10 Best Paying Jobs In Precious Metals For 2023

Have you ever thought about a job in the precious metals industry? You might be surprised that many different types of careers are available in this field.

From mining and refining to jewelry design and sales, there are many jobs in precious metals for those passionate about gold and silver. Precious metals require high levels of expertise and experience to work with, so these jobs tend to be very well-paying.

We all know that silver and gold prices have increased in recent years. As a result, jewelry and coin specialist are in higher demand than ever.

The precious metals industry is exciting and offers many opportunities for those with the right skills and experience.

So you are looking for a new career or recently graduated college and looking for the best-paying jobs in the precious metal industry? 

What Are Precious Metals?

Precious metals are rare, naturally occurring metallic chemical elements. They have high economic value and are relatively scarce in the Earth’s crust.

Regarding economics, the term precious metal is reserved for only those rare metals with a high economic value. Only six precious metals are known to man, including gold, silver, platinum, palladium, rhodium, and osmium. All other metals are considered non-precious.

The precious metals industry is an evergreen industry that is not significantly affected by economic recession or depression. So this would be great time to get a job in precious metals or Gold IRAs.

The demand for these metals usually increases during tough economic times as people look for ways to invest their money in something that will hold its value.

The precious metals industry is a multi-billion dollar industry and is expected to grow even further in the coming years. With the increasing demand for these metals, plenty of job opportunities are available in this field.

What Makes Precious Metals So Valuable?

The value of precious metals is determined by their rarity, physical properties, and their uses in industry and jewelry. Precious stones or metals are valuable because they are rare, durable, and have low reactivity. They are also good conductors of electricity and heat.

Meaning you can make a good career through precious metals such as jewelry and wedding rings.

Gold is the most valuable of all precious metals. It has low reactivity. Gold is also a good conductor of electricity and heat. The value of gold is determined by its rarity, physical properties, and uses in industry and jewelry.

Silver and palladium are also valuable precious metals. Silver has been used in coins, jewelry, and other decorative items. It is also used in photography, electrical contacts, and conductors. Palladium is a valuable metal used in catalytic converters, dental alloys, and electronic equipment.

Platinum is another valuable precious metal. It is used in jewelry, lab equipment, and catalytic converters. Platinum is also used in cancer treatment and fuel cells.

Rhodium is a valuable metal in catalytic converters, jewelry, and electronics. Osmium is the rarest of all precious metals. It is used in alloys and electronic equipment.

What Are The Best Paying Jobs In Precious Metals?

The precious metals market is estimated to be worth USD 275.40 billion and is expected to grow in the coming years.

This means there will be plenty of opportunities for those looking to enter the precious metals industry. Here are 10 of the best-paying jobs in precious metals:

1. Precious Metals Broker

It s very obvious that a precious metal broker will earn more than an advisor. The reason is that they are the direct link between the buyer and the seller. A broker can easily make a commission of 5% on each deal.

If you can broker a deal worth $1 million, you will earn $50,000 as your commission. Precious metals brokers are second-hand dealers who are intermediaries between buyers and sellers.

To become a broker, you need to have a license from the government. If you are not interested in getting a permit, you can work as an assistant to a broker.

2. Goldsmith

Usually, a goldsmith is an expert who makes jewelry and other metal objects by using gold. They often work in small shops or studios. A goldsmith can make a good income by creating custom jewelry for clients.

The average salary of a goldsmith is $35,000 per year. In the past, goldsmiths were only limited to creating objects from gold. But now, they can work with other precious metals like silver and platinum.

A goldsmith's vital activities and responsibilities are creating jewelry designs, melting metal, soldering pieces together, setting stones, and polishing jewelry.

The difference between a goldsmith and a jeweler is that a goldsmith mainly works with gold, while a jeweler can work with any metal. Your degree in metallurgy will help you a lot in becoming a goldsmith.

3. Gold Affiliate

A gold affiliate promotes and sells gold products on behalf of a company. The company will give you a commission for every sale that you make. The average commission you can earn as a gold affiliate is 10%. If you sell a product worth $1,000, you will earn $100 as your commission.

To become a gold affiliate, you need to have a website or blog where you can promote gold products. You can also encourage gold products on social media platforms like Facebook and Twitter. But keep in mind the scams in this industry are also very high.

Augusta Precious Metals is the best affiliate program. They offer a great way to monetize your blog or website by allowing you to earn a commission on every sale. If you promote your services online, promote the right products from a credible source.

4. Precious Metal Worker

The precious metals sector employs a great deal of labor in the form of precious metal workers. These workers are responsible for the day-to-day operations in mines, smelters, and refineries.

The pay for these positions is excellent, with an average salary of $50,000 per year. In some cases, wages can be as high as $100,000 per year.

