Is Precious Metals A Good Career Path for Graduates? | 2022

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Before the gold rush and as far back as the medieval period, precious metals were to large extent rooted in culture and civilization.

Other than its perceived relationship with the sun, only pharaohs in Ancient Egypt used precious metals like gold as ornaments.

As society progressed, individuals other than the ruling class began to acquire these rare chemical elements, which eventually became a medium of exchange other than for beautification.

The relevance of these precious metals to society at large poses the question – is precious metals a good career path?

Not to worry, we’ve got you covered. Journey with us as we answer this question; as well as provide benefits and all you need to know about the precious metals industry and possible career paths.

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What are Precious Metals?

Precious metals are rare chemical elements with high economic value. Some of these precious metals serve multiple purpose – as an ornament and currency.

Precious metals are known for durability and increase in value as the years go by. In addition, the value of these precious metals are determined by the market.

In order words, the value of precious metals is not necessarily influenced by demand and supply.

Examples of Precious Metals

The following are examples of precious metals:

  • Gold
  • Silver
  • Platinum
  • Palladium

Is Precious Metals a Good Career Path?

Yes, precious metals is a good career path. There are lots of career paths or opportunities to settle for. Also, if you crave an industry to flex your creative skills, this industry is for you.

In addition, you will always have a job because precious metals are used for trade, personal decorating, and more. This silmply implies that this industry will always be in need of workers.

Furthermore, if you are not a people person, this industry gives you the opportunity to operate in or trade in this market without necessarily interacting with customers.

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What are the Benefits of Precious Metals?

There are great benefits to working in the precious metals industry. The benefits one can derive from a job can go as far as boosting the work ethics of employees.

Some of the benefits of working in precious metals include:

Good pay

One thing is certain – the precious metals industry is lucrative. In dealing with precious metals, investors are sure to make money in the long run.

As an employee, you can also earn a moderate income in this industry.

Variety of career options

There are tons of career paths in precious metals you can settle for. With this in view, you will never be out of options and you can also switch career paths if you so desire.

Remote work opportunities

In the precious metals industry, you can work from any part of the world. In other words, the career opportunities are flexible and you can have more control over your time.

Qualification

Guess what? You can pursue a career in precious metals without a degree. With this restriction out of the way, you can pursue your choice of career in this industry.

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What Degree Do You Need to Work in Precious Metals?

If you are still contemplating on making a career in precious metals, you need to pause and consider the degree the industry requires.

The following degrees are important for a career in precious metals:

  • General studies
  • Business
  • Precision metal working

On the flip side, there are career paths in precious metals that don’t require a degree.

Required Skills for a Career in Precious Metals

The precious metals industry requires certain skills. These skills when acquired and put into effective use would result in productivity and career growth.

It goes on to show how much you need these skills in order to pursue a career in precious metals.

The following are some of the necessary skills for a career in precious metals:

  • Creativity
  • Great attention to details
  • Computer skills
  • Dexterity
  • Mechanical skills
  • Critical thinking
  • Equipment maintenance
  • Social perceptiveness
  • Troubleshooting

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What are the Precious Metals Job Prospects?

The job prospects in the precious metals industry look promising.

As a result of its rare feature, it will always be on high demand. Therefore, this industry will continue to experience growth.

In the US, there are about 40,000 individuals employed in the precious metals industry.

Although statistics predict a -6.6% decline from 2016 to 2026, there will be more options to invest in gold as technology develops, which will lead to higher prices.

How Much Can You Make From This Field?

In the precious metals industry, the salary varies. This salary difference results from the diverse job or career opportunities.

Therefore, the salary obtainable in one job position may not ba realistic in another.

For instance, while a gemologist earns an average salary of $61,117, a polisher makes an average salary of $30,000.

In summary, the amount can earn in the precious metals industry largely depends on the job role or specialty.

7 Highly Paid Precious Metals Career Paths

If you are set on pursuing a career in precious metals, then you should know that there are jobs in this industry that pay the most.

Hence, as a potential employee in precious metals, it is a big deal for you to identify the highly paid career paths in precious metals, or don’t you think so?

Some of the highly paid jobs in precious metals include the following:

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Gemologist

A gemologist is a scientist who identifies, studies, cuts, and values gemstones.

In other words, a gemologist certifies, examines, and describes the features and properties of gemstones including rubies, sapphires, and diamonds.

As a result, gemologists monitor the financial markets.

