This article will give you in-depth information regarding “how many jobs are available in precious metals?” but first let’s take a brief overview about precious metals.
With a market value of about $182 billion, investing options for precious metals are getting more sought-after. Compared to other industries, the precious metals industry employs a tiny number of workers.
According to research into the career outlook of this industry, it will only grow at a moderate rate, with a few opportunities for career advancement coming up shortly.
In this guide, we’ll detail the following:
- What are precious metals?
- Precious Metals Industry in the U.S
- How many jobs are available in precious metals?
- How Do I Become a Precious Metals Worker?
- What Should You Know Before Choosing a Career in Precious Metals?
- The Outlook for Precious Metals Workers
- Future of Precious Metals Worker
- Average Salary of a Precious Metals Worker
- Education and Training Needed for Jobs in Precious Metals
What Are Precious Metals?
Precious metals are highly sensitive. They are often found in coinage, jewelry, and other things. Precious metals are divided into three categories which are silver, gold, and platinum.
Gold
The most widely-used precious metal found anywhere on earth. It is found in nearly every nation. But, it is more prevalent in South Africa, the United States, Canada, and Russia. There are various methods for mining gold from ore, such as panning, sluicing, machines and hand tools (mining), and placer mining.
Silver
Silver is, after gold, the second most abundant metal. Silver is most often located mostly in Mexico as well as Peru. However, it can exist in other countries, including China, Australia, and Russia. Panning, sluicing mining using machines or hands (mining), and placer mining are the main ways of mining gold from the ore.
Platinum
Platinum is among the least popular in the world of precious metals. Platinum is most abundant in South Africa, Canada, and Australia. In the United States the United States has smaller silver deposits. Platinum is extracted from ore using panning, sluicing, or sluicing, machine or hand mining (mining), and placer mining.
Precious Metals Industry in the U.S
The world market for precious metals was worth USD 182.1 billion as of 2019 and is expected to grow at a compound annual percentage (CAGR) in the range of 9.0 percent in revenue between 2020 and 2027, as per an analysis by Grandview Research.
In the forecast time over the forecast period, the need for the product for jewelry applications is expected to be a significant factor in the development of the industry.
Precious metals are highly valued because of their rarity and have been used as jewelry and cash for millennia.
A wide-ranging industry of precious metals in the United States is involved in the extraction of, processing, and marketing of silver, gold, platinum, and palladium.
Mines are divided into two categories that are open pit and underground. Numerous companies use blasting and crushing rock to retrieve precious metals from the ground that are later processed into more pure forms by using heat to eliminate impurities.
In addition, dealers of precious metals promote precious metals to the masses, collectors, and investors.
How many jobs are available in precious metals?
Despite the limited employment opportunities in the precious metals industry, it provides a wide range of possibilities. Certain workers are employed in mining, extracting rare metals and other elements from the earth. Others are employed in the manufacturing industry, producing precious metal products.
There are also positions in finance and investing, along with sales and marketing. Opportunities for progression in finance and investing are endless; therefore, anyone interested must thoroughly research all the options before making a choice.
Let’s take an overview of the list of the best paying jobs in precious metals that are listed below:
Manufacturing Sector
The industry of precious metals is a significant contributor to overall production. They are involved in the fabrication of part manufacturing, product assembly, and cleaning of the facility.
People interested in jobs in this sector typically have manufacturing or engineering background, in addition to many years of experience in the industry. Due to the limited supply and the high price of precious metals, There is always a demand for skilled professionals.
The manufacturing industry is quickly expanding, which means greater employment opportunities. Keep in mind that this field is both challenging and rewarding.
Mining Sector
The different jobs that are available in the mining industry as well as the responsibilities of a worker, differ depending on the job. Miners generally are underground working in small spaces equipped with heavy equipment, usually under the most danger. They might require robust enough to withstand extended periods of heat or cold. Certain jobs require particular expertise, such as welding or even engineering.
Finance and Investment Sector
An employee in the investment and finance sector’s job is to search for investment opportunities and offer input to financial experts. Analysts in this industry are responsible for evaluating the market’s trends, doing thorough research about possible investments, and recommending what assets to purchase or sell. They also play a role in assessing the value of silver and gold.
Gemologist
Gemologists are one of the best paying jobs in precious metals. They investigate and analyze gems. They can also inform you what diamonds are worth and if it’s real. Since gemology is a highly specialized field, most of its employees have extensive professional experience.
Lapidary
Education in the field of jewelry production is necessary for the work of the lapidary. Lapidaries cleanse rocks and transform them into jewelry. They can use precious metals, jewelry, or shells to create art. Certain lapidaries work with glass, too. Lapidaries employ various tools to cut and form stones in any situation. Sanders or power saws could also be employed to smooth their stones.
The job involves cutting, polishing, and shaping precious stones and metals as the lapidary. This occupation requires a high degree of skill and determination. If you can access top-quality components, you will likely be compensated well. Certain jobs may require you to be security guards to stop valuable metals from being taken.
Sales Manager
Clients are marketed and sold precious metals products through sales executives. They need to have excellent interpersonal and communication skills and be aware of the market for precious metals and the latest trends in the industry. A bachelor’s in marketing, sales, or another related field is typically required.
Jeweler
A jeweler is an experienced specialist in the area of precious metals that specializes in creating and producing jewelry using various materials, including diamonds, metal, gemstones, and.
