Is Precious Metals A Good Career Path For Graduates? | 2023

The precious metals industry is a modern industry, and one might want to ask, “Is precious metals a good career path”? Yes, it is. This career is creative and detailed, and the pay is excellent.

Precious metals are commonly used in jewelry, industrial processes, or often as investments. When buying or selling precious metals, one should be familiar with three main terms describing the precious metal: karat, fineness, and troy ounce.

This article will discuss all information about the precious metals industry, the qualifications needed, the salary, and the job outlook. Let’s get right into it!

What Are Precious Metals?

Precious metals are naturally occurring metallic elements that possess high economic value due to their rarity, beauty, and various industrial applications. These metals have been treasured and used for thousands of years due to their unique properties and scarcity in the Earth’s crust.

The most commonly recognized precious metals are gold, silver, platinum, and palladium, although other metals such as rhodium and iridium are also considered precious.

Precious metals are often regarded as a store of value and are sought after for their investment potential. They are used as a hedge against inflation, a safe haven during economic uncertainties, and a means of diversifying investment portfolios. Additionally, precious metals are also utilized in various industrial applications, including electronics, automotive manufacturing, healthcare, and renewable energy technologies.

The value of precious metals is determined by factors such as supply and demand dynamics, global economic conditions, geopolitical factors, and market sentiment.

Precious metals can be used for various purposes such as industrial processes, jewelry making, technology, and photography.

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Is Precious Metals A Good Career Path?

Yes, Precious Metals is a good career path. If you like flexibility in work, the precious metals industry is well suited for you. The initiative offers various jobs based on your skills.

Also, if you like to pay attention to details and love creativity, you should consider the precious metals career. Whether working as a general Precious metal worker, a goldsmith, or a jewel designer, this industry has a lot to offer.

Additionally, if you are interested in this career path but don’t want to work in the manufacturing aspect, you can work in the customer service or marketing aspects. No matter your skill set, you will always find an aspect that interests you.

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What Are The Examples Of Precious Metals?

The following are examples of precious metals:

• Platinum
• Rhenium
• Rhodium
• Palladium
• Gold
• Silver

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What Does A Precious Metal Worker Do?

Workers in the precious metals industry work with different precious metals like silver, gold, Platinum, Rhenium, Rhodium, Palladium, and other valuable gemstones.

Some of the tasks carried out by the precious metals workers are:

• Polishing and cleaning of the jewelry
• Shaping metals
• Soldering metals
• Creating quotes for customers
• Smoothening of rough spots and joints on metals
• Casting new model pieces into metals

However, the work in the precious metal industry differs. Your work will depend on the niche you are going into. For instance, a bench jeweler’s work may vary from a gemologist’s.

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What Are The Pros and Cons of a Career in Precious Metals?

There are several pros and a few cons of having a career in precious metals, some of them include:

Pros of a Career in Precious Metals

Some of the pros of a career in precious metals include:

• You can work from anywhere in the world.
• You can set your schedule and work remotely.
• The pay is excellent.
• You can grow in a precious metals career even without a college degree.

Cons of a Career in Precious Metals

• The job schedules are not fixed like the typical 9-5 jobs.
• There are fewer job roles and positions in the industry compared to other sectors.
• Without harnessing the networking benefits, you may find it hard to proceed. 

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How to Get Started in a Career in Precious Metals?

In the precious metals industry, you can begin working for experienced metal artisans, for instance, making jewelry, restoring antiques, and building furniture. Pay attention to study the numerous tasks carried out if you work under any of them, and gain the experience that counts in this sector.

The precious metals sector welcomes everyone, regardless of educational background. You are just required to have relevant capacities and focus and should be able to pay attention for hours.

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What are the Skills Required To Succeed In Precious Metals Industry?

The precious metals industry requires specific skills. These skills would result in productivity and career growth when acquired and put into practical use.

It shows how much you need these skills to pursue a career in precious metals.

The following are some of the skills for a career in precious metals:

• Equipment maintenance
• Social perceptiveness
• Troubleshooting
• Excellent Vision
• Honesty
• Creativity
• Focus
• Great attention to details
• Computer skills
• Dexterity
• Mechanical skills
• Critical thinking

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What Are The Education And Training Requirements For A Career In Precious Metals?

You can work in the Precious metal industry with no college degree, but sometimes a high school diploma or a GED is required. Most workers in the precious metal industry have some secondary schooling, but not to any particular degree.

You might also need a certification from the Gemological Institute of America Inc (GIA). This would increase your chances of getting a job in the precious metals industry.

