You are here because you want to know how many jobs are available in precious metals and you made the right decision.
Career opportunities in precious metals are in high demand but you need strong formal training to be successful in this field.
From day to day precious metals are becoming the most valuable investment opportunities.
In this article, we will not only explore how many jobs are available in precious metals but we will also give you the best paying jobs in precious metals that are in high demand.
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What Are Precious Metals?
Precious metals are rare natural metallic chemical elements that are in high demand due to their high economic value.
Precious metals chemically are less reactive than other metal elements, they have high lustre and are usually ductile.
Based on history, precious metals were used as the main basis of money. But today they are mainly traded as a portfolio diversifier.
How Many Precious Metals Are There?
Before we talk about how many jobs are available in precious metals, you will get to understand the different precious metals and how many they are.
There are eight(8) metals that are considered precious metals.
- Gold
- Silver
- Platinum
- Palladium
- Rhodium
- Ruthenium
- Iridium
- Osmium.
Gold
This is considered the most abundant precious metal in the world. They are most common in countries like South Africa, the USA, Canada, and Russia.
You can use several methods to extract gold from its ore. These methods are panning, sluicing, mining by hand or machinery (mining), and placer mining.
Silver
This is the second most abundant precious metal in the world. They are very common in Peru and Mexico.
But can also be seen in countries like China, Australia, and Russia. Silver can also be extracted from its ore using the method used for Gold extraction.
Platinum
This is considered less abundant compared to Gold and silver. They can be found in countries like South Africa, Canada, and Australia.
A small fraction of it is also seen in the US. They can be extracted from its ore using the same method as the Gold extraction method.
Palladium
This is another rare chemical element. it is lustrous silvery-white metal discovered in 1803 by a chemist.
It is mostly used as catalytic converters in cars and It is also used in jewelry and some dental fillings and crowns.
Rhodium
This is a very rare, silvery-white, hard, corrosion-resistant transition metal. It is very rare. reduces nitrogen oxides in exhaust gases.
It can be found in Canada, South Africa, and Russia. It is used as catalytic converters in cars and also to reduce nitrogen in the exhaust gas.
Ruthenium
It is also among the platinum metals in the periodic table. Ruthenium compounds can be used in solar cells, which turn light energy into electrical energy.
It is another rare precious metal that is used in some jewelry as an alloy with platinum. Ruthenium can be found in North and South America and even South Africa.
Iridium
Iridium is one of the rarest elements on Earth. It is found uncombined in nature in sediments that were deposited by rivers.
It is mainly used as a hardening agent for platinum alloys and also to make heavy-duty electric contact.
Although they are rare, they can be found in South Africa and Alaska, the U.S., Myanmar (Burma), Brazil, Russia, and Australia.
Osmium
Osmium occurs in iridosule and in platinum-bearing river sands in the Urals, North America, and South America.
It is also found in the nickel-bearing ores of Sudbury, Ontario region along with other platinum metals.
It is another rare precious metal that is very important to the economy.
How Many Jobs Are Available In Precious Metals?
There are several jobs available, some include:
- Precious Metalworkers
- Precious Metal Broker
- Goldsmith
- Quality Control Specialist
- Metals Production Specialist
- Precious Metals Advisor
- etc.
Since precious metals are one of the rarest commodities they are considered big-time investment opportunities for many people.
And since these metals are rare, jobs in this field are also limited. Although most of the job depends on the type of job.
Some jobs in the precious metal industry might require one person to get the job done right away while others might require more.
Although there are still a handful of jobs out there in this field, just continue reading to get to know the jobs that are more lucrative and you can venture into.
Best Paying Jobs In Precious Metals
Like I said earlier when we were talking about how many jobs are available in precious metal, I am here to give you the best.
Below I will list out the best career paths you can choose in this field and the whopping salaries you can expect if you work in this field.
Here are some of the best-paying jobs in precious metals:
- Precious Metal Broker
- Jewelry Repair
- Goldsmith
- Miner
- Jewelry Appraiser
- Quality Control Specialist
- Metals And Steel Production Specialists
- Precious Metals Advisor Consultant
- Jewelry And Coin Specialist
Precious Metal Broker
This is one of the best high-paying jobs in the precious metal industry. Precious metals brokers can also be called precious metal dealers.
This is a secondhand dealer who normally or regularly engages in the business of buying used precious metals for resale.
They are in charge of pricing this precious metal with the seller and offer money in exchange for the precious metal.
