34 Best Paying Jobs in Precious Metals 2022 (Up To $170K)
The precious metals industry offers many opportunities for those with the passion and expertise for the field. With a variety of options in the labor market, choosing the right job can be lucrative and fulfilling.
The precious metals industry is successful due to the high demand for precious metals.
Precious metals such as gold, platinum, and silver are in high demand not just in the US, but globally. This creates opportunities for a long-lasting career in this lucrative industry with many benefits.
What are the best paying jobs in the precious metals industry? This article provides an overview of the industry and discusses some of the most lucrative positions. Precious metals include gold, silver, platinum, and palladium, among others. These materials have a variety of uses, including jewelry, coins, and investment vehicles. Jobs in the precious metals industry can be found in mining, refining, and manufacturing. Positions in sales and marketing are also available.
What are Precious Metals?
Precious metals are not limited to gold, platinum, and silver. Other examples include iridium, ruthenium, rhodium, palladium, rhenium, and osmium.
Because they are rare, have a high demand, and are not corroded by other elements.
Precious metals are rare metallic elements that have a high economic value. They are rare because they have a high demand and are not corroded by other elements.
Precious metals are valuable commodities because of their rarity, usefulness, and history. They have been the foundation of the global economy for centuries and continue to be a valuable asset. The precious metals industry offers good pay and job security for those looking for a successful career.
Here’s our list of the best paying jobs in precious metals, with all its perks!
34 Best Paying Jobs in Precious Metals
1. Precious Metals Broker
According to Payscale, the average annual salary for a precious metals broker in the United States is $124,116. The base salary is $84,149 per year, with an estimated additional yearly pay of $39,967. This additional pay includes bonuses, commissions, tips, and the sharing of the profit.
New York, California and Alaska
According to ZipRecruiter, the three US states with the highest precious metals broker salaries are New York, California and Alaska.
- 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 a job in the precious metals industry, you should apply for a license in the business of purchasing items made of or containing gold, silver, platinum, or other precious metals or jewels.
2. Precious Metals Consultant
A precious metals consultant’s annual salary averages at $81,489, with a base pay of $67,293 and an additional $14,196 per year.
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
To become a precious metals consultant and have one of the best paying jobs in precious metals, experience in precious metals markets or commodity analysis is essential. Advanced Excel and database skills are also desirable. Besides the fact that you need to be an excellent communicator, companies usually require a solid academic background, at least a BSc or equivalent, MSc, or other postgraduate degrees.
3. Precious Metals Sales Agent
The bottom 67% earn $60,403.
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. The bottom 67% earn $60,403.
Being a precious metals sales agent is not easy. Many requirements must be met to fill the position of a precious metals sales agent, such as:
- 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
Upon meeting the requirements, you can optimize your talents and skills to excel in your role as a precious metals sales agent—one of the most financially lucrative jobs in the precious metals industry.
4. Metalworking Specialist
According to ZipRecruiter, the average annual salary for metalworking specialists in the US as of August 13, 2022 is $73,339, which equates to $35.26 an hour, $1,410 a week, or $6,111 a month. The highest metalworking specialist salary 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.
If you want to land a high-paying job in the precious metals industry, it is important that you are aware of your duties and responsibilities as 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
Working with precious metals usually does not require a particular educational background. Rather, experience, talent, and the necessary skills gained through practice are what enable someone to work in this industry.
5. Jewelry Store Manager
As of July 26, 2022, the average annual salary of a jewelry store manager in the US is $57,951, while the salary range is from$48,398 to$73,630. Education, certifications, additional skills, and experience in the profession of a jewelry store manager can impact salary.
As a jewelry store manager, you’ll be in charge of a specialty retail store selling many gemstones and precious metals. Therefore, it is important that you:
- 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 work in precious metals and become a jewelry store manager, you will have the opportunity to offer customers a variety of rings, bracelets, necklaces and other decorations that feature precious metals and jewels. To work as a jewelry store manager, you should have a high school diploma, as well as practical knowledge. Some employees look for an associate’s degree as well.
If you are interested in pursuing a career in gemology, you may be wondering what the average salary is for this profession. According to PayScale, the average annual salary for a gemologist is $57,612. However, salaries for this profession usually range from $49,783 to $65,950.
It is important to understand the expectations of the role you are applying for, especially if it is a high-paying position. As a gemologist, you would be responsible for:
- 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 employers 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 for a jewelry designer is $57,519, according to Payscale. The salary varies depending on experience. For example, 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 are skilled 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
To pursue a career in jewelry design, some employees require an art school degree. To increase the chance of being hired, it is recommended to prepare a portfolio that displays previous work.
