Text: Scarcity & precious materialsScarcity is one of the main determinants of exchange-value. In the case of precious materials, it derives from their scarce nature and their arduous extraction process. A paper clip can be sold as jewelry if it's made ou

Scarcity & precious materials

Scarcity is one of the main determinants of exchange-value. In the case of precious materials, it derives from their scarce nature and their arduous extraction process. A paper clip can be sold as jewelry if it's made out of gold, making its use-value irrelevant in favor of the perception of beauty and the social status conveyed by its high price. Precious materials have proved to be very resilient holders of value through time. This gives them a historical dimension and a timeless quality.