Although their salary most times depends on how many deals they were able to close, they are paid an average of $110,000 a year.
Jewelry Repair
This is another one of the best-paying jobs in precious metals that may seem easy but can be complex at times.
As a jewel repairer, you have many roles to play when it comes to jewelry. Today it might be repairing a clasp of jewelry and tomorrow it might be resetting a diamond.
It offers many opportunities in the precious stone industry. They are paid an estimated salary of $20,000 to $59,000 a year.
Goldsmith
As the name goldsmith implies, a goldsmith is a metal worker that specializes in working with gold and other precious metal.
These days, these precious metals are mostly converted into jewelry. But in the past, they were used in designing goblets, utensils, and other decorative materials.
They make between $37,163 and $65,777 a year.
Miner
A miner is a person who works underground in mines in order to obtain minerals such as coal, diamonds, or gold.
They are in charge of the rockface part of the industry. They cut, blast, and use some other methods to remove rocks.
The salary of a miner is expected to be around $50,000 and $60,000 a year.
Jewelry Appraiser
This is a professional who carefully examines pieces of jewelry to determine their value and then writes appraisal documents.
These appraisal documents are written by researching the jewelry market and by using reference books, auction catalogs, price lists, and the Internet.
They make an average of $21,640 to $67,210 per year.
Quality Control Specialist
This is another one of the best-paying jobs in precious metal. They take care of Product Tests and Assessments, Identify Product Defects, Recording and Report Issues, Support Processes, Improvements, and Make Necessary Repairs.
A quality control specialist is paid an average salary of $62,309 a year.
Metals And Steel Production Specialists
A metal and steel production specialist prepares metals for the development of new alloys, formulating key requirements for production’s technological processes, and in terms of output, they evaluate technical decisions.
They are paid an estimated salary of $65,971 a year.
Precious Metals Advisor Consultant
This is another job that is very lucrative in the precious metals industry.
A precious metal advisor consultant works with clients to evaluate market timing and know the best metal position that is suitable for you.
They are paid an estimated salary of $71,687 per year.
Jewelry And Coin Specialist
A Jewelry and Coin Specialist is one of the best-paying jobs in precious metals because they are estimated to be paid $50,000 – $70,000 a year,
Their job is testing, purchasing, and selling collectibles including coins and currencies too.
FAQ On How Many Jobs Are Available In Precious Metals
I believe you still have a lot of questions you need answers to regarding how many jobs are available in the precious metal industry.
Below I will answer the frequently asked ones and you can ask others that are not there in the comment section.
What Is A Precious Metal Worker Called?
These are simply professionals who manipulate gold, silver, platinum, and other metals in the production of jewelry.
They are sometimes referred to informally as jewelers, though the term jeweler can refer to several types of jewelry workers.
What Job Works With Precious Metals And Stones?
There are many workers that work with precious metals and stones, there are jobs like;
- Precious Metalworkers
- Precious Metal Broker, Goldsmith
- Quality Control Specialist
- Metals Production Specialist
- Precious Metals advisors etc.
How Many Precious Metals Are There?
There are eight(8) metals that are considered precious metals.
- Gold
- Silver
- Platinum
- Palladium
- Rhodium
- Ruthenium
- Iridium
- Osmium.
How Big Is The Precious Metals Market?
The global precious metal market size was valued at USD 182.1 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 9.0% in terms of revenue from 2020 to 2027.
What Is The Rarest Precious Metal?
Osmium is regarded as the rarest precious metal. It occurs in iridosule and in platinum-bearing river sands in the Urals, North America, and South America.
It is also found in the nickel-bearing ores of Sudbury, Ontario region along with other platinum metals.
Bottom Line
Although there are limited jobs in precious metals, there are still many career opportunities to explore from in this field.
You need to make proper research and know what is best for you before rushing into any career. Know what is expected of you as a worker before you proceed.
Based on the wages that some of these jobs are being paid, our article on how many jobs are available in precious metals will help you make the best decisions.
Reference
- US Bureau of Labor Statistics – Jewelers and Precious Stone and Metal Workers
- Paul Mladjenovic – Investing in Gold & Silver For Dummies
- United States Employment Service – https://books.google.com/books?id=B2-UqXmRv0kC&source=ttb
- Sevket Pamuk, Professor of Economic History Sevket Pamuk – https://books.google.com/books?id=Htk3Wn789EQC&source=ttb
- Youtube