How Many Employment Opportunities Exist in the Precious Metals Industry

We’ve already discussed whether a career in precious metals is viable in a previous article. If you haven’t read it yet, I suggest starting there! In this piece, we’ll delve into the actual number of jobs available in the industry.

The Job Landscape in the Precious Metals Industry

With an estimated market size of $182 billion, the global precious metal industry is undeniably vast. However, when it comes to employment opportunities, the numbers are relatively small. The industry is only expected to experience average growth, meaning there won’t be a substantial influx of new openings in the foreseeable future.

In this article, we’ll analyze the different industry segments and the jobs they offer within the precious metals market. This will help you determine if this industry aligns with your career aspirations.

Number of Employment Opportunities in Precious Metals

The precious metals sector employs various professionals across different industries. Consequently, it’s challenging to determine the exact number of individuals working solely in the precious metals industry.

The data provided below is based on general job outlooks, which may encompass workers across multiple industries rather than being specific to precious metals.

  • The jewelry industry employs approximately 48,500 workers, many of whom specialize in working with metals. However, it’s worth noting that the data from the Bureau of Labor Statistics includes all jewelers, so some individuals in this field may work with gems, be designers, or have other non-precious metal-related jobs.

  • As of 2022, the gold and silver mining industry in the United States employs around 15,949 workers. However, this figure is projected to remain steady or experience a slight decrease in the future.

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To give you a better idea of the number of people involved in the mining of precious metals, have a look at this video:

Mining

Demand for Precious Metals: Job Types

While the precious metals industry may not be as extensive as certain others (such as consumer non-durables or energy), there are still plenty of employment opportunities available. These range from skilled trade jobs to positions requiring a college degree.

For more detailed information on specific job roles and their corresponding salaries, check out our comprehensive precious metals salary guide. But for now, here’s a list of some common areas where you can find employment:

Industrial

The industrial market offers various skilled trade jobs. These positions involve working in factories or out in the field, where workers utilize their hands and tools to extract and transform metals. As of 2019, it is estimated that the industrial demand for precious metals amounts to approximately 44%.

Industrial jobs encompass:

  • Manufacturing: Once the metals are mined and prepared for transformation, workers in manufacturing are needed to facilitate the entire process. This includes creating parts and maintaining clean and efficient facilities.

  • Mining: Extracting metals is no simple task. It requires thorough planning, excavation, and the expertise of various professionals to locate and remove precious metals without causing damage.

Jewelry

The jewelry industry represents the second-largest market for precious metals, accounting for an estimated 40%. This sector encompasses jewelers, watchmakers, and repairers. Generally, these individuals work in jewelry stores or manufacturing facilities.

Investment

The investment market accounts for approximately 26% of the demand for precious metals and is projected to experience the highest level of growth. Professionals working in this sector provide guidance to investors, helping them make informed decisions on viable investments. They analyze trends, conduct due diligence, and recommend the most promising options to clients.

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Moreover, precious metal workers may have roles that transcend individual market areas. Marketing, sales, and finance professionals are essential whether they operate within the investment, jewelry, or industrial fields.

These versatile positions include:

  • Marketing: Various companies require assistance in promoting their products or services derived from precious metals. Depending on the products being sold, marketing efforts may target other businesses or consumers.

  • Sales: Salesmen play a crucial role in finding buyers for precious metals. They may approach large industrial companies to make them aware of current inventory and persuade them that their particular precious metal is precisely what they need.

  • Finance: The finance sector plays a significant role in the precious metals industry, regardless of whether you work as an accountant for a precious metals company or contribute to the evaluation of these valuable resources.

Notable Employers in the Precious Metals Industry

If you’re considering a career in the precious metals industry, the following companies are worth exploring. We’ve also included data regarding each company’s estimated number of employees to provide insight into potential opportunities.

Coeur Mining

Coeur Mining is a publicly traded company with five mines under its ownership. Although it is headquartered in Chicago, Illinois, it operates mines in Mexico, Nevada, Alaska, South Dakota, and Canada. Coeur Mining primarily deals with the production of silver and gold.

Estimated number of employees: 2,100

Argonaut Gold

With facilities in Mexico and Canada, Argonaut Gold calls Reno, Nevada, its home base. The company is renowned for its gold production, which amounted to 203,483 ounces in 2020.

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Estimated number of employees: 1,400

Hycroft Mining

Hycroft Mining operates out of Nevada and specializes in gold and silver production. In 2020, they produced an estimated 27,392 ounces of gold and 178,836 ounces of silver.

Estimated number of employees: 240

Golden Minerals

Golden Minerals is another publicly traded company, primarily focused on gold and silver production.

Estimated number of employees: 248

Gatos Silver

Gatos Silver owns mines in various cities throughout Mexico and is also a publicly traded company in the United States.

Estimated number of employees: 51-200

For additional information and resources related to the precious metals industry, visit 5 WS.

Remember, the number of job opportunities in the precious metals sector may be limited, but it could still be an excellent career path for those passionate about metals and their applications in various industries.

The 5 Ws and H are questions whose answers are considered basic in information gathering or problem solving. 5ws.wiki will best answer all your questions

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