3,800 jobs are available in the precious metals job market. This is in addition to over 24,350 Americans who work as jewelers or precious stone and metal workers.
The U.S. Bureau of Labor Statistics (BLS) reports the precious metals job rate grew by 2% from 2020 to 2030. Over 545,000 jobs are going to be available in the precious metals sector in the nearest future.
What is the Precious Metals Sector?
According to Wikipedia, the precious metals sector refers to the industry involved in the exploration, extraction, refining, and marketing of precious metals. Gold, silver, platinum, and palladium are examples of such precious metals. This sector includes a wide range of companies, including mining companies, refiners, and dealers.
This sector is a significant contributor to the global economy, with the value of mined gold alone estimated at over $100 billion annually. The sector is also influenced by a range of factors, including global supply and demand, geopolitical events, and fluctuations in currency and commodity markets.
Overview of the Precious Metals Job Market
The precious metals industry offers a variety of opportunities. Professionals in this field mine and extract precious metals from the earth. Others work in the manufacturing sector, making precious metals products.
There are also positions available in finance and investment, as well as marketing and sales in the precious metals industry. The opportunities for career advancement in this field are limitless. The U.S. Bureau of Labor Statistics (BLS) reports that the median annual wage for precious metals workers is $46,640.
10 Most Common and Available Jobs in Precious Metals
The precious metals industry offers a diverse range of job opportunities, from mining and refining to jewelry design and sales. The industry is expected to continue to grow and provide job opportunities for skilled workers.
Here are the 10 most common and available precious metals jobs:
1. Mining Engineer
Average Annual Salary: $100,970
Mining engineers design and oversee the construction of mines, and they are responsible for ensuring that mining operations are safe and efficient.
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
2. Mine Geologist
Average Annual Salary: $94,000
Mine geologists are responsible for identifying and assessing the mineral resources in a mining area. They analyze data, create models, and work with other professionals to determine the most efficient and effective mining techniques.
It is necessary to have a bachelor’s degree in geology, geological engineering, or mining engineering in this profession. Most employers will prefer candidates with at least two years of experience and a solid background in sampling theory for assay techniques.
The job outlook for the mine geologist role is positive, with a growth rate of 4% over the next ten years. BLS projects it will produce 35,000 job opportunities across the United States from 2021 to 2031.
Average Annual Salary: $83,000
Metallurgists work in refining and processing precious metals. They use chemical and physical processes to extract and refine metals such as gold, silver, and platinum.
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 4% increase in job growth for metallurgists. It will provide 40,000 job opportunities across the United States from 2021 to 2031.
4. Production Supervisor
Average Annual Salary: $71,000
Production supervisors oversee workers who are involved in the production of metal products. They ensure that the production process runs smoothly and efficiently.
A bachelor’s degree or comparable professional experience and certification is preferred for the role of production supervisor. Most employers will prefer candidates with at least three years of relevant professional experience in a production-line role.
The Bureau of Labor Statistics forecasts a 2% increase in job growth for production supervisors. It will provide 27,000 job opportunities across the United States from 2021 to 2031.
5. Jewelry Designer
Average Annual Salary: $62,000
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
6. Sales Representative
Average Annual Salary: $62,000
Sales representatives work for companies that manufacture and sell precious metal products. They are responsible for promoting products, developing relationships with customers, and closing sales.
A high school diploma and strong customer service and communication skills are required to be a sales representative. Most employers prefer candidates with a bachelor’s degree in business and two years of experience in a related position.
The Bureau of Labor Statistics forecasts a 2% increase in job growth for sales representatives. It will provide 27,000 job opportunities across the United States from 2021 to 2031.
Average Annual Salary: $56,000
Assayers are responsible for analyzing the purity and quality of precious metals. They use a variety of techniques to test metals for impurities and determine their value.
Employers seek assayers with the minimum of a college diploma with relevant courses such as chemistry, geology, and assaying. In some rare instances, employers usually employ candidates with a high school diploma and relevant professional experience.
The job outlook for the assayer 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
8. Refinery Worker
Average Annual Salary: $56,000
Refinery workers are responsible for operating and maintaining refinery equipment. They work with various chemicals and processes to refine precious metals.
Most refinery workers hold high school diplomas or GEDs. Some employers prefer to hire refinery operators with undergraduate degrees.
The Bureau of Labor Statistics forecasts a 4% increase in job growth for production supervisors. It will provide 20,000 job opportunities across the United States from 2021 to 2031.
