Mulcahy, Rian ORCID: 0009-0000-5275-4443 (2024) Facets of worth: valuation processes in the polished diamond market. In: Geiger, Susi, Mason, Katy, Pollock, Neil, Roscoe, Philip, Ryan, Annmarie, Schwarzkopf, Stefan and Trompette, Pascale, (eds.) Market Studies: Mapping, Theorizing and Impacting Market Action. Cambridge University Press, United Kingdom. ISBN 9781009413992; 9781009413961; 978-1009413978; 1009413996; 100941397X

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Abstract

This chapter operationalises a theory of value formation that suggests processes of valuation have two dimensions: evaluation and valorisation. It argues that the value placed on a diamond after the practices of valuation have taken place has been altered by the very act itself – how the valuation has been done, by who and for what the purpose. The grading, pricing and trading of polished diamonds exist within a socialised sphere of interconnected relationships reinforced and impacted by power structures and institutional status at every point in the market. Using the diamond market case study, the chapter demonstrates how the institutions that structure the market are not static but dynamic, constantly challenged by the network of actors within the market. The resulting valuations and exchanges that are therefore both highly performative and hierarchical.

Item Type:	Book Section
Uncontrolled Keywords:	sociology of markets; economic sociology; valuation studies; diamond market
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory H Social Sciences > HC Economic History and Conditions
Faculty / School / Research Centre / Research Group:	Faculty of Liberal Arts & Sciences Faculty of Liberal Arts & Sciences > School of Humanities & Social Sciences (HSS)
Related URLs:	http://www.cambridge.org/core/books/mark...
Last Modified:	20 Sep 2024 12:07
URI:	http://gala.gre.ac.uk/id/eprint/48032

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