We all dream about a high-paying job in an industry we’re passionate about. If the precious metals industry is your field of expertise, then you’ll have both a fulfilling and well-paid job. The precious metals industry offers a great deal of high-paying opportunities. You just have to consider every possibility in the labor market, before choosing the right one.
The precious metals industry is successful due to the high demand for precious metals in current markets.
Gold, platinum, and silver are just a few of the precious metals in high demand, not just in the US, but all across the world. This fact alone enables you to build a long-lasting career with many benefits in the lucrative industry of precious metals.
Still, the question remains, what are the best paying jobs in precious metals? This article is here to give you the answer and all the necessary details for a career in the precious metals industry that suits your talents. Read on to find out what precious metals are, and learn more about the best paying jobs in precious metals.
What are Precious Metals?
We’re all familiar with the basic precious metals. But, besides gold, platinum, and silver there are many other precious metals, like iridium, ruthenium, rhodium, palladium, rhenium, and osmium.
Found in nature, precious metals are rare metallic elements with high economic value. Why you may ask?
Because of their rarity, astonishing beauty, value, usefulness, and history as a value deposit. Also, precious metals have been the base of the global economy throughout history and still represent a great asset protecting stakeholders from any economic instability. Being in the business of long-term wealth preservation the industry of precious metals has a lot to offer to its future employees. Therefore, it’s wise to consider a job in precious metals if you want to have a successful career that pays well.
Here’s our list of the best paying jobs in precious metals, with all its perks!
12 Best Paying Jobs in Precious Metals
If you see yourself as a future employee in the precious metals industry, you should be aware of the best paying jobs in precious metals:
- Precious metals broker- an average annual salary of $124,116
- Precious metals consultant- an average annual salary of $81,489
- Precious metals sales agent- an average annual salary of $75,504
- Metalworking specialist- an average annual salary of $73,339
- Jewelry store manager- an average annual salary of $57,951
- Gemologist- an average annual salary of $57,612
- Jewelry designer- an average annual salary of $57,519
- Miners- an average annual salary of $48,110
- Goldsmith- an average annual salary of $45,846
- Precious metal worker- an average annual salary of $41,267
- Quality control specialist- an average annual salary of $41,184
- Jewelry specialist – an average annual salary of $37,060
Review the salary ranges on each job and learn what it takes to have one of the best paying jobs in precious metals in the US.
1. Precious Metals Broker
The average annual precious metals broker salary in the US is $124,116, while the base salary is $84,149 per year. There is also an estimated additional yearly pay of $39,967. The additional pay includes bonuses, commissions, tips, and the sharing of the profit.
According to ZipRecruiter the first three states with the highest precious metals broker salary in the US are:
- Washington- an average annual salary of $168,902
- New York- an average annual salary of $159,879
- California- an average annual salary of $152,861
As a precious metal broker you’ll have to:
- Pick which type of precious metal you want to buy and sell
- Have expertise in the metals you trade
- Know in which forms your metal will be bought and sold (coins, jewelry, or antiques)
- Realize how each form of trade is priced, bought, and sold
- Sell your precious metal on different platforms (online, at auction, or in-store)
- Price precious metals, according to market fluctuation
- Correspond with the government and the precious metal market rules
If you’re determined to land the number one job on our list of best paying jobs in precious metals, apply for a license required in the business of purchasing items made of or containing gold, silver, platinum, or other precious metals or jewels.
2. Precious Metals Consultant
Precious metals consultant’s annual salary is $81,489, while the yearly base pay is $67,293 with additional yearly pay of $14,196.
The precious metals consultant has a wide range of responsibilities:
- Make granular estimations of country-by-country and sector-by-sector precious metals demand and supply data
- Cooperate with other internal consultants responsible for other countries to ensure joined-up data series
- Contribute to conference presentations, consulting projects, reports, preparing charts and tables
- Attend conferences or other functions in the domain of the precious metals industry
- Create and maintain relationships with current, prospective, and key precious metal market clients
Experience in precious metals markets or commodity analysis is essential if you want to become precious metals consultant and have one of the best paying jobs in precious metals. Advanced Excel and database skills are also desirable. Besides the fact that you need to be an excellent communicator companies usually require solid academic background, at least a BSc or equivalent, MSc, or other postgraduate degrees.
3. Precious Metals Sales Agent
The salary of a precious metals sales agent ranges from $60,403 to $90,605 with a median salary of $75,504, according to Comparably. The average annual salary for the position of precious metals sales agent in the precious metals industry in the US is $75,504. The top 67% of precious metals sales agents earn $90,605, while the middle 67% earn the average salary of $75,504.
Being a precious metals sales agent is far from easy. Many requirements should be met if you fill in a position of a precious metals sales agent, like:
- Experience in sales (jewelry experience is a big plus), and customer service
- Talent to build a bond with customers
- Excellent communication skills (written and verbal)
- Confidence and comfortability to sell over the phone
- Customer-focused approach for a special customer experience
- Solid integrity, positive attitude, and honesty with a strong work ethic and morals
- Computer skills
- Strong organizational skills and the ability to work fast in a busy environment (buying, selling jewelry, coins, silver, gold, watches, etc.)
