A Critique of “Speculative Commodities”: Rethinking the Value and Commodification of Gem-Resources Under Extractive Capitalism

Abstract

ABSTRACT The value of many natural resources is not fixed; it depends on factors both intrinsic and external to the commodity; such is the case of precious stones. These commodities are termed “speculative commodities.” Here, I take the example of gemstones and conceptually trace and analyse the process of their commodification, with the help of Marxist theory and its various derivatives. The process of commodification and value addition that these resources go through are unique: partly, value is added and created through labour and their specialised artisanal crafts, but the major part of the profit is generated through discursive mechanisms of stories and narratives, the manipulation of supplies, and the manufacturing of demands through advertisements around each stone to make it valuable and pricey. The diamond and gemstone industry reaps extravagant profits from the otherwise useless pieces of stones – barring some industrial uses and the aesthetic value that they have. But their aesthetic dimension hides the greed, lust, violence, and aggression inherent in their commodification – many of these stones emerge from conflicts in the Global South – and that this source and history only add to their allure.