To become a precious metal worker, you must have a high school diploma or equivalent. You will also need to undergo on-the-job training. The working hours for these positions are usually very long, and you will be required to work overtime regularly.

A precious metal worker is responsible for daily operations in mines, smelters, and refineries. Most of the precious metal workers are employed in gold mines.

5. Jeweler

The most seen profession when working with precious metals is that of a jeweler. A jeweler is an expert in selling jewelry. Jewelers can either work in small shops or large department stores.

Jewelers are usually very good at sketching and designing jewelry but are not jewelry designers. Jewelers are free to open their shops after getting some experience.

A few different things you can do when working as a jewelry:

• Jewelry salesperson
• Jewelry repair

I'd say jewelry sales is a common precious metals job to work in and start with.

It's an excellent opportunity for those with a creative bent of mind who has always wanted to open their own jewelry store.

6. Coin Specialist

A coin specialist specializes in buying, selling, and appraising coins. Coin specialists usually have a lot of knowledge about the history of coins and the available types of currencies. They use this knowledge to help people buy or sell their coins.

Coin specialists usually work for coin dealers or numismatic firms. To become a coin specialist, you must have a college degree in numismatics or a related field. You will also need extensive knowledge about coins and the coin market.

Sometimes, people confuse the difference between a numismatist and a coin specialist. A numismatist is someone who studies coins, while a coin specialist is someone who buys and sells them.

To succeed in this profession, you must have a good knowledge of coins and the coin market. Silver, gold, and platinum are the most popular precious metals that coin specialists deal with.

7. Jewelry Designers

A jewelry designer creates and manufactures jewelry, including numerous gemstones. This can be done for mass production or a specific customer. A jewelry designer must understand jewelry-making techniques used in making lovely jewelry, the properties of those materials, and how to work with them.

A designer must also be able to create sketches or other representations of their ideas and communicate those ideas to others involved in the manufacturing process.

Jewelry designers typically work for jewelry stores or designer firms. To become a jewelry designer, you must have a degree in art or design. Jewelry designers create jewelry that is both beautiful and stylish.

Some diplomas and certificates are also necessary if you want to pursue a career in jewelry design.

8. Quality Control Specialist

A quality control specialist is responsible for ensuring that the products manufactured by a company meet specific standards. Quality control specialists usually have a degree in engineering or a related field.

This is a very specialized field for jobs in precious metals.

They use their knowledge of manufacturing processes to identify product defects and develop ways to fix them. Quality control specialists usually work for manufacturing companies.

To become a quality control specialist, you must have a degree in engineering or a related field. You will also need to know manufacturing processes.

Precious metals consultant is a different job position that does not require the same skillset and knowledge. Quality control specialists are in charge of other tasks, such as developing ways to fix product defects.

9. Gold Miners

Gold miners are responsible for mining gold. Gold mining is dangerous, and gold miners usually work in remote areas. To become a gold miner, you must have a high school diploma. You will also need to undergo training at a mining school.

Gold miners usually work for gold mining companies. Gold miners with a lot of experience can earn up to $80,000 annually. But it's a risky profession, as it is one of the most dangerous jobs in the world.

With the right skills and experience, gold miners can earn a good salary.

10. Gemologist

A gemologist specializes in the study of gems. They use their knowledge of minerals to identify and appraise different types of gems. Gemologists usually have a degree in geology or a related field.

Gemologists typically work for jewelry stores or gemological institutes. To become a gemologist, you must have a degree in geology or a related field. You will also need to know about minerals. Gemologists usually work for jewelry stores or gemological institutes.

They use their knowledge of minerals to identify and appraise different types of gems. To become a gemologist, you must have a degree in geology or a related field.

You will also need to know about minerals.

Should You Work In The Precious Metals Industry?

Have you ever seen a precious metal consultant and thought, I want that job? Well, you're not alone. Many people are interested in working with precious metals because of the high pay and exciting work.

Precious metals workers include jewelers, goldsmiths, silversmiths, and others who create jewelry and other objects from gold, silver, and other precious metals. This includes antique restoration and even selling collectibles.

Potential employers include jewelry stores, metal refineries, and manufacturers. Some significant benefits of working with precious metals include:

High Pay

The average salary for a worker in precious metals is $38,000 annually, but the top 10% of earners make more than $70,000 annually.

You can expect to earn even more if you have experience or training in precious metals. Such as working as consultant where you can make up to six figures based on Glassdoors research. 

Flexible Work Hours

Many precious metal workers are self-employed or work for small businesses, so they have the flexibility to set their work hours. The working hours are often shorter than those of other industries, so you'll have more time for your family and friends.

Creative Work

If you're creative and enjoy working with your hands, a career in precious metals might be a good fit for you. You'll get to design and create jewelry and other objects from scratch.

Doesn't Have To Be A Desk Job

If you're looking for a job that doesn't involve sitting at a desk all day, precious metal is a good option.

