Is precious metals a good career path? The answer is yes, especially if you are interested in choosing a career path in a rewarding industry yet different from the mainstream. While most people want to become a doctor, banker, lawyer, etc., not everyone sees how lucrative and satisfying working in the precious metals industry.
The industry deals with “precious” and “luxury,” so it is rare and in high demand. Although not popular, the industry is a fantastic one to build an amazing career path.
In this post, we will show you more things about the precious metals industry and how you can get started in it. Of course, by the end of the article, you will have the right answer to the question, ‘is precious metals a good career path.”
Table of Contents
First, What Are Precious Metals?
Precious metals are very rare alloys that have a lot of value due to various factors. It includes such metals as gold, silver, palladium, platinum, rhodium, rhenium, etc. These metals have a very high value because of some factors such as their historical value, industrial use, scarcity, and more. Selling gold and other precious metals is also quite easy and lucrative.
Precious metals are also highly sought after because they are often used as an investment because they are less volatile in price and value compared to other forms of investments like cryptocurrency and bonds.
What Do People Working In the Precious Metals Industry Do?
If you will be picking a career in any industry, it is essential that you have an idea of what workers there do and where you can work. Workers in the industry majorly deal with materials such as gold, silver, platinum, and other forms of precious metals.
Workers in the industry are not limited to only being involved in jewelry making. They can also pick up different roles in several industries like antique restoration, jewelry, mining, furniture production, and blacksmithing. And their responsibilities will depend solely on their career path.
For instance, a worker working with jewelry may resize rings and bracelets, craft metal jewelry, and restore old or broken pieces of jewelry.
Is Precious Metals A Good Career Path?
The short answer is yes! There are lots of perks and benefits available to workers in the precious metals industry. While most of your peers may be considering working in mainstream and popular industries, if you have your eye on precious metals, below are some benefits of working there;
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Several jobs are available in precious metals
The industry is full of different job opportunities. Like many other industries like the capital goods industry and durable or non-durable industries, precious metals offer different jobs to people interested in picking a career there.
Because of the broad nature of the industry and the vast number of jobs available there, it is easy for anyone to choose a job that best meets their needs. If you enjoy meeting new people and interacting with them, you can choose a job that allows you to interact with customers daily. If working behind the scene is more like your thing, then picking a job in the production section will be great for you.
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Career growth opportunities
The industry itself is not static – it daily evolves and develops. So you can expect lots of career growth opportunities there for their workers. Even if you begin as a clerk in the industry, you can easily climb your way to the top and become a specialist, analyst, or even a manager.
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Opportunity to meet a wide variety of people
Yes, the precious metals industry allows easy you to work and meet a wide range of people. Especially if you work in a department that directly works with clients, you will have the opportunity to meet and interact with a plethora of people. Since precious metals attract people interested in luxury and value, the chances are that the people you will be meeting daily are important and valuable people in society.
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You will gain specific knowledge
The industry is a highly specialized one. That means if you have the skills and qualifications, it won’t be difficult for you to land jobs in the field. And as you gain more knowledge at what you do, you will become a more valuable asset to any team.
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High job satisfaction
People value precious metals a lot. And many even use them as a means of saving for the future. It is a wonderful investment asset that gets everybody on their toes when it’s mentioned. So, working in the industry will mean getting involved with something that many people actually value. That, therefore, brings a high sense of fulfillment after your work is done!
What Is The Educational Requirement For Working In Precious Metals?
The education requirement for getting into the industry varies, depending on the field you are interested in. While some positions require that you get a bachelor’s degree or have a high school diploma, there are many entry-level positions that only require some specific certifications or apprenticeships. Some will also offer to give you on-the-job training to help you get better at what you do.
Is Precious Metals a Good Career Path: Average Salary of Workers in the Industry
Just as the job requirement differs, so also is the salary workers in the field earn. Your salary will most times depend on your job title, the number of hours you work per week, and the type of commodity you are working with.
However, the average salary of workers in the industry is around $71,000 per year. But many metal-working careers like a jeweler earns much lesser than that. Their average salary is about between $34,000 and $53,000 per year.
How to Get a Career in Precious Metals
There is no specific answer to this. Since there are many job positions in the industry, so also are the requirements for getting into each. But as we earlier said, some positions will require a bachelor’s degree, some only require a high school diploma, and others are entry-level positions that require only some sort of apprenticeship or trade school.
So if you are interested in picking a career path in precious metals, as you ask, ‘is precious metals a good career path,” you should also ask to know what is required of you to get the job you desire in the field.
Is Precious Metals A Good Career Path; Top-Paying Jobs in the Industry
#1: Precious metal workers
They work with precious metals of all kinds as well as objects made from the precious metals. Precious metal workers can be found in different industries, including mining, blacksmithing, jewelry, furniture manufacturing, antique restoration, etc. the average hourly wage of a precious metal worker is $19.89.
#2: Precious metal brokers
A broker earns an average of $110,000 per year. They are usually second-hand dealers that buy new or used precious metals in order to resell them. They estimate the value of the metal and exchange it for money based on the market value or retail price of the metal.
#3: Goldsmiths
A goldsmith is someone who works with gold and other precious metals. They shape these metals, solder broken pieces together, restore precious stones, change ring sizes, repair jewelry, clean and polish jewelry, etc. their average salary per year is between $37,313 and $56,281. But a goldsmith in the U.S presently earns $45,559 per year.
#4: Quality assurance specialists
The average salary of a quality assurance specialist in the precious metals industry is $116,187. Their job is to test precious metal products and ensure they are produced according to industry standards. They are important in the production process.
#5: Metal production experts
They are responsible for processing ore to produce steel, choosing the right method for the process, and determining the chemical composition of the alloys. The average salary of a metal production expert is $68,106 per year.
What Are the Essential Traits to Have When Choosing a Career Path in Precious Metals?
- Excellent vision: you will be working on minor details most time and for a long time.
- Honesty: You will be working with valuable gemstones. A high level of trust is important to be ethical in the field.
- Focus: you will need the ability to concentrate and stay on task.
- Steady hands: some job positions will require you to work on very small parts. So you will need your hands to be as steady as possible to get your jobs done.
Is Precious Metals a Good Career Path; the Top States to Seek for Employment
Seeking employment in some states increases your chance of getting a job that will match your needs in the precious metals industry. Some of them also offer much higher wages. Some of these states include:
- New York
- California
- Texas
- Florida
- Washington