a member company of the Toyota Group. He also served as Legislative Assistant and Press Secretary to U.S. Congressman David Dreier, gaining experience in government relations and public policy that he now brings to his work at the Silver Institute.