You'll be on your feet and working with your hands, so you can stay active while you work. A precious metals advisor may also travel to visit clients or attend trade shows.

Is Precious Metals A Good Career Path?

A career in precious metals can be gratifying especially since most allow you to work on a temporary or contract basis.

Precious metals specialists are in high demand, and those with the right skills and experience can earn a good salary. However, it is essential to note that even the best jobs in precious metals can be risky.

The prices of precious metals can fluctuate wildly, and those who work in the industry can suffer financial losses if they are not careful. Nevertheless, those willing to take the risk can often reap great rewards.

Precious metal jobs are not fruitful unless one is very passionate about them. It might be a good career path for those who love challenges and are not afraid of risks.

It can also be an excellent way to learn about different aspects of the jewelry industry, such as gemology and design. Those interested in precious metals jobs should research the field carefully and consult with professionals to learn more about the risks and rewards involved.

Let's take a look at points that make a career in precious metals a good choice:

Friendly Work Environment

Toxic environments are not suitable for one's health. Metals such as cadmium and lead can be found in some workplaces.

These substances can cause serious health problems, such as cancer. Precious metals are not toxic; working with them is much safer.

Don't Require a Special Degree

You don't need a particular degree to work with precious metals. A degree in engineering, business, or a related field is helpful but not required.

You can learn the necessary skills through on-the-job training or by attending a trade school.

Can Be Very Lucrative

Every Job has the potential to be lucrative. Precious metals operations can be very profitable, and those skilled and experienced can earn a good salary.

Prestige

Jobs in precious metals can provide prestige and status. Their friends and family often respect those who work in the industry, and their work is highly regarded. 

Why? Because it takes a lot of extensive understanding and patience for this career path.

There are many reasons why a job in precious metals can be a good choice. Those interested in this field should research it carefully and consult with professionals to learn more about the risks and rewards involved.

How To Work In The Precious Metals Industry

First, you choose a field of work in the precious metals industry. You can either find a job in a company that produces precious metals products or provides services related to precious metals, or you can start your own business. There are many opportunities for those with the right skills and experience.

Second, you need to gain the necessary skills and experience. To work in the mining section, you must learn about geological surveys, mining methods, and mineral processing.

You should know about metallurgy and metalworking to work in the manufacturing sector. Many schools offer programs in these fields. You can also learn through on-the-job training.

Third, you need to get the necessary licenses and permits. You may need a license or permit depending on your country and the work you want.

Fourth, you need to find a job or start your own business. There are many ways to find employment in the precious metals industry.

You can search online job boards, contact companies directly, or network with professionals in the industry. You can also start your own business.

and lastly, you need to stay updated with the latest news and developments in the precious metals industry. This will help you be more successful in your career.

There are many ways to stay informed, such as reading trade publications, attending conferences, and networking with professionals.

FAQ: The Best Paying Jobs in Precious Metals

What Are Precious Metals?

The International Organization for Standardization has designated precious metals as "noble metals," meaning they resist corrosion from other elements and have a lovely lustrous appearance.

Currently, there are six precious metals recognized by ISO. Gold, silver, palladium, platinum, rhodium, and osmium.

How Much Can You Make As A Precious Metals Worker?

This is a difficult question to answer because there are so many different types of jobs in the precious metals industry.

But since most precious metal workers work with higher-end clients, you can make much more money.

The pay scale for each job varies widely depending on the employer, the geographical location, and the level of experience and expertise required. However, It ranges between $26k and $86k per year.

What Is The Job Outlook For Precious Metals?

The job outlook for precious metals is positive. The industry is growing, and there is a demand for skilled workers. Many jobs are available in the industry, from entry-level to highly skilled positions.

Since the global economy can purchase precious metal jewelry pieces or common items, it will always provide opportunities in this space.

What are metal makers called?

Metal makers are called metallurgists. Metallurgists are responsible for metal making, from the mining to the finished product.

What is the difference between a jeweler and a goldsmith?

A jeweler is someone who makes and sells jewelry. A goldsmith is someone who specializes in working with gold. Goldsmiths are usually trained in the art of goldsmithing and have a higher level of expertise than jewelers.

Conclusion

Precious metals are a hot commodity, and the industry is only getting bigger. Now is the time to jump in if you're thinking about a career in precious metals.

There are plenty of great options, so find the one right for you and start making some serious money. With the proper training and experience, you could make a six-figure salary in no time.

The Precious metals industry has many different aspects, from mining and refinery work to jewelry design and trading. No matter your interests or skillset, there is likely a place for you within the industry.

And, thanks to the ever-growing popularity of Precious metals, don't be surprised if you land a high-paying job in the precious metals business.

So what are you waiting for? Start exploring the world of Precious metals today and see where your career takes you.