Additionally, If you are motivated, you can get an apprenticeship with an experienced professional and gain hands-on practical training.

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What Is the Salary And Job Outlook Of Precious Metals Career?

The number of job positions available is showing no growth through 2030. This does not mean there is no opportunity, though. Some people will leave the profession due to retirement or a change of careers, so prospects will exist.

The average salary for 2020 was $41.900 annually.

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How Much Can You Make From Precious Metals?

The salary varies in the precious metals industry—the salary difference results from the diverse job or career opportunities.

Therefore, the salary you can get in one job position may not be the same in another.

For instance, while Goldsmiths earn an average salary of $$56,281, a Gemologist makes an average salary of $61,117.

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How Many Jobs are Available in Precious Metals?

There are various jobs available in the precious metals market today. The sectors in this industry include marketing service, manufacturing, customer service, and other fields.

Over 24,000 Americans work in the precious metals industry with different job roles. This means over 24,000 jobs are available in the precious metals career path.

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Best Paying Jobs In Precious Metals

Is Precious metals a good career path? We have analyzed some reasons precious metals are a good career path; now, let’s look at the best-paying jobs in this industry to help you make a good choice.

Here are the best-paying jobs in precious metals:

1. Precious Metal Workers

The precious metal worker operates with many sorts of precious metals and products produced by those metals. The average salary of a Precious metal worker is $19.89 per hour.

2. Goldsmiths

A goldsmith is a craftsperson who works with gold and other valuable metals. They mainly shape the precious metals and solder shattered metal parts back together. Their yearly salary ranges from $37,313 to $56,281, on average.

3. Precious Metal Brokers

They are mainly used dealers that purchase new and used precious metals, intending to resell them. The average salary of a precious metal broker is $110,000 per year.

4. Metal Production Experts

They are in charge of processing the ore to make steel, selecting the best technique, and figuring out the chemical make-up of the alloys. A metal manufacturing specialist makes, on average, $68,106 a year.

5. Quality Assurance Specialists

They test precious metals to ensure they are made per industry standards is part of their job. They are crucial to the manufacturing process. A specialist in quality assurance makes an average pay of $116,187.

6. Gemologist

A gemologist identifies, studies, cuts, and values gemstones. The average salary of a gemologist at $61,117.

7. Jeweler

A jeweler creates bracelets, earrings, rings, and necklaces from metals, precious stones, and other materials. Jewelers make an average salary of $42,578.

8. Lapidary

A lapidary is a craftsperson who cuts and polishes precious stones other than diamonds. A lapidary earns an average salary of $39,410.

9. Polisher

A polisher helps give the surface of metal a finish using various polishing, buffing, and plating procedures. The average salary of a polisher is $30,000.

10. Engraver

An engraver is an artist who etches or inscribes specific patterns, inscriptions, or even images onto various materials. the salary of an engraver in the United States at $36,590.

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What Companies are in the Precious Metals Field?

1. Pan American Silver Corporation

• Establishment: 1994
• Headquarters: Vancouver, Canada

2. Lundin Mining Corporation

• Establishment: 1994
• Headquarters: Toronto, Canada

3. Impala Platinum Holdings Limited

• Establishment: 1966
• Headquarters: Johannesburg, South Africa

4. Harmony Gold

• Establishment: 1950
• Headquarters: Randfontein, South Africa

5. Gold Fields Limited

• Establishment: 1887
• Headquarters: Johannesburg, South Africa

6. Glencore International AG

• Establishment: 1974
• Headquarters: Baar, Switzerland

7. Gabriel Resources Ltd.

• Establishment: 1986
• Headquarter: Canada

8. Fresnillo plc (Peñoles Group)

• Establishment: 2008
• Headquarters: Mexico City, Mexico

9. Freeport-McMoRan Inc.

• Establishment: 1988
• Headquarters: Phoenix, Arizona, United States

10. First Quantum Minerals Ltd.

• Establishment: 1983
• Headquarters: Vancouver, Canada

FAQs On Is Precious Metals A Good Career Path

Conclusion

The answer to the question “Is precious metals a good career path?” is Yes if you are searching for a profession that values people’s creativity and an innovative mindset.

There are many reasons you should venture into the Precious metals industry, the industry is booming, and it will not slow down soon. With the high demand for metals like silver and gold, companies are looking for workers to help them meet their production needs.

References

• ventsmagazine.com– Is precious metals a good career path
• indeed.com- Precious metals salary

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