The average hourly salary for miners is $23.13, and the average annual salary is $48,110. If we factor in experience, the average hourly salary increases to $26.46 and the average annual salary increases to $55,040.
- 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
Precious metal jobs can be high paying but also dangerous. 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
Working as a miner requires taking 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.
A goldsmith’s salary in the United States ranges from $37,548 to $56,635. The average salary is $45,846 as of July 26, 2022. 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 may want to consider undertaking a jeweler apprenticeship if you are interested in pursuing a career in the precious metals industry. Apprenticeships typically last for 48 months and can provide you with the skills and knowledge necessary for success in this field. Additionally, having a qualification in design, visual arts, or a related field may give you a competitive edge.
10. Precious Stone Metal Worker
entry-level salaries are lower, and more experienced salaries are higher.
The average hourly salary of a Precious stone metal worker is $19.84, meaning that the average annual salary in the US is $41,267. This salary varies according to experience, with entry-level salaries being lower and more experienced salaries being higher.
- 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 are interested in working with jewelry production and sales, then a position as a precious metal worker may be suitable for you. As a precious metal worker, you would be responsible for:
- 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 can earn a high salary in the precious metals industry without a formal qualification. You can learn the trade through work experience and training. Many precious metals workers learn this skill at a trade school.
11. Quality Control Specialist
According to Payscale, the annual salary of a quality control specialist is $41,184. However, the salary varies depending on the level of experience. For example, entry-level quality control specialists make $33,274 per year while experienced professionals make $48,479 per year.
- 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
As a quality control specialist, you will be responsible for ensuring the products and services provided by your company meet the necessary requirements. This will involve developing and implementing quality control standards, conducting inspections and tests, and maintaining records of findings. In addition, you will be responsible for training employees on quality control procedures and conducting investigations into any incidents that occur.
- 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
To be considered for one of the best paying jobs in precious metals, excellent communication and analytical skills are necessary, as well as a bachelor’s degree in a related field. To increase your chances of being selected for the position, certifications related to quality control are also required.
12. Jewelry Specialist
The average salary for a jewelry specialist in the United States is $37,060. The top 80% of earners make an average of $67,210 while the middle 60% make an average of $21,640.
Jewelry specialists must master many skills to be successful in their career. If your goal is to become a jewelry specialist, it is essential to have research, interpersonal, practical, creative, sales, and negotiation skills. Also, if you want to achieve one of the highest-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
Education requirements for this position typically include a high school diploma or GED. While a degree in business, marketing, or jewelry design may be beneficial, it is not required.
13. Precious metal broker
Precious metal brokers are in the business of buying and reselling precious metals second-hand. They work with new and used precious metals of many kinds, and are skilled in estimating the value of a precious metal piece using current market values.
14. Metals production specialist
Precious metals production specialists are responsible for determining the chemical composition of a product, selecting the method and temperature of the smelting process, processing ore to produce steel, and producing alloys with required properties.
15. Precious metals advisor consultant
A metal advisor consultant works closely with clients interested in investing in precious metals. Taking into account individual client desires, advisor consultants assess the market and determine which metals are best to buy and when to buy them.
16. Jewelry and coin consultant
A jewelry and coin specialist provides accurate appraisals and payouts for jewelry and coins. They test, buy and sell precious metal products, coins, currency, and collectibles.
17. Precious metal worker
Precious metals are worked by precious metal workers in a variety of industries, including jewelry, antique restorations, furniture, mining, and blacksmithing. The skills of these workers are necessary to create products from precious metals and metal alloys.
18. Jewelry salesperson
Jewelry sales are a significant source of revenue for the precious metals industry. A salesperson in a jewelry store is responsible for facilitating the purchase, sale, and appraisal of precious metal and precious stone jewelry pieces. Jewelry salespeople typically earn commission on their sales, so salary is largely dependent on their level of sales success.
Although it is a difficult career to break into, it can be very rewarding for those who are able to make it happen.
There are many people who dream of becoming rich through gold mining, but only a select few have the required skills and physical attributes to make it happen. Geology and mining techniques are essential for anyone hoping to break into this competitive field, as is being physically fit enough to spend long periods of time working at high altitudes. It is a difficult career to break into, but those who are successful can reap great rewards.
Once you have met all of the qualifications, you can look for mining opportunities. Unlike other careers in the industry, mining is a seasonal business. Therefore, you will need to be able to handle long periods of unemployment and the uncertainty of the work. However, if you succeed, you will be one of the few people who make millions from gold rushes.
