Birmingham Assay office has reported a marginal decline of 1.4% across all four UK assay offices compared to February 2023.
In total, 23,351 fewer articles were hallmarked in February 2024 than in the same month the previous year, but this change reflects varying performance across different precious metals, with notable declines in platinum and silver hallmarking.
- Platinum: This category saw a significant reduction, with hallmarking down by 13.4%. Such a decrease suggests a potential shift in consumer preference or market dynamics affecting the demand for platinum articles.
- Silver: Experiencing an 8.4% decrease in hallmarking, silver’s decline could signal fluctuations in its market appeal or competitive pressures from alternative materials.
- Gold: Bucking the overall trend, gold articles saw a slight increase of 1.8%, equivalent to 4,486 more pieces hallmarked. This rise may indicate sustained or growing consumer interest in gold jewellery, possibly driven by its perceived value or fashion trends.
- Palladium: Despite a stellar 37.6% rise in hallmarking, this translated to only 169 additional articles. This indicates a growing niche market for palladium, though its impact remains limited by the volume of pieces hallmarked.