- Management skills necessary to increase the company’s accounts and portfolios
- Deep and easily accessible knowledge about the products you are selling
Once you meet these requirements, all you have to do is make the most of your talents and skills to prove yourself and be the best precious metals sales agent in one of the best paying jobs in precious metals.
4. Metalworking Specialist
The annual average Metalworking specialist salary as of August 13, 2022, in the US is $73,339. That means
$35.26 an hour, $1,410 a week, or $6,111 a month. The highest metalworking specialist salary according to ZipRecruiter is $112,500 and the lowest is $24,500. Most metalworking specialist salaries range from $56,500 (25%) to $86,500 (75%) with top earners (90%) earning an annual salary of $99,500.
You should be well aware of your duties and responsibilities if your goal is to land one of the best paying jobs in precious metals by becoming a metalworking specialist:
- Determine the chemical composition of the products
- Select the best method and temperature of the melting process
- Create ornamental objects
- Design, shape and reshape jewelry
- Be an artist and a trader
Usually, metalworking specialists working with precious metals don’t have a particular educational background. What they have is experience, talent, and the necessary skills to be a part of the precious metals industry.
5. Jewelry Store Manager
As of July 26, 2022, the average annual salary of a jewelry store manager in the US found on Salary is$57,951, while the salary range is from$48,398to$73,630. There’s a variation in salary depending on education, certifications, additional skills,and experience in the profession of a jewelry store manager.
As a jewelry store manager, you’ll be in charge of a specialty retail store selling many gemstones and precious metals. Therefore, you should:
- Oversee security and ensure the safety of workers, clients, and the store’s inventory.
- Have a wide knowledge of the offered products offered
- Fulfill your managerial duties
- Handle payroll, close transactions, and handle deposits
If you happen to get one of the best paying jobs in precious metals and become a jewelry store manager you’ll have a unique opportunity to offer to customers a variety of rings, bracelets, necklaces, and other decorations that feature precious metals and jewels. To work in the position of a jewelry store manager you should at least have a high school diploma in addition to practical knowledge. Some employees look for an associate’s degree, as well.
If you’re interested in the Gemologist salary we have all the information you need. The average annual salary of a gemologist is $57,612, while the salary usually ranges from$49,783to $65,950.
It’s always wise to know what’s expected of you in the job of your choosing, especially if it’s one of the best paying jobs in precious metals. As a gemologist you’ll:
- Work with and identify precious stones and gems
- Study particular gems and stones, using microscopes and other specialty gemstone testing equipment
- Determine the jewelry’s value, and authenticity
- Cut jewelry to fit certain casts and molds
- Use chemicals to determine the composition of the jewelry
- Estimate jewelry’s price
- Enter gemstone identification information in the information system
First and foremost, if you’ve decided to become a gemologist you must have very good coordination and skills to handle microscopes and other testing equipment used for jewelry. Most employees require an educated chemist for the position of a gemologist and a certification for gemology. Nowadays many gemologists learn their trade as jewelry store employees, therefore some employers settle for a bachelor’s degree in a related field.
7. Jewelry Designer
The average annual salary of a jewelry designer according to Payscale is$57,519. The salary is different if we put experience in the equation. Therefore, the salary of a jewelry designer with:
- Less than 1-year of experience including tips, bonus, and overtime pay is $36,312 (based on 5 salaries)
- 1-4 years of experience is $49,263 (based on 47 salaries)
- 5-9 years of experience is $67,290 (based on 44 salaries)
- 10-19 years of experience is $67,671 (based on 40 salaries)
- 20 years of experience and higher, late-career employees, is $59,155.
If you happen to be skillful, and lucky enough to win one of the best paying jobs in precious metals, be prepared to:
- Design Jewelry
- Work with customers and realize their ideas
- Execute jewelry designs to please the company or the customer
- Make and complete technical drawings of the product
- Create sketch design ideas to carry out the vision for the team
- Use 3D design programs, like Photoshop and Rhino
- Research seasonal market trends and color stories and implement them in new designs
Quite an artsy profession! Therefore, some employees require an art school degree for the position of jewelry designer. You should also prepare a portfolio for presentation, to show your previous work and convince the employer that you’re the right person for the job.
Miners have an hourly salary of $23.13, and an annual average salary of $48,110 calculated by the hourly-salary calculator. If we add the experience to our calculation, we’ll end up with the following data:
- The hourly salary of a miner with less than 1-year experience is $18.55 (including tips, bonus, and overtime pay, based on 14 salaries)
- The hourly salary of a miner with 1-4 years of experience is $20.48 (based on 29 salaries)
- The hourly salary of a miner with 5-9 years of experience is $27.55 (based on 29 salaries)
- The hourly salary of an experienced miner with 10-19 years of experience IS $28.88 (based on 22 salaries)
- The hourly salary of a miner with 20 years of experience and higher is $28
One of the best paying jobs in precious metals is also potentially dangerous. It requires the ability to:
- Operate heavy machinery and equipment for excavation, extraction, and transport of precious metals
- Drill, or blast rocks to create deep underground tunnels
- Remove the soil and cut through the earth in an open-cut mine (using bulldozers, drills, and explosives)
- Make sure the mine poses no threat to its employees by putting support, lights, cables, pumps, and air vents where suitable
Being aware of the danger every miner wears protective equipment. If you’re still convinced that you want to work as a miner you’ll need to take on training in extractive industries, surface, and underground extraction operations, and mining. You can improve your chances of becoming a miner by providing qualifications in surface extraction operations or a related field.