Average Annual Salary: $45,000
Welders use welding equipment to join metal parts together. They may work on large industrial projects or on smaller projects such as jewelry making.
To work as a welder, you’ll typically need to undergo specialized training at a high school, vocational school, or community college. You might also be able to enroll in an apprenticeship or internship program.
The Bureau of Labor Statistics forecasts a 3% increase in job growth for welders. It will provide 400,000 job opportunities across the United States from 2021 to 2031.
10. Quality Control Inspector
Average Annual Salary: $41,520
Quality control inspectors ensure that metal products meet quality standards. They inspect products for defects and make sure they are in compliance with industry standards and regulations.
Quality control inspectors typically need a high school diploma for entry-level jobs. Most professionals take certificate programs on quality control concepts, such as inspection planning and auditing.
The job outlook for the quality control inspector 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.
Other jobs available in Precious Metals
- Precious Metals Trader
- Bullion Dealer
- Refinery Operator
- Jewelry and Coin Specialist
Most Common and Available Entry-Level Jobs in Precious Metals
There are numerous available entry-level roles in the precious metals industry. Most employers are not necessarily concerned with formal education when seeking candidates. With your secondary school diploma, you can land a good career in precious metals.
Here are the top 5 entry-level roles in precious metals:
1. Precious Metals Trader
Average Annual Salary: $60,000
Precious metals traders buy and sell precious metals such as gold, silver, platinum, and palladium on behalf of their clients or their company. They use market analysis and economic trends to make decisions about buying and selling precious metals.
To be a precious metals trader, you need at least a high school diploma or equivalent. Most precious metals traders enroll in a jewelry-making or metalworking program at a vocational school or community college.
The Bureau of Labor Statistics forecasts a 5% increase in job growth for precious metals traders. It will provide 1000 job opportunities across the United States from 2021 to 2031.
2. Bullion Dealer
Average Annual Salary: $45,000
Bullion dealers buy and sell gold, silver, and other precious metals in the form of bars, coins, and other products. They may also offer storage solutions and investment advice to their clients.
Most bullion dealers hold at least a high school diploma, but sometimes a degree in business or accounting is required.
The job outlook for the bullion dealer 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
3. Customer Service Representative
Average Annual Salary: $40,000
Customer service representatives work with clients and customers to answer questions, process orders, and provide information about products and services related to precious metals.
Most customer service representatives have a high school diploma, general education degree, or equivalent. To excel in this role, you must have the ability to stay calm when customers are stressed or upset.
The Bureau of Labor Statistics forecasts a 5% increase in job growth for Customer service representatives. It will provide 10,000 job opportunities across the United States from 2021 to 2031.
4. Shipping and Receiving Clerk
Average Annual Salary: $35,000.
Shipping and receiving clerks handle the receipt, storage, and shipment of precious metal products. They may also be responsible for maintaining accurate inventory records and ensuring that products are handled safely and securely during transportation.
Most employers require shipping and receiving clerks to have a minimum of a high school degree. To have an edge over other candidates, it is advisable to take online courses in business administration.
The job outlook for the Shipping and receiving clerk role is positive, with a growth rate of 3% over the next ten years. BLS projects it will produce 1000 job opportunities across the United States from 2021 to 2031
5. Production Worker
Average Annual Salary: $30,000
Production workers are responsible for performing a variety of tasks in the manufacturing and production of precious metals. These may include operating machinery, handling materials, and quality control.
Most production workers have at least a high school diploma or equivalent GED. Some employers might require applicants to have a forklift or light industrial machinery experience.
The Bureau of Labor Statistics forecasts a 4% increase in job growth for production workers. It will provide 20,000 job opportunities across the United States from 2021 to 2031.
What is the Job Description of a precious metals professional?
Precious metals professionals manage and trade precious metals such as gold, silver, platinum, and palladium.
Common job descriptions of precious metals professionals:
1. Analyzing market trends
Precious metals professionals analyze market trends and keep track of current events that affect the price of precious metals.
2. Trading precious metals
Precious metals professionals buy and sell precious metals based on market trends and customer demand.
3. Give investment advice
These professionals give clients investment advice, such as when to buy or sell precious metals.
4. Risk management
Precious metals professionals manage the risk of trading precious metals, which includes monitoring market fluctuations and managing inventory.
5. Customer service
A precious metals expert must be able to provide excellent customer service, which includes answering questions and resolving customer complaints.
How to Get a Job in Precious Metals Industry?