They also can polish and restore jewelry by using different techniques and materials. They can also examine the material’s worth and conduct studies and analyses to find the components.
Successful jewelers must have an in-depth understanding of metals, gems, basic assembly and restoration techniques, and finishes.
They also need to be familiar with global fashions and trends. In a perfect world, the most skilled person will also believe in honesty and compassion.
Industrial Engineer
Design and manufacturing are among the best paying jobs in precious metals in the field. They manage and plan the manufacturing process. They also carry out due diligence and valuation of assets. They can also design tools and cards based on their job. This job requires professional expertise and excellent communication skills.
Industrial engineers design products and processes and design improvements to the mechanical components of manufacturing. They create efficient systems by combining technology, labor, materials, and machinery. They supervise, for instance, longwall mining and ensure the safety and efficiency of the process. In a mine, Foremen oversee the employees and other workers. Industrial engineers need to be analytical and social.
Analyst precious metals operations
A precious metals analyst’s work is unique because it allows a candidate to make substantial compensation, participate in a high-risk/high-reward trade, and potentially hold a small share of prospective gains.
The person hired is responsible for evaluating the entire operation, the costs of the products, and whether they are offered at a reasonable price. Precious metals analyst positions are among the highest-paid jobs in the field. Analysts earn an average annual salary of $130,000.
Goldsmith
A goldsmith is an expert craftsperson who designs stunning metal objects. It is also among the best paying jobs in precious metals. They make use of different metals to make jewelry, coins, as well as tools. The average salary for a goldsmith amounts to $48,886 and $24/hour, and $4:073 per month.
How Do I Become a Precious Metals Worker?
To become a worker in precious metals, it is necessary to earn an official degree in a related field, for example, mining engineering or metallurgy, and then acquire practical knowledge of the industry through entry-level or internship positions. You can also focus on a particular area of the business, like refining, trading, or even fabrication. In this industry, strong communication technical, analytical, and communication capabilities, along with an understanding of the market for precious metals and the latest trends in the industry, are valuable assets.
What Should You Know Before Choosing a Career in Precious Metals?
Precious metals like silver, gold, and platinum have long been considered valuable and are an option for investment today.
The six things to consider before pursuing a career in precious metals are given below.
- precious Metals are no longer exclusively used to make jewelry. As time goes by, precious metals are utilized in industrial processes, for example, the production of batteries and electronics.
- Since mining for precious metals is often a low-paying job, Be prepared for the lowest salary.
- To get a job, most companies require a bachelor’s qualification in engineering or mining.
- In the sector of precious metals in the precious metals industry, hard work is the rule. You have to be ready to put in the effort or leave.
- You must be prepared to travel to remote areas.
- Be prepared to work long hours.
The Outlook for Precious Metals Workers
The future of precious metals employees is heavily influenced by precious metals demand and the status of the economy. Precious metals, such as gold and silver, have seen increased demand in recent years due to their use in jewelry and as a store of value and their role as a hedge against inflation and currency depreciation. This has resulted in job opportunities in the precious metals refining, trading, and fabrication industries. Furthermore, technological advances in the business may result in the establishment of new work possibilities. However, variations in the global economy and changes in demand for precious metals can impact the precious metals business. Despite these concerns, the future for precious metals workers remains optimistic.
Future of Precious Metals Worker
Because of their specialized expertise, precious metals specialists have always been in high demand. However, their future function is unknown with the introduction of new technology and the ever-changing economy.
Some analysts anticipate that precious metals workers will continue to be in great demand as gold and silver jewelry become more popular. Others argue that technological advancements will render their abilities obsolete.
Nobody knows for certain what the future holds for precious metals workers. However, those with this skill set should take precautions to guarantee that they can adjust to changes in the economy. They can improve their abilities and stay current on new technology.
Average Salary of a Precious Metals Worker
The precious metals business pays well, with the maximum annual wage projected to be $81,921. This occupation can be found in various settings, including mines, refineries, and jewelry stores. Some jobs may include travel, while others may entail working with dangerous chemicals.
The typical pay in the Precious Metals industry ranges from $26,050 to $77,330. This spectrum encompasses a wide range of employment, from entry-level to more professional. This spectrum also includes both entry-level and senior-level positions. Salary levels differ according to experience, education, and other criteria.
Entry-level jobs in this industry typically pay between $26,050 and $40,560 per year. Senior-level positions typically pay between $60,490 and $77,330 per year.
Education and Training Needed for Jobs in Precious Metals
The education and training required for employment in precious metals vary according to the job. A master’s or bachelor’s level degree in engineering metallurgical sciences of materials or any similar field is usually required for the position of a metallic. Refiners of precious metals could possess chemistry or metallurgy experience and receive on-the-job training. Most traders of precious metals have an education in economics, finance, or another related field, as well as receive on-the-job instruction in the market for precious metals. Jewelers usually have a degree in metals or fine art and are educated on the job in jewelry manufacturing and design.
Conclusion
So this was all regarding “how many jobs are available in precious metals.” There are a few jobs in the field of precious metals, so make sure to do your homework before submitting. Ensure you understand the criteria for employment and the duties expected of you. Before you accept an offer, be sure to inquire and collect as much information as you can. There are many opportunities available to you if you wish to be employed in the area of precious metals. It is the ideal time to start looking for the best paying jobs in precious metals.