Comparably.com puts the average salary of a gemologist at $61,117. Additionally, the salary of gemologists in the United States ranges from $11,543 to $307,749.

Source: comparably.com

Precious Metals Worker

A precious metal worker is an individual who works with precious metals deals with both the metals themselves and products made from them, such as gold, silver, and platinum.

You can find precious metal workers in a variety of fields, such as blacksmithing, jewelry, furniture, antique restoration, and mining.

In order words, precious metal workers constantly deal with gold, silver, platinum, and other metals in the production of jewelry and other products.

According to careerexplorer, the average salary of a precious metal worker is $46,640. Precious metals also earn between $27,030 and $68,960.

Source: careerexplorer.com

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Miner

Miners are responsible for extracting raw materials from beneath the surface of the earth.

Additionally, they run equipment to transfer ore and construct structures to support tunnel openings. Their job may even require that they use explosives to quickly clear passages through the rocks.

Note that mining is an occupation that doesn’t necessarily require a degree.

Miners in the United States earn an average salary of $46,000, according to zippia.com. The salary of miners also falls between $29,000 to $74,000 annually.

Source: zippia.com

Jeweler

A jeweler is a skilled craftsperson who creates bracelets, earrings, rings, and necklaces from metals, precious stones, and other materials.

A jeweler is someone who develops, creates, sells, or fixes jewelry, watches, or other items. Simply put, a jeweler is someone who deals in gems.

Jewelers in the United States make an average salary of $42,759, according to salary.com and earn between $34,651 and $53,284.

Source: salary.com

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Lapidary

A lapidary is a craftsperson who cuts, polishes, or engraves precious stones other than diamonds.

Simply put, a lapidary is an artist or craftsperson who works with stone, minerals, or gemstones to create beautiful things like cabochons, engraved gems, including cameos, and faceted patterns.

The main methods used include grinding, cutting, and polishing.

According to comparably.com, a lapidary in the United States earn an average salary of $39,410. They equally make between $21,640 and $67,210.

Source: comparably.com

Engraver

An artist is an artist who etches or inscribes certain patterns, inscriptions, or even images onto various materials

In other words, an engraver is a craftsman who etches or inscribes on objects like glass, wood, or metal.

These killed artists etch these designs using a variety of equipment and groove-cutting tools.

Career explorer puts the salary of an engraver in the United States at $36,590. In addition, an engraver earns from $23,860 to $49,390.

Source: careerexplorer.com

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Polisher

A polisher is a precious metalsmith skilled in the art of giving the surface of metal a finish by using various polishing, finishing, buffing, and plating procedures.

In simpler terms, this skilled tradesperson polishes or smoothens the metal surfaces.

The average salary of a polisher in the US is $32,461, according to zippia,com. These craftsmen also earn from $26,000 to $39,000 annually.

Source: zippia.com

FAQs

Is it worth buying precious metals?

Precious metals have a number of benefits for investors, such as protection from inflation. Usually, the price of precious metals rises at or above the rate of inflation.

These precious metals also have value outside of investments, such as in jewelry or industrial applications.

Do precious metals provide income?

An individual won’t make any money from precious metals because they don’t produce any cash flow.
There is a storage fee involved with the investment if he keeps the metal outright.

Which metal is most profitable?

There are several metals you can find out there. However, some are more profitable than the rest.


The following are some of the most profitable metals:

  • Copper
  • Silver
  • Gold
  • Brass
  • Platinum
  • Aluminium
  • Lead
  • Stainless steel

What metal is more expensive than gold?

Rhodium is one of the most expensive precious metals. In fact, it is more expensive than gold.

Owing to the fact that only a small fraction of the world’s supply is discovered naturally, rhodium is a valuable metal that is far more rare than gold.

What metals will be valuable in the future?

The following metals will be valuable in the future:

  • Tin
  • Zinc
  • Indium
  • Boron
  • Nickle
  • Cobalt
  • Manganese
  • Rare earths

What metals are becoming scarce?

Gallium, indium, cobalt, and platinum metals are included in the category of “scarce metals,” in addition to rare earth metals, which are used (with iron and boron), for instance, in the production of the incredibly strong magnets needed in wind turbines.

Conclusion

The precious metals industry is one that is relevant. Its relevance has scaled through centuries and promises to stay that way.

Hence, a career in precious metals means you will equally end up in a relevant career path.

We hope you found this article useful. Form more related ariticles on career paths, you’re just a click away @ makedailyprofit.com.

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