Finding a job in the precious metals industry is one of the best ways to make money in the industry. There are numerous precious metals jobs available. You can get a good job in this industry by looking for positions that match your skills and experience.
5 practical ways to get a job in the precious metals industry:
1. Acquire relevant education and experience
Consider studying finance, economics, geology, or metallurgy. Internships, part-time jobs, and volunteering in related industries can also help you gain experience.
Attend industry events and conferences. Join professional organizations, and connect with industry professionals on social media platforms such as LinkedIn. Developing relationships with industry professionals can help you learn about job opportunities and increase your chances of being hired.
3. Make use of online resources
There are numerous online resources available to assist you in finding a job in precious metals. Indeed.com, for example, provides job listings from across the country. You can also use online search engines to find specific jobs that interest you.
4. Consider training programs
There are many accredited training programs that offer courses in mining, investment banking, accounting, and other essential skills. The skills acquired will help you if you want to learn more about working in the precious metals industry.
5. Research companies
You can also contact companies directly if you have specific questions about their hiring process or job opportunities. You can also learn about companies’ values, missions, and hiring practices. This will assist you in determining which companies are a good fit for your goals and skills.
How to get an entry-level job in precious metals?
Obtaining an entry-level position in the precious metals industry can be an excellent way to begin your career.
5 basic ways to land an entry-level precious metals job:
1. Acquire relevant training and experience
Study finance, economics, geology, or metallurgy to earn a degree or certification in a relevant field. Internships, part-time jobs, and volunteering in related industries can also help you gain experience.
2. Identify your skills and interests
Consider which aspects of the precious metals industry pique your interest and where you can apply your skills. Finance, trading, marketing, mining, and refining are some examples.
3. Apply for Job Openings
Look for entry-level positions in the precious metals industry on job boards and company websites. Customize your resume and cover letter to the job you’re applying for, highlighting relevant skills and experience.
social media platforms such as LinkedIn can help you build your professional network. Developing relationships with people who are already in the industry. This will help you learn about job opportunities and increase your chances of being hired.
5. Be Open-Minded
To gain experience and exposure to the precious metals industry, you might have to start with a low-paying job. Consider starting in a related industry or taking on a role with transferable skills.
What are the Educational Requirements and Training for Precious Metals Jobs?
Precious metals jobs are unique in the industry in that they necessitate specialized training and education. Workers in these positions must be knowledgeable about the metals they work with as well as the manufacturing process.
The minimum educational requirements for precious metals jobs include:
1. High school diploma or equivalent
Many entry-level jobs, such as administrative or customer service positions, may necessitate a high school diploma or equivalent. Some employers may prefer or require candidates to have a bachelor’s or associate’s degree.
2. Bachelor’s degree
A bachelor’s or master’s degree in a relevant field, such as metallurgy, materials science, or chemistry, may be required. Employers may demand these certifications in technical roles like metallurgists, assay technicians, or quality control specialists.
3. MBA/masters degree
A master’s degree in a relevant field is typically required for executive positions such as CEO, CFO, or COO. Many executives have an MBA or other advanced degrees as well.
Certifications and training
There are several precious metal industry certifications available to help individuals demonstrate their knowledge and expertise in this field.
6 top certifications to earn in precious metals:
1. Certified Gold Dealer (CGD)
This certification is offered by the Professional Numismatists Guild (PNG) and requires passing a rigorous exam on grading, authentication, and ethics related to gold dealing.
2. Certified Numismatic Guaranty (CNG)
The Numismatic Guaranty Corporation (NGC) offers this certification. This certification focuses on the grading and authentication of precious metal coins.
3. Precious Metal Clay (PMC) Certification
The PMC Guild offers this certification. It requires the completion of precious metal clay coursework. Scholars must also demonstrate proficiency in various techniques and applications.
4. Professional Coin Grading Service (PCGS)
This certification focuses on the grading and authentication of precious metal coins and is widely accepted by collectors, dealers, and investors.
5. Bullion Dealer Certification (BDC)
The International Bullion Dealers Association (IBDA) offers this certification. It requires the completion of coursework in bullion trading, storage, and ethics.
6. Certified Jewelry Professionals (CJP)
The Jewelers of America offers this certification, which covers various aspects of the jewelry industry, such as precious metals, gemstones, and design.
Where Do I Find Precious Metals Jobs?
There are numerous job opportunities in the precious metals industry. You can get some of these available jobs if you have the necessary skills and qualifications.
