Book contents
- Market Studies
- Market Studies
- Copyright page
- Contents
- Figures
- Tables
- Contributors
- Acknowledgements
- Introduction: The Multiple Pasts, Presents and Futures of Markets and Market Studies
- Part I Market Designs and Market Misfires
- Part II Post-Performative Approaches to Studying Markets
- Part III Valuation
- Chapter 10 Facets of Worth: Valuation Processes in the Polished Diamond Market
- Chapter 11 Biomass Qualification and the Dynamics of Market Framing
- Chapter 12 Does Forgetting Make Markets? Historical Silence in the Political Risk Insurance Market
- Chapter 13 Vintage Steel Bicycles and a Theory of Value Bricolage
- Chapter 14 Valuation in the Market for High-End Audio: Hunting ‘Monsters’ in Analogue Discs
- Part IV Markets in Motion: Places and Spaces
- Part V The Secret Life of Market Studies Methods
- Part VI Broadening the Perspectives in Market Studies
- Part VII Future (Im)Perfect Markets
- Index
- References
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
Book contents
- Market Studies
- Market Studies
- Copyright page
- Contents
- Figures
- Tables
- Contributors
- Acknowledgements
- Introduction: The Multiple Pasts, Presents and Futures of Markets and Market Studies
- Part I Market Designs and Market Misfires
- Part II Post-Performative Approaches to Studying Markets
- Part III Valuation
- Chapter 10 Facets of Worth: Valuation Processes in the Polished Diamond Market
- Chapter 11 Biomass Qualification and the Dynamics of Market Framing
- Chapter 12 Does Forgetting Make Markets? Historical Silence in the Political Risk Insurance Market
- Chapter 13 Vintage Steel Bicycles and a Theory of Value Bricolage
- Chapter 14 Valuation in the Market for High-End Audio: Hunting ‘Monsters’ in Analogue Discs
- Part IV Markets in Motion: Places and Spaces
- Part V The Secret Life of Market Studies Methods
- Part VI Broadening the Perspectives in Market Studies
- Part VII Future (Im)Perfect Markets
- Index
- References
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.
- Type
- Chapter
- Information
- Market StudiesMapping, Theorizing and Impacting Market Action, pp. 165 - 175Publisher: Cambridge University PressPrint publication year: 2024
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