7 Best Paying Jobs in Precious Metals
If you are looking to change industries or enter the workplace for the first time, you may weigh your options to find out which one is best for you. Have you ever had an interest in how precious metals are sourced from the Earth and turned into jewelry and coins? If so, you may consider a career in the precious metals industry as an option. Is the precious metals industry a good career? We will evaluate what the industry is, its current status, how to enter the industry, and the top-paying jobs to find out! Here is some background and the best paying jobs in precious metals.
What Are Precious Metals?
Precious metals are rare elements found in the world that are unique in their chemical properties. Such precious metals include gold, platinum, and silver. They are used to create fancy and unique jewelry pieces and valuable coins.
Precious metals were once used as currency to purchase goods and services. They are now a way you can invest in stocks and other valuables.
The Current Status of the Precious Metals Industry
Evaluating the current status of the precious metals industry will further validate its greatness as a career choice. The industry is currently at $182.1 billion in value as of 2019. It is expected to grow at a 9% compound annual growth rate.
Procedure to Enter the Precious Metals Industry
Since the precious metals industry has a low barrier to entry with some positions that may require a degree, it can be easy to start an entry-level job as you study to work towards a higher-paying one. Here are the steps to enter the precious metals industry.
- Study for the position. If you have a high school diploma or GED already, you can start in the industry by selling jewelry and coins.
- Research the positions in the industry to find out basic employment requirements.
- Enhance your knowledge in the industry by enrolling in a degree or vocational certification program.
- Complete the required degree or certification to enter your chosen field.
- Apply for different jobs related to your desired position.
- Interview for the job and start your dream position!
- Continue to expand your knowledge in precious metals so that you can continue to advance in the field.
Are Precious Metals A Good Career Choice?
Precious metals are a great career choice as it pays a little higher than minimum wage with a low barrier to entry. Most positions listed below only require a high school diploma (or GED) and/or a vocational degree.
Many vocational degrees only take two years to complete and give you the tools you need to complete a technical craft such as being a Jewelry Repairer. Other positions require an apprenticeship before entering the field such as a Precious Metalworker.
The 7 Best Paying Jobs in Precious Metals
Before you evaluate whether you want to enter the precious metals industry or another one, let’s evaluate the 7 best-paying jobs in the industry.
1. Precious Metals Advisor
Mean Annual Income: $66,956 (Glassdoor)
Mean Hourly Wage: $32.19
Education Required: High School Diploma or GED
A Precious Metals Advisor helps a trader to evaluate the best timing to trade a precious metal such as gold, silver, or platinum. They give you knowledge about the fees or other expenses associated with your trade so that you can get the most out of your trade. Since you do not need advanced schooling for this position, you will have to familiarize yourself with the current trends in the precious metals industry so you can notify your customers.
2. Jewelry Designer
Mean Annual Income: $56,460 (PayScale)
Mean Hourly Wage: $27.14
Education Required: Associate’s or Bachelor’s Degree in Jewelry Design, Gemology, or another related field.
Jewelry Designers work with precious metals such as gold and silver to create jewelry. They design the jewelry through blueprints and schematics to measure how long the gem placement, bracelets, necklaces, rings, and other jewelry pieces will measure.
For custom jewelry orders, they collaborate with the customer so a vision of the jewelry can be generated. Then, the Jewelry Designer will draw up a few options for the customer. Once the customer approves one of the choices, the designer will go to work to shape the jewelry according to what the customer wants. This custom option is best known for when making custom engagement rings and other special events where an engraved piece of jewelry will be given as a gift.
3. Jewelry Repair Representative
Mean Annual Income: $38,796 (ZipRecruiter)
Mean Hourly Wage: $18.65
Education Required: High School Diploma or GED with a vocational certificate and/or Associate’s Degree in a related field.
A Jewelry Repair needs the niche skills necessary to fix rings, necklaces, and other jewelry that may become damaged. Some repairers work at a local jewelry shop and fix the jewelry under a product guarantee. This is why they need a vocational degree to gain the technical ability to fix the jewelry for their customers accordingly.
Mean Annual Income: $38,305 (ZipRecruiter)
Mean Hourly Wage: $18.42
Education Required: Bachelor’s Degree in Metalworking or a 2-year vocational degree in the field.
A Goldsmith is the main designer of gold pieces, jewelry, and other decoration pieces. They sand down the gold to smooth it out, hammer, cut, turn, and bend the gold into specific shapes for necklaces, bracelets, earrings, coins, and more. Casting the gold will help it further shape into the desired jewelry piece.
5. Jewelry Sales Representative
Mean Annual Income: $34,905 (ZipRecruiter)
Mean Hourly Wage: $16.78
Education Required: High School Diploma or Associate’s Degree
About a third of Jewelry Sales Representatives usually enter the field with a High School Diploma or GED. Another third of the individuals may have an Associate’s Degree in a related field before entering.
A Jewelry Sales Representative learns about the specifications for necklaces, bracelets, rings, and other pieces to be able to sell them to clients who are interested in new jewelry pieces for their wardrobe. Skills you should have as a Jewelry Sales Representative include communication skills, persuasion skills, and active listening skills with the ability to learn quickly.
Especially with inventory, it can be difficult to know all about each jewelry piece. The jewelry store in which you are affiliated can help to train you so you can increase your selling skills over time.
6. Coin Dealer
Mean Annual Income: $34,876 (Comparably)
Mean Hourly Wage: $16.76
Education Required: High School Diploma or GED
Coin Dealers trade coins and other jewelry goods at their stores. Traders can receive monetary compensation for what they trade to a Coin Dealer. This position requires that you spot fake coins and evaluate the value of high-priced coins. You must make an offer that is valuable enough for the trader to make money and not so low that you cannot make a good profit when you resell the coin.
7. Precious Metalworker
Mean Annual Income: $46,640 (Career Explorer)
Mean Hourly Wage: $22.42
Education Required: High School Diploma or GED; an apprenticeship may be needed to certify you in the field.
Precious Metalworkers take precious metals, gems, and other materials and use their technical skills to create jewelry and other statement pieces for men and women to wear with their formal or informal outfits. They closely look at gems and other diamonds for grading purposes, so that they know what to tell jewelry sellers when they draw up their product descriptions.
Final Thoughts On Working In the Precious Metals
So are precious metals a good career path? Definitely! If you love the technical aspect of creating jewelry or the selling aspect of helping people to feel beautiful with what they wear, you will love a career in this industry!
Study with passion when embarking on your apprenticeship or vocational degree. As you build your skills, you can advance your career in precious metals to new heights.