What Are Precious Metal?
Before we get into the specifics, it’s important to understand what precious metals are and why they’re so prized. Precious metals are metals mined from deep inside the Earth because of their rarity and great economic worth.
These days, you may get a wide variety of metals, but these are the most popular and often used ones:
Platinum, silver, and gold
Throughout history and until the present day, people have consistently preferred these three precious metals for a wide variety of uses, including investment and jewellery. Other valuable metals exist, though; examples include palladium, rhodium, and ruthenium.
Why, therefore, do we refer to them as valuable metals? The primary reason is the high value of these metals compared to other commodities on Earth.
If you look at the historical statistics on the price of gold over the past century, you will notice that it has followed the uptrends and is currently climbing.
Is Precious Metals A Good Career Path?
Unfortunately, the precious metals industry is not a recommended field of work at this time. In a field that is now somewhat compact, few people see opportunities for advancement in the near future. That doesn’t leave much room for newcomers to the field.
This is not the work for you if you need security and hope to advance in your career. Some of the expansion’s momentum is being dampened by the rising import volume and the decline in the number of brick-and-mortar jewellery retailers.
But if you’re looking for a career and you love jewellery and design, then it’s a great field to enter. More info about this profession may be found down below.
How To Become A Precious Metal Worker
The good news is that a high school diploma or General Equivalency Diploma (GED) is typically all that is needed to enter this field. Most people who work in the precious metals business have at least a high school diploma, albeit not necessarily one in a specific field.
Some of them will acquire their accreditation from the Gemological Institute of America Inc., while others may study at community colleges or vocational schools (GIA). Getting certified by the GIA is the best method to break into the field, since it demonstrates to employers that you are serious about your work.
Try to get an apprenticeship with a seasoned expert in your field to gain practical experience if you’re serious about making progress in your chosen field.
How Many Jobs are Available in Precious Metals?
The precious metals industry employs thousands of people across the United States. More than 24,350 people in the United States are employed as employees in the precious metals and stones industry. There are a wide variety of different careers available in the precious metals industry, most of which are connected to the manufacture and retail selling of jewellery.
As a result, if you’re wondering, “how many jobs are there in precious metals?” the answer is “many,” with opportunities in sales, customer service, administration, and other areas. A sizable share of these positions, however, are in the sectors of manufacturing and mining.
With a little digging, you can find a position in this industry that’s a perfect fit for your skills and experience.
The most sought-after occupations in the precious metals industry are as follows:
Analyst
He is responsible for estimating the value of the gemstone and its variable ratio.
Goldsmith
He is a skilled smith who has dedicated his career to the production of artefacts for religious or ceremonial use.
Precious Metals Broker/Adviser
A broker or advisor for precious metals engages in commodities trading for financial gain. The ability to connect with customers is another strength of this individual. When he trades on behalf of investors, he keeps an eye on commodities rules.
Precious Metals Worker
Professional in this line oversees the design and carries out tests as part of their duties. Precious metal workers are in the same occupational category as goldsmiths.
Quality Control Specialist
A quality control expert is responsible for monitoring all aspects of precious metals’ quality. He is primarily responsible for handling problems between metalworkers and analysts.
Ø Coins Expert
Professional coin dealers are the safest and most legitimate option for buying gold coins. Thus, if you want to get the best price for your gold coins, you shouldn’t bring them to a pawn shop but rather to a coin specialist.
Best Paying Jobs In Precious Metals
Depending on your role, a career in the precious metals industry may be both satisfying and financially rewarding. To work with these materials requires a high level of expertise and training, but the financial rewards may be substantial. Some of the highest-paid occupations in this area include:
Precious Metals Broker
Average Annual Salary: N/A
Spot trading, futures, options, and swaps are just some of the trading vehicles offered by precious metals brokers, who also operate as a middleman in the market by purchasing and selling physical metals on behalf of their clients.
They could also buy precious stones including rubies, emeralds, sapphires, and more. Metals brokers often have a background either in banking on metals or in commodities trading.
In this role, you will primarily interact with customers, trade on their behalf, manage risk, research and learn about commodities regulations, and raise public awareness. Brokers in precious metals must often be licenced by the jurisdiction in which they conduct business.
Precious Metals Worker
Average Annual Salary: N/A
A person who works in the industry that produces gold, silver, and other precious metals is known as a “generic precious metals worker.” Cards, aeroplanes, ships, and tools are just a few examples of the diverse range of products that may be designed and manufactured by professionals in this sector.
One can become a professor in a university’s school of engineering, for example, or go into business for themselves as a materials scientist. Many people with experience working with precious metals find employment in the green energy technology sector, where they put their expertise to use developing environmentally friendly goods.
