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Chapter 10 - Facets of Worth: Valuation Processes in the Polished Diamond Market

from Part III - Valuation

Published online by Cambridge University Press:  22 November 2024

By
Rian Mulcahy
Edited by
Susi Geiger ,
Katy Mason ,
Neil Pollock ,
Philip Roscoe ,
Annmarie Ryan ,
Stefan Schwarzkopf  and
Pascale Trompette
Susi Geiger
Affiliation:
University College Dublin
Katy Mason
Affiliation:
Lancaster University
Neil Pollock
Affiliation:
University of Edinburgh
Philip Roscoe
Affiliation:
University of St Andrews, Scotland
Annmarie Ryan
Affiliation:
University of Limerick
Stefan Schwarzkopf
Affiliation:
Copenhagen Business School
Pascale Trompette
Affiliation:
Université de Grenoble
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Summary

This chapter operationalises a theory of value formation that suggests processes of valuation have two dimensions: evaluation and valorization. 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 socialized 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.

Keywords

Valuationvalorizationdiamonds4CsRap List
Type
Chapter
Information
Market Studies
Mapping, Theorizing and Impacting Market Action
 , pp. 165 - 175
Publisher: Cambridge University Press
Print publication year: 2024

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