Is precious metals a good career path for me? Precious metals are an industry that is not the best-known. However, even if you start small, you can build a promising career out of it.

People are often used to deciding on the mainstream career paths in life. But some roads are less traveled than others, even though they can be extremely rewarding.

One such career path is that of precious metals. But is precious metals a good career path for you?

This article will highlight all things related to a career in precious metals and help you find out how many jobs are available in precious metals along with the best paying jobs in precious metals.

What are Precious Metals?

Precious metals are rare, naturally occurring metallic elements. These metals are high in economic value.

Chemically, they are less reactive than most other elements. Gold, silver, and platinum are some common forms of precious metals.

Historically, precious metals have always held tremendous value as a currency but are now mainly regarded as different forms of investment.

Some of the best paying jobs in precious metals also involve working with other valuable gemstones as part of your experience.

What are the Most Precious Metals?

The most precious metals are:

  • Gold
  • Rhodium
  • Platinum
  • Iridium
  • Ruthenium

Is Precious Metals a Good Career Path?

Yes, precious metals are a good career path. Precious metals are luxurious items, and there is much room for growth in this industry.

You also do not require years of work experience or an extensive educational background to get a job in this sector.

Additionally, if you are a person who is creative and is an artist at heart, precious metals is an industry that could prove to be satisfactory for you.

Whether you work in an antique store or a jewelry boutique, there are a ton of avenues for you to explore and get your creative juices flowing while working indoors.

What is the Future of Precious Metals?

Currently, there are 40,000 precious metal workers in the U.S.

As technology advances, the labor market in the precious metals industry is expected to shrink by -1% between 2016 to 2026, which means little to no change in the job outlook.  

However, with more and more people investing in gold, prices will continue to rise, resulting in more vacancies being created with some of the best paying jobs in precious metals.

 

a stack of blue gemstones representing is precious metals a good career path
Is precious metals a good career path?

How Many Jobs are Available in Precious Metals?

So, how many jobs are available in precious metals?

The precious metals industry has a lot of jobs for you to pursue, including some roles which fall within the capital goods industry.

Some of the most common and best paying jobs in precious metals include:

  • Precious metal broker
  • Precious metal worker
  • Quality control specialist
  • Goldsmith
  • Metals production specialist
  • Precious metal advisor

What Job Works with Precious Metals and Stones?

Precious metals include jobs like jewelers and workers who deal with precious stones and metals.

A gemologist is also someone who works with gemstones and designs and studies them.

Precious Metals Careers: Industry Growth

The precious metals industry offers job security for the future as stones, and precious metals are popular items of luxury that remain popular.

According to data from the Bureau of Labor Statistics (BLS), the average salary for a jeweler in 2021 was $46,640 annually.

The number of job positions did not show any significant increase by the year 2030.

However, that doesn’t necessarily translate to fewer jobs.

Many people leave the profession due to retirement or a change of careers, meaning there will always be job opportunities in the precious metals industry.

Best Paying Jobs in Precious Metals

In addition to knowing if precious metals are a good career path, you should also be aware of the best paying jobs in precious metals so that you can make your career choice mindfully.

Goldsmith

One of the oldest and best paying jobs in the precious metals industry is that of a goldsmith.

You will be responsible for shaping, soldering, and repairing gold jewelry as a goldsmith. Goldsmiths also clean and resize rings and grind gold for new products.

You do not need a college degree to work as a goldsmith.  

Average salary: $45,376 per year

Metal Derivatives Trader

If you are wondering is precious metals a good career path for you, then working as a metal derivatives trader may convince you.

It involves working with precious metals and problem-solving abilities, which can be very rewarding.

As a precious metals derivatives trader, you will be responsible for making critical decisions regarding trading precious metals.

Your choices will determine whether the business ends with profits or losses at the end of a trading session.

Average salary: $78,000 per year

Production Polisher

A production polisher uses CNC machines to grind stainless steel and aluminum parts.

Polishers are great problem solvers and creative designers who like to take on challenges and meet the requirements of their customers.

Average salary: $25,000 per year

Precious Metal Specialist

A precious metal specialist works alongside consumers and guides them on the best metals to buy.

They use market timing to help investors generate a high return on investment (ROI) on their purchases.

Average salary: $71,687 per year 

How Do You Get a Career in Precious Metals?

You do not need an expensive university degree to get a job in precious metals. However, a high school diploma or GED is preferred.

Most workers in the precious metals industries have some secondary schooling to land some of the best paying jobs in precious metals.

For instance, if you want to become a gemologist, you can attend the Gemological Institute of America Inc (GIA).

Many individuals first apply for an apprenticeship under an experienced professional and get hands-on training to excel in the precious metals industry.

The Bottom Line: Is Precious Metals a Good Career Path?

Career decisions can be confusing, especially, “Is precious metals a good career path?”

By now, you must have understood how many jobs are available in precious metals and how you can get one.

Suppose you are thinking of pursuing a career in this field and landing some of the best paying jobs in precious metals.

In that case, it is essential first to recognize whether working with precious metals is something that interests you and then make your final call.

What job works with precious metals and stones?

Jobs that work with precious metals and stones include goldsmiths, metal derivatives traders, production polishers, and precious metals specialists.

Do precious metals provide income?

Historically, precious metals have always held tremendous value as a currency but are now mainly regarded as an investment.

What is the future of precious metals?

As technology advances, the labor market in the precious metals industry is expected to shrink by -1% between 2016 to 2026, which means little to no change in the job outlook.

What is a precious metal worker called?

A precious metal worker can be called a precious metal specialist or also a gemnologist.

What is precious metal worker?

A precious metal specialist works alongside consumers and guides them on the best metals to buy. They use market timing to help investors generate a high return on investment (ROI) on their purchases.

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