A career as a precious metals analyst can be highly lucrative, with the potential to participate in high-risk/high-reward trades and earn a portion of the profits.
The candidate will be responsible for evaluating all aspects of the operation, including the cost of the goods and whether they are being sold at a competitive price. Analysts who specialize in precious metals tend to be among the highest paid in the field; the median salary for an analyst is $130,000 per year.
20. Jewelry Sales
The role of a jewelry salesperson is vital in helping customers make informed decisions about which piece best suits their needs. Conducting a sales pitch for jewelry requires a few distinctions that distinguish it from other types of sales jobs.
21. Jewelry Repair
Jewelry repair is an essential function for those working in the business. Even those with a minimal amount of experience can make a modest amount of money repairing jewelry. However, the pay for repairing jewelry is not much to write home about. It’s also important to note that the majority of workers in this field fall into the low-paying category.
22. Jewelry Appraisa
The job of a jewelry appraiser is to provide an estimate of the value of jewelry items. The median salary for an appraisal specialist is $100,000 per year.
A lapidary is a person who cleans and cuts precious stones for the purpose of creating jewelry. This profession is often conducted by people with a jewelry making or design background and can be quite lucrative.
The lapidary may also be involved in the creation of other types of jewelry such as pendants and locks. As a lapidary, you will be primarily responsible for the cleaning of rocks, stones and gemstones.
This may require the use of sandpaper, wire brushes or other equipment to remove any unwanted material. Lapidaries can also be involved with cutting stones and creating jewelry. Materials such as gold, silver and diamonds can be worked with.
If you are interested in the market for diamonds, gold, and other precious metals, you may want to consider a future as a gemmologist. A gemmologist is someone who identifies and describes gemstones.
A gemmologist may be involved in identifying a rare gemstone or determining the value of a gemstone for auction. A career as a gemmologist can be very rewarding, as it is related to precious metals and rocks. If you are interested in diamonds, gold or silver, you can easily switch careers and make money by doing the same thing. Additionally, a gemmologist can also find other types of rocks and minerals.
There are many jobs for jewelry designers within the fashion industry as well as the precious metals industry.
Many jewelry designers work in the manufacturing sector rather than the retail industry. The compensation for this type of job typically falls near the $60,000 per year mark.
Highest paying industries for precious metal workers
We can estimate the average yearly salary for the best paying jobs in precious metals. However, salaries depend on which industry the job is within. To get an idea of which sub-industries related to the precious metals industry pay the highest, take a look at the approximations in the chart below.
|Industry||Average pay per year||Average pay per hour|
|Nondepository credit intermediation||$64,880||$31.19|
|Merchant wholesalers of durable goods||$58,580||$28.16|
|Management of companies and enterprises||$50,280||$24.17|
|Jewelry, luggage, and leather goods stores||$48,520||$23.33|
|Professional, scientific, and technical services||$42,740||$20.55|
|Personal and household goods repair and maintenance||$41,710||$20.05|
|Nonferrous metal production and processing||$39,310||$18.90|
|Electronic shopping and mail-order houses||$37,960||$18.25|
What job works with precious metals and stones?
A goldsmith is usually an expert in shaping metal, intricate jewelry construction, jewelry repair, soldering pieces together, resetting stones, changing ring sizes, cleaning and polishing precious metal jewelry pieces, and grading precious stonesBest Paying Jobs In Precious Metals Industry in 2022 – SuperMoneywww.supermoney.com › best-paying-jobs-in-precious-metalsAbout Featured Snippets
Can you make money on precious metals?
Put simply, precious metals serve as a hedge against market volatility, political instability, currency weakness, and economic collapse. Because they are chemically unique, physically rare, and easily malleable, gold and silver have been used as money across much of the world for thousands of years.How to Invest in Precious Metals: Ultimate 2022 Guide – Lyn Aldenwww.lynalden.com › precious-metals-investingAbout Featured Snippets
How do you become a precious metal worker?
Most precious metals careers require one to two years of on-the-job training and information training with experienced workers. However, many jobs offer on-the-job training, and most are willing to train entry-level applicants if it’s the right fitIs Precious Metals A Good Career Path? (10 Jobs In … – Zippiawww.zippia.com › advice › is-precious-metals-a-good-career-pathAbout Featured Snippets
What is the highest paying precious metal?
Palladium is the most expensive of the four major precious metals – gold, silver and platinum being the othersThe five most expensive metals and where they are minedwww.mining-technology.com › analysis › five-most-expensive-metals-and-…About Featured Snippets