Russian jewelers reduced the consumption of gold at 12.5%

09 Aug 2016

Jewelry industry in Russia by the end of the first half of 2016 year reduced the use of gold for production of articles by 12.48% compared with the same period of the previous year - to 14.346 tons (461.235 thousand ounces), silver use fell by 7.59% - to 68.894 tons (2.215 million ounces), said tothe PRIME Agency in FKU “Assay Office of the Russian Federation”.

Russian jewelry articles, sampled and brandedby the Assay Office of the Russian Federation:

gold

(tons/million items)

silver

(tons/million items)

platinum
(kg / thousand items)

palladium

(kg / thousand items)

jan-june '16, mass

23.91

74.48

34.4

6.4

jan-june'15, mass

27.32

80.60

40.1

4.4

jan-june'16, quantity

12.37

15.48

6.1

1.50

jan-june'15, quantity

12.24

20.27

6.9

0.78

Articles of 585th and 750th sample contains on average about 60% pure gold. The silver articles contains approximately 92.5% of the pure metal.

Total, including imports through Russian Assay Office during the reporting period took 12.58 million pieces of jewelry containing 14.7 tons (471.844 thousand ounces) of pure gold, which is less by 13% than in January-June 2015.

In 2015, the Russian jewelry industry has reduced the consumption of gold by 39.8% compared to the 2014 year - to 34.22 tons (1.1 million ounces); silver - increased by 2.2% to 151.5 tons (4.87 million ounces).

Source: Economical Information Agency «PRIME» http://gold.1prime.ru