5 industry-specific platforms to land available precious metals jobs:
1. Kitco Careers
Kitco is a well-known precious metals company that provides a wide range of gold, silver, platinum, and palladium-related products and services. Kitco Careers is a platform that lists all open positions within the company.
2. Metal jobs
This is a specialized job board that focuses solely on the metals and mining industries. The platform advertises job openings in all industries, including precious metals, base metals, and rare earth metals. Job seekers can narrow down their search by location, experience level, and job function.
3. Mining People International
This is a global recruitment firm that specializes in the mining, resources, and energy industries. The company has a precious metals division that connects job seekers with opportunities in mining, refining, and manufacturing.
Indeed is a general job search engine that lists available positions in all industries, including precious metals. Job seekers can search for precious metals jobs by keyword and location. Thus, they can filter job listings by experience level, job function, and other factors.
This is a professional networking site that connects job seekers with employers from a variety of industries. Job seekers can use keywords and locations to search for precious metals jobs on the platform. They can also follow companies and industry leaders to stay up to date on new job openings and industry news.
What are the Skills Needed to Get a Job in Precious Metals?
If you are interested in a career in precious metals, you will need skills in a number of different areas.
5 Top skills required in the precious metals industry:
1. Financial accounting skills
Financial accounting is an important skill to have in the precious metals industry. It involves managing financial transactions, preparing financial statements, and analyzing financial data. Financial accounting professionals can help ensure that the company’s financial records are accurate and up to date. They also provide valuable insights into financial performance and investment opportunities.
2. Investment analysis skills
Investment analysis entails evaluating investment opportunities and weighing the potential risks and rewards associated with various investments. Investment analysts are critical in the precious metals industry. They identify promising investment opportunities, evaluate market trends and price movements, and make recommendations to clients and stakeholders.
3. Business administration skills
In the precious metals industry, business administration skills are essential because they involve managing day-to-day operations. This skill also involves coordinating resources and developing and implementing strategic plans. Professionals with strong business administration skills can help ensure the company runs smoothly and efficiently.
4. Metallurgy and mining engineering skills
These skills are required in the precious metals industry because they involve designing and operating mining and refining equipment. They also entail developing and implementing metallurgical processes and managing production processes. Professionals with strong metallurgy and mining engineering skills ensure that the company’s operations run smoothly and efficiently.
5. Marketing skills
Marketing skills are essential in the precious metals industry because they involve developing and implementing marketing strategies to promote products and services. It also involves building relationships with clients and stakeholders and managing brand reputation.
What are the Factors Affecting the Availability of Jobs in Precious Metals?
While there are thousands of available jobs in the precious metals market, there are certain conditions that affect this availability of jobs.
5 major factors that affect the availability of jobs in precious metals:
1. Market demand
Precious metals demand, such as gold, silver, platinum, and palladium, can have a significant impact on job availability in the industry. When demand is high, mining and refining companies may expand operations and hire more people. In contrast, low demand may result in layoffs and hiring freezes.
2. Economic conditions
The state of the economy as a whole can have an impact on the availability of jobs in the precious metals industry. A strong economy with high levels of growth and investment can lead to increased demand for precious metals.
3. Technological advancements
The use of automation and robotics in mining and refining operations can have an impact on the availability of jobs in the industry. While technological advancements can increase efficiency and lower costs, they may also result in job losses in some areas.
4. Government policies and regulations
Policies bordering on the environment and sustainability can have an impact on the availability of jobs in the precious metals industry. To comply with these regulations, businesses may need to invest in new equipment or processes, which can increase costs and have an impact on hiring.
5. Global events
Political instability, natural disasters, and pandemics can also have an impact on job availability in the industry. These occurrences can have an impact on supply chains, precious metals demand, and overall economic conditions.
Conclusion: How Many Jobs are Available in Precious Metals?
There is quite a number of jobs in the precious metals industry. With adequate research, you can find some of these available jobs. It is important that you understand the job specifications and what is expected of you before accepting any position in this industry.
Frequently Asked Questions on How Many Jobs are Available in Precious Metals?
How big is the precious metal industry?
The size of the precious metals industry is large. According to Grand View Research, the global precious metals market was worth $341.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.0% between 2021 and 2028.
What does a precious metal worker do?
A precious metal worker is a professional who works in the precious metals industry. Workers in this industry drill, smelt, cast, polish, and market precious metals
How many precious metals are there?
Gold, silver, platinum, and palladium are the four primary precious metals. These metals are valuable because of their scarcity, beauty, and durability.