On Salary you can check out how much a goldsmith makes. In the US the goldsmith’s salary ranges from $37,548to$56,635, while the average is $45,846as of July 26, 2022. As usual, salaries depend on many factors such as experience, education, certifications, talents, and skills.
Since you’re aware of the salary, now check out the goldsmith’s tasks:
- Design and make gold jewelry
- Cut, fill, bend and cast gold or other precious metals
- Secure stones and engrave jewelry
- Fix or remodel jewelry
- Sell jewelry to customers (sometimes)
- Use specialized tools for handling precious metals
You’d better undertake a jeweler apprenticeship if you want to get one of the best paying jobs in precious metals. Usually, an apprenticeship will take 48 months of your time to complete. A huge plus is a qualification in design, visual arts, or a related field.
10. Precious Stone Metal Worker
The average hourly salary of a Precious stone metal workeris$19.84, meaning that the average annual salary in the US is $41,267. This salary varies according to experience:
- An hourly salary of a precious stone metal worker with 1-4 years of experience with tips, bonus, and overtime pay is $16.60 (based on 25 salaries)
- An hourly salary of a precious stone metal worker with 5-9 years of experience is $18.75 (based on 14 salaries)
- An hourly salary of a precious stone metal worker with 10-19 years of experience is $20.08 (based on 21 salaries)
- An hourly salary of a precious stone metal worker with 20 years of experience or higher is $24
If you want to be involved in the production and sale of jewelry, then the position of a precious metal worker will be perfect for you. As a precious stone metal worker you’ll be involved in:
- Every step of the production and sale of jewelry
- The process of jewelry repairs
- The inspection and estimation process (using different optical instruments)
- The jewelry design and manufacturing
You don’t need a formal qualification for one of the best paying jobs in precious metals. You’ll learn the trade through work experience and training. Many precious metals workers learn this skill at a trade school.
11. Quality Control Specialist
The annual salary of a quality control specialist according to Payscale is $41,184. The salary is different for an entry-level, mid-career, experienced, and late-career quality control specialist. For example:
- An hourly salary of a quality control specialist with less than 1-year experience including tips, bonus, and overtime pay is $17.97 (based on 34 salaries)
- An hourly salary of a quality control specialist with 1-4 years of experience is $19.39 (based on 312 salaries)
- An hourly salary of a quality control specialist with 5-9 years of experience is $20.63 (based on 176 salaries)
- An hourly salary of a quality control specialist with 10-19 years of experience is $21.10 (based on 127 salaries)
- An hourly salary of a quality control specialist with 20 years of experience and higher is $24
If a quality control specialist is something you aspire to become, you’ll have the following responsibilities:
- Supervise the quality control and quality-related troubleshooting issues
- Conduct quality-related tests to make sure the products fulfill company and legal standards
- Offer quality control-related input to managers and employees
- Measure outputs, materials, and conduct deviations control
- Maintain precise quality records for future reference
- Provide support to the testing and inspection processes
For one of the best paying jobs in precious metals, it’s necessary to have great communications skills, excellent analytical abilities, and a bachelor’s degree in a related field. For even better chances of winning this job, you’ll need certifications related to quality control.
12. Jewelry Specialist
The salary of a jewelry specialist in the US ranges from $21,640 to $67,210, while the average annual salary is $37,060. The top 80% of jewelry specialists earn $67,210 and the middle 60% earn an average salary of $37,060.
Jewelry specialists have to master many skills to be successful at their job. If your goal is a career as a jewelry specialist it’s essential to have research, interpersonal, practical, creative, sales, and negotiation skills. Also if you want to have one of the best paying jobs in precious metals be prepared to:
- Present and sell jewelry
- Show jewelry products and process payments
- Make recommendations and set up displays to increase sales
Besides having the skills and meeting the requirements, employees usually ask for a high school diploma or GED. It’s also beneficial to have a degree in business, marketing, or jewelry design but it’s not mandatory.
As you can see a career in precious metals is a great choice. If you’re a person who loves a challenging, interesting, creative, and flexible job where you never get to do the same thing twice, the precious metals industry is what you need.
If you have creativity, and a keen eye for jewelry design you’ll be perfect for the position of a jewelry designer or a goldsmith. On the other hand, if you’re the one making the sale, creating attractive advertisements, and drawing customers the sales division in the precious metals industry is the place for you. And that’s just the beginning, many other high-paying positions await you in the precious metals industry, should you choose it for your future calling.
Have fun and make money by choosing one of the best paying jobs in precious metals!