If you desire a career working with precious metals, you need to have excellent hand-eye coordination and dexterity. Most jobs involve regulating furnaces, soldering, dealing with resins and solvents, and jigging molten metal.
Goldsmith
Average Annual Salary: $48,000
A goldsmith is a highly trained craftsperson who works mostly with precious metals to make or repair jewellery and other objects. They might also be artists or designers of other objects like spoons, belt buckles, and other accessories.
Goldsmiths, using hammers and chisels, craft elaborate motifs on metal items like jewellery, helmets, and badges. Hammers and chisels may look simple, but goldsmithing is actually a highly skilled profession that calls for great dexterity, a steady hand, and an eye for detail.
Precious Metals Sales Agent
Average Annual Salary: N/A
A profession in selling precious metals may be quite rewarding, but it does need some expertise. These sorts of sales representatives typically have prior knowledge in the fields of numismatics, coin collecting, and precious metals.
Their main job duty is to purchase, sell, and trade rare coins and metals in order to maintain and grow their company’s accounts and portfolios. The majority of sales occupations in the modern economy are conducted over the phone, and such positions often include a basic salary plus commission.
You need to be confident in your abilities to communicate over the phone, as well as forceful and outgoing, to succeed in this field. Salespeople peddling precious metals need to be comfortable with talking about large sums of money and should be well-versed in their wares.
Precious Metals Marketing Expert
Average Annual Salary: N/A
Experts in the precious metals marketing field, such as precious metals sales agents, need to be conversant with the coin business and familiar with marketing fundamentals.
In most cases, these employees will serve as “product evangelists,” spreading the word about a company’s offerings to the general public in order to keep or expand the sales funnel and ultimately assist the business meet its financial objectives.
Marketers may be responsible for managing product information, the corporate website, and selling tools for sales. It’s possible that they’ll also be in charge of coming up with ads, email campaigns, social media campaigns, and anything else that has to be promoted.
Goldsmith Apprentice
Average Annual Salary: N/A
Goldsmithing apprenticeships are given to people seeking to become full-time goldsmiths. People seeking apprenticeships usually collaborate with established smiths and groups in their communities.
Apprenticeships provide one-to-one training in a workplace context so that individuals may learn the profession on an individual level and get familiar with the job and how the industry functions as a whole.
The Goldsmith Company in the United Kingdom runs a well-regarded apprenticeship programme for aspiring goldsmiths.
Location-based apprenticeships are available from groups and individual blacksmiths. Three to five years of apprenticeship are required before a goldsmith may work in the field full-time.
Junior Precious Metals Sales Associate
Average Annual Salary: N/A
It is fairly uncommon for employers to look past a lack of sales expertise when hiring entry-level precious metals sales workers. If you are self-motivated, accountable, and teachable, you will be able to learn on the job.
These positions often include taking calls from customers and delivering predetermined responses developed by the company’s management or sales and marketing staff. Junior sales associates in the precious metals industry often make a little commission that is shared with their superiors.
Working as a sales associate is a great way to get real-world experience in the field, learn about your target market, and educate yourself on the ins and outs of the precious metals industry. When applying for senior sales positions in the precious metals industry, these abilities can help you stand out from the competition.
Material Operator
Average Annual Salary: N/A
Many precious metal operators are found in the manufacturing sector. To ensure the department’s production schedule is met, they will need to carefully plan, monitor, and coordinate all supplies.
Production line workers may need to keep records, record production and process data, and monitor and document the status of critical equipment.
Operators of materials must prepare items for transportation by securing them in containers and verifying their weight and seals. They can be in charge of making sure everyone follows all the safety laws and regulations, and that all the equipment is in good working condition so that the business can meet all the local and state standards.
Opportunities in production and manufacturing, particularly those involving precious metals, can be gained by becoming a material operator.
You will get experience in manufacturing, quality assurance, organisation, sales, and shipping as a material operator. Having these abilities will set you apart from the competition when applying for management positions in the manufacturing and production industries.
Maintenance Technician
Average Annual Salary: $43,000
Maintenance technicians can join at any level, although most start off at Level 1. Gaining experience and skills as an entry-level maintenance technician can prepare you for future work opportunities at higher levels.
Inspecting, diagnosing, and fixing malfunctioning manufacturing machines, troubleshooting systems, verifying material components according to plans, and doing general plant maintenance are all common duties for these professionals.
Additionally, general cleaning and cleanliness may be a part of this position, as well as working in a system to manage work order requests, charge components, or failure tracking.
