I wonder if there is confusion here .... might the whole oval be raised, but the symbol within it be indented or even the other way round?
The way the symbol retains the Vegemite does suggest that this particular part is indented, and in the pencil rubbing, this symbol is not picking up the graphite, so again, suggesting it is indented, but the whole oval area does catch the graphite so it may well be both. i.e. a raised oval with an indented symbol.
Can you confirm that for us please chickpeaoz?