Quarterly Hallmarking Figures / July - September 08

HALLMARKING DECLINE CONTINUES

The decline in the number of articles hallmarked by the four UK Assay Offices accelerated in the third quarter of the calendar year with a total of 4.86 million articles hallmarked, a drop of
23% against last year. The total number of articles marked during 2008 to date now stands at 13.2 million, 3.4 million articles less than in the same period in 2007.

In the third quarter, gold continued to be the area which showed the biggest drop, but even silver, which has held up well throughout the year was down by 10%. The hallmarking figures reflect lower consumer spending, retailer destocking and cautious buying as precious metal prices continue to be volatile and the worsening economic situation makes the whole industry more apprehensive.

The individual figures are as follows: