The best paying jobs in precious metals include precious metals brokers, mining engineers, metallurgist and geologists. These jobs are in high demand in the precious metals industry and thus command some of the best salaries.
The United States has a large and diverse precious metals industry which was worth approximately $3 trillion in 2018. This has led to a number of different companies that provide mining services and products for consumers. The U.S. is the world’s largest producer of gold and silver, with about 5% of global production in 2017.
What Do Precious Metals Jobs Pay?
The average annual salary in consumer durables is $68,000. But depending on your experience and skills, this figure may vary.
For instance, an experienced metallurgist in the precious metals industry can earn up to $118,000. On the other hand, an entry-level refinery operator earns approximately $41,000 per year.
Over the past few years, precious metals jobs have been increasing. Meanwhile, to be successful in this field, you’ll need to be educated and acquire expertise in the related field.
15 Highest Paying Precious Metals Jobs with Good Salaries
The precious metals industry is quite lucrative and diverse. There are numerous available jobs in this sector.
Here are 15 of the best paying jobs in precious metals:
Annual Average Salary: $203,000
Precious metals brokers work in the sales area of the precious metals industry. These brokers are in charge of buying and selling precious metals such as gold, silver, platinum, and palladium in large quantities all over the world.
People who excel in this field have excellent people skills, a strong understanding of finance and marketing, and excellent analytical skills.
The job outlook for the precious metals broker’s role is positive, with a growth rate of 3% over the next ten years. BLS projects it will produce 428,900 job opportunities across the United States from 2021 to 2031.
2. Precious Metals Advisor
Annual Average Salary: $116,000
Precious metals advisors advise clients on the risks and rewards of precious metal investing. To be a successful advisor, you must be able to navigate the market and advise your clients on where to invest. This may necessitate an assessment of their risk tolerance as well as their financial situation.
This role requires some kind of certification in finance and expansive knowledge of the precious metals industry. To provide sound financial advice, you must also have a thorough understanding of how markets operate.
The job outlook for the precious metals advisor role is positive, with a growth rate of 14% over the next ten years. BLS projects it will produce over 247,700 job opportunities across the United States from 2021 to 2031.
3. Mining Engineer
Annual Average Salary: $97,000.
Mining engineers are responsible for designing and developing mining facilities. They determine the best way to extract precious metals from the earth and what to do with such raw materials.
Mining engineering requires an accredited bachelor’s degree with honors in engineering or technology. Most mining engineers hold a master’s degree (MEng) or doctorate (EngD) accredited by a professional engineering institution.
The job outlook for the mining engineer role is positive, with a growth rate of 4% over the next ten years. BLS projects it will produce 6,300 job opportunities across the United States from 2021 to 2031.
Annual Average Salary: $93,000
Professionals in this field are responsible for better understanding the actual properties and potential applications of precious metals. Some metallurgists are interested in specializing in chemical metallurgy. Others prefer to concentrate on physical metallurgy.
To become a metallurgist, you usually have to complete a degree in metallurgical or chemical engineering or science with a major in metallurgy.
The Bureau of Labor Statistics forecasts a 3% increase in job growth for metallurgists. It will provide 27,500 job opportunities across the United States from 2021 to 2031.
Annual Average Salary: $89,000
Professional geologists are tasked with evaluating various mining sites and studying the availability of resources and their value. They also discover pockets of precious metals and stay informed about the mining operation’s progress.
Geologists typically need at least a bachelor’s degree in geosciences. Most professionals begin their careers with degrees in environmental science or engineering.
The Bureau of Labor Statistics forecasts a 5% increase in job growth for geologists. It will provide 32,100 job opportunities across the United States from 2021 to 2031.
6. Jewelry and Metals Sales
Annual Average Salary: $85,000
This profession is a significant part of the precious metals industry and is frequently very well-paid for career opportunities. These professionals work in jewel and metal stores. These professionals earn sky-high commissions when they sell expensive jewelry.
To succeed in this career, you’ll need people skills, sales skills, and a truly driven and motivated attitude. There is no strict educational qualification for this role. Most employers will prefer candidates with practical experience.
The Bureau of Labor Statistics forecasts a 2% increase in job growth for jewelry and metals sales. It will provide 4,581,600 job opportunities across the United States from 2021 to 2031.
7. Metalworking Specialist
Annual Average Salary: $85,000
Metalworking specialists do manual labor or helps to make or repair items made of precious metals. These professionals understand how to operate the equipment safely and efficiently.
Most metalworking specialist role requires at least some metalwork related certification. Most employers are comfortable hiring candidates with experience in this field.
The job outlook for the metalworking specialist role is positive, with a growth rate of 4% over the next ten years. BLS projects it will produce over 1.4 million job opportunities across the United States from 2021 to 2031.
8. Bullion Salesperson
Annual Average Salary: $84,000
Bullion salespersons sell items containing precious metals. This could include jewelry, coins or metal bars, and other collectibles. This job requires you to provide high-quality items at reasonable prices to your customers. You could sell to retail customers either in person or online.
There is no strict educational qualification for this role. However, bullion salespersons must possess the ability to build relationships and establish trust with customers.
The Bureau of Labor Statistics forecasts a 4% increase in job growth for bullion sales persons. It will provide 421,500 job opportunities across the United States from 2021 to 2031.
9. Precious Metals Analyst
Annual Average Salary: $82,000
Being a precious metals analyst is one of the fastest-growing career opportunities in the precious metals industry. These professionals are vital to the precious metals industry and hold highly valued positions. As evidenced by the extreme growth in this field, every single precious metal operation employs precious metals analyst.
These professionals have advanced Excel and database skills with strong academic backgrounds. Most employers seek candidates with BSc in a related field.
The Bureau of Labor Statistics forecasts a 5% increase in job growth for precious metals analysts. It will provide 323,200 job opportunities across the United States from 2021 to 2031.
Annual Average Salary: $82,000
Precious Metals Consultants work closely with clients to understand their needs and provide tailored solutions. This may involve conducting research, analyzing data, and providing recommendations on the best course of action.
Precious metal consultants should have a bachelor’s degree in business, finance, or a related field. Additionally, they should have experience working in the financial industry and knowledge of the precious metals market.
The job outlook for the precious metals consultants role is positive, with a growth rate of 11% over the next ten years. BLS projects it will produce 921,600 job opportunities across the United States from 2021 to 2031.
11. Quality Control Officer
Annual Average Salary: $80,000
Quality Control officers are in charge of ensuring that all precious metals are produced and processed in accordance with a set of quality control standards. These standards must be strictly adhered to, or a company’s license may be revoked.
This role does necessitate stringent educational qualifications. Most employers are comfortable hiring candidates with the ability to learnand apply quality control procedures.
The job outlook for the quality control officer role is positive, with a growth rate of 4% over the next ten years. BLS projects it will produce over 534,300 job opportunities across the United States from 2021 to 2031.
12. Jewelry Store Manager
Annual Average Salary: $77,000
Jewelry store managers are in charge of a jewelry store that sells precious metals. Their job is to ensure that the products sold are of high quality and that customers are satisfied with their purchases.
These professionals are expected to have extensive knowledge of precious metals. This will enable them assist customers in making better financial decisions when purchasing jewelry.
The Bureau of Labor Statistics forecasts a 2% increase in job growth for jewelry store managers. It will provide 4.8 million job opportunities across the United States from 2021 to 2031.
13. Jewelry Appraisal
Annual Average Salary: $67,000
Jewelry appraisers are in charge of appraising jewelry pieces. Insurance companies frequently hire these professionals to get a better feel for client jewelry valuations. They are sometimes hired by independent jewelry operations to better price their own products.
An apprenticeship opens doors in this career field. Most major operations prefer to hire those with real-world experience and certification in this field.
The Bureau of Labor Statistics forecasts a 7% increase in job growth for jewelry appraisers. It will provide 78,900 job opportunities across the United States from 2021 to 2031.
14. Jewelry and Coin Specialist
Average Annual Salary: $50,000
Jewelry and coin specialists frequently open their own stores, employing apprentice jewelry and coin specialists to teach them the ropes of the trade. These professionals’ responsibilities revolve around appraising, grading, and authenticating jewelry and coins.
There are no real entry barriers in this profession. Anyone who is willing to do research and study jewelry and coins has the potential to become a master in the field.
The job outlook for the jewelry and coin specialist role is positive, with a growth rate of 3% over the next ten years. BLS projects it will produce over 1000 job opportunities across the United States from 2021 to 2031.
Annual Average Salary: $55,000
These professionals are responsible for mining resources, making them an important puzzle of the precious metals industry. They are the ones who do the majority of the “grunt work,” cutting, blasting, and literally prying these metals out of the earth. Miners operate extremely sophisticated equipment and collaborate with geologists and engineers to mine more efficiently.
Professionals in this field can succeed without formal education. Most employers are more interested in seeking candidates with practical experience.
The Bureau of Labor Statistics forecasts a 4% increase in job growth for miners. It will provide 1000 job opportunities across the United States from 2021 to 2031.
Highest Paying Entry-Level Precious Metals Jobs with Good Salaries
Entry-level jobs in precious metals are quite lucrative. This is unsurprising because there is a massive demand for these professionals.
5 high-paying entry-level precious metals jobs that pay well:
Average Annual Salary – $50,000
Jewelry designers create designs for jewelry using precious metals and gemstones. They may work for large jewelry manufacturers or run their own independent businesses.
Jewelry designers often earn an associate’s or bachelor’s degree in gemology, jewelry design, or accessories design. Most of these professionals know how to use advanced software to create designs.
The job outlook for the jewelry designer role is positive, with a growth rate of 5% over the next ten years. BLS projects it will produce 6,300 job opportunities across the United States from 2021 to 2031
Annual Average Salary – $47,000
Gemologists also known as gem experts, identify stones, metals, and other resources mined from the earth. The idea is that these experts can better interpret the types of resources being extracted from the earth and their monetary value.
A gemology career requires no formal college degree. However, you’ll need to take some trade classes to receive your certification.
The job outlook for the gemologist role is positive, with a growth rate of 6% over the next ten years. BLS projects it will produce over 1000 job opportunities across the United States from 2021 to 2031.
3. Precious Metals Worker
Annual Average Salary – $46,000
Precious metal workers cover a wide range of jobs in the industry. These professionals physically handle raw materials extracted from mining operations to those who handle refined products. Precious metal workers in the jewelry industry work with raw metals and stones, shaping and molding them into building blocks.
Most precious metals workers hold high school diplomas. Some professionals however might hold associate degrees in a relevant field.
The Bureau of Labor Statistics forecasts a 2% increase in job growth for precious metal workers. It will provide 1,500 job opportunities across the United States from 2021 to 2031.
4. Jewelry Repair
Average Annual Salary – $46,000
These professionals repair jewelry by replacing clasps, setting stones, altering sizes, and more. They also clean and polish jewelry, smooth any rough spots and shape metal to hold gems in place.
There is no formal education for this career path as most jewelry repairs hold a high school diploma or its equivalent. It might be necessary to take various certification classes in precious metals to brush up on your skills.
The Bureau of Labor Statistics forecasts a 3% increase in job growth for jewelry repairs. It will provide 1,800 job opportunities across the United States from 2021 to 2031.
Annual Average Salary – Salary – $40,000
Lapidists are professional who works directly with precious raw metals, cutting, shaping, and crafting them into usable resources. These resources are later refined and transformed into coins, collectibles, and jewelry.
This is a highly technical career; thus, training for those in this field will take place on the job. That does not mean, however, that these opportunities are not available to anyone who is willing to put in the effort to develop this career.
The job outlook for the lapidary role is positive, with a growth rate of 11% over the next ten years. BLS projects it will produce 22,200 job opportunities across the United States from 2021 to 2031.
How to Get a High Paying Job in Precious Metals
Getting a high-paying job in precious metals requires a combination of education, skills, and experience.
7 practical steps to land a high paying job in consumer durables:
1. Education and training
Obtaining a relevant degree in fields like finance, economics, geology, metallurgy or mining can give you an edge in the industry. Consider getting certifications, licenses, or specialized training in precious metals or related fields.
2. Gain relevant experience
Getting experience in the industry can give you an advantage in landing a high-paying job. Consider internships or entry-level positions in mining, refining, or investment companies.
Networking is essential in the precious metals industry. Attend industry conferences, trade shows, and events. Join professional organizations and attend networking events to meet industry professionals.
4. Research companies
Research companies that deal with precious metals, like mining companies, refiners, or investment firms, and target those that offer high-paying jobs.
5. Be flexible
Be willing to relocate or travel for work if needed. High-paying jobs in the precious metals industry may be located in remote areas or require frequent travel.
6. Keep up with industry trends
Keep up-to-date with the latest industry trends and news. This will show potential employers that you are passionate and knowledgeable about the industry.
7. Demonstrate strong analytical and problem-solving skills
The precious metals industry requires people who can analyze data, identify trends, and solve problems. Highlight your analytical and problem-solving skills in your resume and cover letter.
Where to Find the Best Paying Jobs in Precious Metals?
