Career Tips

Best Paying Jobs in Precious Metals 2022

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 metal industry is where you can get established for a long time, and enjoy a high salary income in addition to many perks and benefits such as health insurance packages.

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.

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
  • Goldsmith
  • Quality Control Specialist
  • Metals Production Specialist
  • Precious Metals Advisor
  • Analyst
  • 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 experienceAnnualHourly
Highest (Top 10%)$77,330$37
Senior (Top 25%)$56,730$27
Median$41,900$20
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 industryAnnualHourly
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
Employment Services$43210$20.78
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.

EmployersTotal EmployedAnnual SalaryHourly Wages
Jewellery, Luggage, and Leather Goods Stores7670$48520$23.33
Other Miscellaneous Manufacturing5150$43260$20.80
Merchant Wholesalers, Durable Goods2940$58580$28.16
Personal and Household Goods Repair and Maintenance750$41710$20.05
Specialized Design Services450$37720$18.14
Other Professional, Scientific, and Technical Services240$42740$20.55
Nondepository Credit Intermediation230+$64880$31.19
Employment Services100+$43210$20.78
Management of Companies and Enterprises100+$50280$24.17
Nonferrous Metal Production and Processing$39310$18.90

Precious Metal Worker job market by states in the US

State NameEmployed Precious Metal Workers
New York4,580
California2,940
Texas2,900
Florida1,250
Illinois1,000
Pennsylvania760
Ohio750
New Jersey620
Michigan590
New Mexico570
Massachusetts560
Arizona550
Rhode Island550
North Carolina480
Louisiana470
Georgia440
Washington380
Utah380
Alabama360
Indiana350
Maryland340
Oregon330
South Carolina320
Wisconsin320
Colorado300
Missouri290
Oklahoma280
Minnesota270
Arkansas230
Hawaii220
Tennessee210
Iowa200
Kansas180
Nebraska160
Connecticut130
Nevada130
Kentucky110
South Dakota110
Montana110
Maine100
New Hampshire90
North Dakota90
Vermont70
Mississippi70
Idaho60
West Virginia60
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.

Best paying jobs in precious metals 2022 - ng job alerts

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

Best paying jobs in precious metals 2022 - ng job alerts

3. Goldsmith

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.

Best paying jobs in precious metals 2022 - ng job alerts

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.
Best paying jobs in precious metals 2022 - ng job alerts

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.

Best paying jobs in precious metals 2022 - ng job alerts

7. Jewelry and Coin Specialist

Responsibilities include: 

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.

Best paying jobs in precious metals 2022 - ng job alerts

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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Oladoyin Falana

Oladoyin Falana, a graduate of OAU, is an SEO Specialist, and IT business developer. He is the owner and content editor of ngjobalerts.com, a platform that focuses on providing information on career, recruitment updates, exams, and admission updates, including general (How-to) information.
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