Considering a career shift or have you just graduated from college and are in search of high-paying jobs in the labor market? There are good opportunities for you and one of those lies in the precious metals industry.
The precious metals industry is a lucrative one with precious metals always in high demand in the market. And this is not limited to the US alone, the demand for precious metals is high in all nations in the world.
Precious and luxurious metals like Platinum, Diamond, Gold, Silver, and also other valuable gemstones are always in high demand.
- 1 How to Become a Precious Metal Worker?
- 2 How Many Jobs are Available in Precious Metals
- 3 Precious Metal Workers Salary
- 4 Best Paying Jobs in Precious Metals
- 5 Is Precious Metals a Good Career Path?
How to Become a Precious Metal Worker?
How can you become a precious metal worker? Does working in the precious metal industry require a particular degree or educational requirement?
If you are interested in working in the precious metal industry, you have got to be prepared for it. It is a highly regarded and respected profession with specialists in many industries, including jewellery, antique restoration, furniture production, mining, and blacksmithing. The good thing about this industry is that you can come from any educational background.
Qualification into the Precious metal industry does not necessarily require a college degree, although any academic or practical design experience is universally valuable and can position you for a higher, managerial positions.
Many new metalworkers enter the field as apprenticeship, and internship offers, and they take them through practical training to get valuable experience and networking benefits within the metalworking community.
How Many Jobs are Available in Precious Metals
The precious metals industry like many others including the capital goods industry and durable and non-durable industry also offers a wide range of job positions, and some of the most important and popular positions include:
- Precious Metal Worker
- Precious Metal Broker
- Quality Control Specialist
- Metals Production Specialist
- Precious Metals Advisor
- Jewellery and Coin Specialist
Precious Metal Workers Salary
Average salary: $48,050 per year
Average hourly wage: $23 per hour
Entry-level Precious Metal Workers with little to no experience can expect to make anywhere between $26,050 to $32,650 per year or $13 to $16 per hour.
|Salary by experience||Annual||Hourly|
|Highest (Top 10%)||$77,330||$37|
|Senior (Top 25%)||$56,730||$27|
|Junior (Bottom 25%)||$32,650||$16|
|No experience (Bottom 10%)||$26,050||$13|
Top 10 highest paying industries for Precious Metal Workers based on their average annual salary.
|Salary by industry||Annual||Hourly|
|Nondepository Credit Intermediation||$64880||$31.19|
|Merchant Wholesalers, Durable Goods||$58580||$28.16|
|Management of Companies and Enterprises||$50280||$24.17|
|Jewelry, Luggage, and Leather Goods Stores||$48520||$23.33|
|Other Miscellaneous Manufacturing||$43260||$20.80|
|Other Professional, Scientific, and Technical Services||$42740||$20.55|
|Personal and Household Goods Repair and Maintenance||$41710||$20.05|
|Nonferrous Metal Production and Processing||$39310||$18.90|
|Electronic Shopping and Mail-Order Houses||$37960||$18.25|
Top 10 largest employers of Precious Metal Workers
Where can Precious Metal Workers work? Here is a table showing the top 10 largest employers of Precious Metal Workers including the average salary in that industry.
|Employers||Total Employed||Annual Salary||Hourly Wages|
|Jewellery, Luggage, and Leather Goods Stores||7670||$48520||$23.33|
|Other Miscellaneous Manufacturing||5150||$43260||$20.80|
|Merchant Wholesalers, Durable Goods||2940||$58580||$28.16|
|Personal and Household Goods Repair and Maintenance||750||$41710||$20.05|
|Specialized Design Services||450||$37720||$18.14|
|Other Professional, Scientific, and Technical Services||240||$42740||$20.55|
|Nondepository Credit Intermediation||230+||$64880||$31.19|
|Management of Companies and Enterprises||100+||$50280||$24.17|
|Nonferrous Metal Production and Processing||$39310||$18.90|
Precious Metal Worker job market by states in the US
|State Name||Employed Precious Metal Workers|
|Virgin Islands, U.S.||40|
Best Paying Jobs in Precious Metals
1. Precious Metal Worker
A precious metal worker deals with precious metals such as gold, silver, iridium, rhenium, ruthenium, rhodium, palladium, osmium, platinum, and objects made from those metals. Precious metal workers are found in industries such as jewellery, antique restoration, furniture production, mining, and blacksmithing.
According to Payscale.com, the average pay for precious metal workers is $19.89 per hour.
2. Precious Metal Broker
Precious metals brokers are second-hand dealers whose job is to engage in the business of buying new or used precious metals for resale.
Their duties involve, estimating an item’s value based on retail prices or market values of precious metals or stones, offering customers cash while holding the items as collateral.
The average metal broker/trader’s salary is put at $110,000 per year by Payscale.com
Goldsmiths are metal workers specialising in gold and other precious metals. Essential job duties and responsibilities of a Goldsmith are shaping metal, soldering pieces together, repairing jewellery, resetting stones, changing ring sizes, cleaning and polishing jewellery, and grading precious stones.
In the United States, the average Goldsmith salary is $45,376 as of Feb. 2022, according to salary.com but the salary range typically falls between $37,163 and $65,777.
4. Quality Control Specialist
How much does a Quality Assurance Specialist make in the United States? The average Quality Assurance and Control Specialist I salary in the United States is $62,309 as of February 25, 2022,
Quality Control Specialist is responsible for:
- Product Tests and Assessments.
- Identify Product Defects. …
- Recording and Report Issues. …
- Support Process Improvements. …
- Make Necessary Repairs.
5. Metals Production Specialist
Steels and metal production specialists’ roles involve…
- the processing of ore to produce steel;
- the production of alloys with the required properties;
- the selection of the method and temperature of the smelting process;
- the determination of the chemical composition of the product.
The average Metal production and Process Specialist’s salary is $68,106 as of February 2022 as reported by salary.com.
6. Precious Metals Advisor Consultant
A metal advisor or consultant works with clients to closely evaluate market timings and determine which metals position is best for you right now.
The estimated total pay for a Precious Metals Consultant is $71,687 per year in the United States.
7. Jewelry and Coin Specialist
Providing excellent customer service.
Testing, buying and selling Precious Metals, Coins, Currency & Collectables.
Providing accurate appraisals and payouts.
A Jewelry and Coin Specialist typically earns between $40,000 and $60,000 per year in the US.
Is Precious Metals a Good Career Path?
Currently, there are about 40,000 precious metal workers in the United States. While the rate of employment of metalworkers in the job market is expected to shrink by -6.6% between 2016 and 2026, as technology advances, there will be more ways to invest in gold and as a result, the prices will continue to increase. Thereby, creating many vacant positions to accommodate new intakes.
If you want to pursue a career in the precious metal industry, you however do not need to have years of work experience or a high qualification college degree, although, a degree and work experience can be an advantage to quickly get the job.
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