Local Maintenance Technician Employment Opportunities
Precious Metals Marketing Associate
Average Annual Salary: N/A
When you join a team in the field of precious metals marketing, you will learn on the job. Your major role as a marketing associate will be to support the marketing manager in a wide range of activities, such as drafting sales collateral, call scripts, and marketing materials.
Social media account management, event planning, email marketing, and advertising are all aspects of digital marketing that may fall within your purview, depending on your line of work.
Local promotion, publicity, and brand recognition are all responsibilities that marketing associates at smaller firms may have. Working as a marketing associate in the precious metals industry might pave the way to more senior positions in the marketing department.
Why Choose A Career In Precious Metals?
The duties of those who work with precious metals might vary greatly. Crafting jewellery, resizing rings, and repairing broken or damaged silverware, jewellery, and other fragile things may fall under the purview of these professionals.
It’s possible that they’ll also need to clean fragile goods, make new things, and even serve as security to prevent the theft of valuable metals. Then, why should one consider a profession in the precious metals industry?
You should expect a steady stream of fresh assignments. As we’ve established, working with precious metals may lead to a wide range of opportunities. You can match your abilities and aspirations with an opportunity in engineering, manufacturing, or sales and marketing.
All sorts of people will cross your path. A diverse group of people are drawn to careers with precious metals. In certain jobs, you’ll get to deal with a wide variety of individuals on a daily basis, including clients.
Acquiring particular information is your reward. Working with precious metals requires a great deal of expertise. Job opportunities will open up to you, and as your expertise grows, you’ll be an invaluable asset to any organisation.
When it happens, you’ll have a sense of accomplishment. As a result of their high value, precious metals are sometimes invested in by those seeking a safe haven for their retirement funds. This fact alone should reassure you that you’re doing meaningful work that has value to many others.
Work can be adapted to the individual’s preferences. Given the breadth of this industry, it shouldn’t be hard to find a position that suits your preferences. There are many opportunities in the workforce that put you in direct contact with clients, satisfying those who thrive in such environments.
If you’d prefer not to contact the public, but still be productive, consider a career in manufacturing or production.
Qualifications Required For A Career In Precious Metals
Different fields have different educational and licencing prerequisites. Do some background study on the organisation or ask the hiring manager what kind of degree or certification is needed for the position you’re interested in.
Instructional prerequisites in the study of precious metals are as follows.
In the precious metals industry, 49% of workers hold some sort of postsecondary credential. Only 35% of those working with precious metals have completed high school, and almost none have completed schooling above an associate’s degree.
One to two years of on-the-job training and informational training with seasoned professionals is typical for most occupations with precious metals. However, many positions include on-the-job training, and employers are usually ready to teach new hires if they seem like a good match.
Many employers in the jewellery and goldsmithing industries prefer candidates with formal training or experience rather than just a high school diploma. This guarantees the person has the fundamental abilities necessary to do the job successfully.
What Do Professionals In Precious Metals Do?
Gold, silver, and platinum, and the products manufactured from them, are the primary focus of individuals who work in the precious metals industry. However, this is not limited to the jewellery industry. A wide range of sectors, from jewellery making to antique restoration to the manufacture of furniture to mining and blacksmithing, all rely on skilled employees with experience in precious metals.
Depending on their chosen field, precious metals employees may do a variety of tasks. Metalsmiths, ring and bracelet sizes, and restorers of vintage or antique jewellery are all examples of what people who deal with jewellery do.
Workers in the precious metals industry could double as insurance industry advisors. Some people may make a living only by engraving jewellery, while others may focus on timepieces, picture frames, and wedding bands made of precious metals.
Conclusion
I hope the list we provided on the best paying jobs in precious metals will help you choose a job for yourself. If you still have any queries or want to ask us anything please contact us. We will help you as much as possible.
FAQ
Here are 5 frequently asked questions about the best-paying jobs in precious metals industry:
- What are some of the best-paying jobs in precious metals industry? Some of the best-paying jobs in precious metals industry include metallurgists, mining engineers, refinery managers, assay laboratory managers, and precious metal traders.
- What is the median national salary for professionals working in precious metals industry? The median national salary for professionals working in precious metals industry is $46,640 per year.
- What is the job growth rate for ship engineers in precious metals industry? The job growth rate for ship engineers in precious metals industry is 9% from 2022 to 2032, which is faster than average.
- What is the education requirement for refinery managers? A bachelor’s degree in chemical engineering or a related field is the minimum education requirement for refinery managers.
- What is the job duty of a metallurgist? Metallurgists study the physical and chemical properties of metals and alloys. They develop new alloys, improve existing materials, and find new ways to use metals in various applications. They also work with other engineers and scientists to develop new manufacturing processes and improve existing ones.
