Facets of value: an investigation into the formation of worth in the diamond market

Mulcahy, Rian (2017) Facets of value: an investigation into the formation of worth in the diamond market. PhD thesis, London School of Economics and Political Science.

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Abstract

This study is a sociological exploration into the formation of worth in the diamond market. It contributes to the current sociology of markets literature by building upon a framework that integrates the cultural, structural and institutional factors that may affect how value is formed and performed in this market. Beginning at the point of exchange this study examines how value is created through meaning, how value might be performed through displays of distinction, what tools one might use to judge value and finally how this value can be measured. The study first approaches the notion of worth from the perspective of the demand-side of the market, and using online observations of a popular wedding website, it examines the different ways in which a diamond ring might provide value for a consumer. The study then explores the notion of worth from the perspective of the supply-side of the market, and suggests that the diamond classification system known as the “four C’s” is the bridge between the supply and demand-sides of the market as it provides consumers with the ability to distinguish and therefore operationalise value, while allowing the sellers to demonstrate different classifications of value. By approaching the notion of worth from both the supply and demand sides of the market in this way, the aim of this study is to illustrate the social nature of value.

Item Type:	Thesis (PhD)
Additional Information:	© 2017 Rian Mulcahy
Library of Congress subject classification:	H Social Sciences > HC Economic History and Conditions H Social Sciences > HF Commerce
Sets:	Departments > Sociology
Supervisor:	Dodd, Nigel
URI:	http://etheses.lse.ac.uk/id/eprint/3908

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