Is precious metals a good career path? We’ll break it down for you. A job in the precious metals industry is a fantastic option. This is an excellent option to do something outside the typical 9-to-5 workday. Or if you’re trying to find a profession that actively seeks for and rewards original thinkers. Everyone must settle on a professional niche at some point in their lives.
The stakes are high since our decisions today will affect our future. Whether or not working with precious metals is a suitable career move is an ongoing debate among prospective investors and employees. A job in the precious metals industry is a fantastic option. Those interested in business or administration might find a variety of job openings in the precious metals industry.
Services related to investment management, foreign exchange trading, digital currency mining, bullion retailing, distribution, refinement, and smelting are all included. Trading, mining, refining, and fabricating are just a few of the many uses for precious metals. Navigating the market may be difficult for those with solid knowledge or experience, as different segments require distinct talents and expertise.
Competition, economic uncertainty, and environmental concerns are just a few obstacles that job applicants in this field might encounter. Furthermore, with prior experience and appropriate certifications/licenses, it can be easier to acquire employment in startups. Participating in one’s education is crucial when considering various career options, as the need for highly trained professionals with technical expertise continues.
What Are Precious Metals?
Rare metals found in nature have a high market value because of their scarcity. They also have a lower level of reactivity than most metals. The skyrocketing need for these rare metals can be attributed to several factors. This is because they provide financial benefits. The same is true for precious metals like gold and silver. Here, we’ll examine many of the most common justifications given for purchasing precious metals:
- Gold and silver are seen as safe havens for investors during times of financial catastrophe.
- The value of investments like stocks, bonds, and digital currencies can rise and fall dramatically.
- Gold and silver, on the other hand, are investments whose value never drops.
- Gold and silver stored up for a time of conflict might be used to buy necessities like food and shelter.
Skills Required for This Career
One must possess some qualities if one wishes to work with precious metals. You must be able to focus intensely, first and foremost. You will be able to put in long hours of work without interruptions. In addition, one needs to have good eyesight. One should be patient and have excellent hand-eye coordination. On top of that, there needs to be a master craftsman.
As an added requirement, he needs to be able to tell the difference between genuine jewelry and gemstones and cheap imitations. It’s impossible to overstate the value of having healthy eyes. Working with precious metals requires extreme concentration for long periods. Degrees from 4-year institutions are not required. Many different kinds of people with different educations operate in the precious metals industry.
However, coursework and relevant work experience in the design field are assets. To break into this field, most people start as apprentices. They can gain valuable workforce experience while expanding their professional network. Integral to this study is the concept of ethics. Anyone who deals with precious metals should be reliable. He has no business in this field if you can’t trust him around precious commodities like gold.
Precious Metals Job Opportunities
We’ve learned the fundamentals of precious metals now. Furthermore, we have learned what fundamental skills are necessary for success in this field. The benefits and drawbacks of investing in precious metals have also been covered. Let’s look at a critical part of the answer to the question, “Is working with precious metals a good career choice?” We are discussing the employment possibilities in this field.
Gold and Silver Broker
A precious metals broker’s job is to assist his clients. This is why a precious metals broker acts as an agent for his clients in the marketplace. He must also be aware of the dangers inherent in trading precious metals. He should also be familiar with commodity law.
Among his other duties is spreading knowledge about the value of precious metals. In addition, he facilitates the acquisition of precious metals at reasonable costs. A precious metals dealer can expect an annual salary of almost $57,000.
Engravers
Jewelry designers and engravers often collaborate to meet client needs better—designers specializing in etching written content, concepts, or pictures onto various substrates. Glass, metals, stones, wood, and other precious materials are all possibilities.
Some engravers focus solely on precious metals and jewelry. In addition, engravers use specialized equipment. Metal rollers and gravers are among these. On average, an engraver can expect to make more than $45,000 a year.
Polishers
Polishers for jewelry, as well as other precious metals, typically find work in retail settings. Their primary responsibility is to take care of the premises in a detailed and specific manner. They polish jewelry to eliminate flaws, including scratches, grime, and blemishes.
Instruments and high-tech machinery are used in this process. Both digital and traditional tools count. Polishers take great care of their equipment so that they can provide flawless results time after time. The average annual income for a jewelry polisher is above $51,000.
Metalworkers
Specialists in the metalworking industry are revered for their mastery of precious metals, including gold, silver, and platinum. They could function with other precious metals as well. They perform these procedures to create aesthetically pleasing and superb products as the maker or jeweler directs.
They can also customize orders by including joints, clasps, or chains. Metalworkers often cooperate with other designers on intricate patterns for various ornaments. Scroll saws and drills are among the instruments they employ for this task. The average salary for a metalworker is above $51,000 per year.
Manufacturer of Jewelry
The best jewelry makers create pieces using gemstones and precious metals. Choosing, acquiring, and examining materials are at the heart of a jewelry designer’s work. In addition, a great deal of their time is invested in conceptualizing new jewelry pieces.
The architects use both manual labor and digital design software. Designers of fine jewelry also take the time to research the reliability of various materials. Developers need to take courses online and participate in classes to acquire the essential experience and get the most excellent prospects.
A jewelry designer might expand their professional circle by participating in craft and trade exhibits. They make over $54,000 annually on average.
How Many Jobs Are Available In Precious Metals?
There are more than 24,350 jobs available in the precious metals business, as reported by the United States Bureau of Labor Statistics (Information from May 2021, revised on March 2022). This figure is rising, so you should be able to find suitable employment easily.
Jobs working with jewelry, baggage, and leather products are the most sought-after in the precious metals industry. Brokerage firms, buyers, and precious metals experts account for most of the industry’s workers. The precious metals business also hires for design, consulting, mining engineering, and accounting positions.
Conclusion
Although a career in the precious metals industry is less typical than some others, it’s well worth considering. Possibilities for growth in this sector are limitless, thanks to the increasing need for precious metals. Those who put in the time and energy to learn the ropes are rewarded with success in this lucrative industry. In that case, you should be bold and venture into the globe of precious metals.