The precious metals industry offers a range of high-paying jobs, from mining and extraction to trading and investment.
6 top places to look for the best paying jobs in precious metals:
1. Mining companies
Because mining companies produce the majority of the world’s precious metals, it makes sense to begin your search with mining companies. Search for jobs like mining engineer, geologist, metallurgist, and operations manager.
Because refineries process raw metals into pure forms, they also provide well-paying jobs. Look for jobs like refinery manager, chemist, or process engineer.
3. Investment firms
Precious metals investment firms offer high-paying jobs in areas such as trading, investment analysis, and portfolio management.
4. Precious metals dealers
Because dealers buy and sell precious metals, they provide high-paying sales and trading jobs.
5. Metal fabrication firms
These businesses use precious metals to create jewelry, electronic components, and other items. Seek out jobs like jewelry designer, manufacturing engineer, and quality control manager.
6. Precious metals research institutions
Universities and research institutions provide high-paying jobs in precious metals research and development, such as nanotechnology and material science. (STOP)
What are the Top-Level Skills to Get a High-Paying Job in Precious Metals?
A combination of technical skills and industry knowledge is required to land a high-paying job in precious metals.
7 high-level skills to help you land a lucrative job in the precious metals industry:
1. Technical skills
Precious metals are frequently mined from complex geological formations and require extensive processing to extract them from ore. Thus, technical skills are required in the mining engineering, metallurgy, and chemical engineering field.
2. Analytical skills
The precious metals industry is subject to supply, demand, and pricing fluctuations. Making informed business decisions requires the ability to analyze market trends, track inventory, and conduct research.
3. Business skills
Understanding financial modeling, market analysis, and investment strategies is essential for high-paying positions in precious metals trading and investment management.
4. Communication skills
Precious metals professionals must be able to communicate technical information to stakeholders who are not technical. As a result, excellent oral and written communication skills are valuable assets in the industry.
5. Computer skills
Precious metals professionals must be able to work with software such as data analysis tools and enterprise resource planning (ERP) software. They must also be conversant with customer relationship management (CRM) software.
Because the precious metals industry is a global market, knowing multiple languages is advantageous, particularly for roles involving international business.
7. Industry knowledge
It is critical to have a thorough understanding of the precious metals industry, including market trends, supply chain dynamics, and regulatory requirements. These skills are needed to excel in the industry.
What are the Factors Affecting an Employee’s Salary in Precious Metals?
Some of the factors that affect employees’ wages in the precious metals industry are market demand, industry trends, and performance. Having a fair knowledge of these factors will help you know the steps to maximize your earning potential in the industry.
5 major factors that affect an employee’s salary in precious metals:
1. Level of education and experience
In general, employees with more education and experience earn more in the precious metals industry.
2. Job role
Salary varies according to the job role in the precious metals industry. Senior executives, traders, and engineers, for example, may earn more than administrative or support staff.
3. Company size and location
The size and location of the company also influence salaries. Larger companies may pay more than smaller companies, and salaries may vary depending on the cost of living in different areas.
4. Market demand
Salary levels in the precious metals industry can be affected by market demand for specific skills and roles. Employees with a particular skill set or role who are in high demand may command higher salaries.
5. Industry trends
Changes in the global economy and supply and demand dynamics can have an impact on salaries in the precious metals industry. For example, an increase in demand for precious metals may result in higher salaries for industry employees.
Employee performance can also play a role in salary determination. Employees who perform well may be eligible for performance-based bonuses or promotions, which can increase their overall pay.
7. Negotiation Skills
Finally, an employee’s negotiation skills can have an impact on their salary in the precious metals industry. Employees who are skilled at negotiating their salaries may be able to secure higher pay than those who are less skilled.
Conclusion: Best Paying Jobs in Precious Metals
There are numerous lucrative jobs available in precious metals. Furthermore, there are numerous opportunities for advancement and success in this industry. If you want a stable and secure work environment, you should look into precious metals
Frequently Asked Questions on Best Paying Jobs in Precious Metals
What are the 3 most expensive metals?
The three most expensive metals are rhodium, palladium, and platinum
What is a precious metal worker called?
A precious metal worker is typically called a “jeweler” or a “goldsmith.” This is a skilled craftsman who works with precious metals like gold, silver, and platinum.
How do you become a precious metal worker?
To become a precious metal worker, one typically needs to complete an apprenticeship or formal training program in jewelry making or metalworking.