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  • 3 - Opaque Exchange

  • from Part I - Disclosure
  • Edited by Filipe Calvão, Graduate Institute of International and Development Studies, Geneva, Matthieu Bolay, University of Applied Sciences and Arts Western Switzerland, Elizabeth Ferry, Brandeis University, Massachusetts
  • Book:
    How Transparency Works
    Published online:
    02 January 2026
    Print publication:
    29 January 2026, pp 66-78
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  • Summary

    This chapter approaches the concept of transparency by examining the work of secrecy and occlusion in trade. Exploring the role of secrets in the Indian Ocean sapphire trade, where exchange is based on arbitrage, it seeks to understand Sri Lankan and South Indian gem traders’ emic notions of what it means to conceal and reveal knowledge and to tease out their conceptions of ethical conduct in relation to secrecy. It asks: How do we conceptualize transparency in relation to a trade where practices of concealment and disclosure are folded into the gestural, embodied, and affective landscapes that make up everyday modalities of negotiation, brokerage, and arbitrage? How do such forms of withholding contribute to making gems move? What are the ethical landscapes within which certain forms of secrecy are permissible and expected? Reading trading secrets as a part of the craft of trade, the chapter seeks to reframe the assumption that a lack of transparency amounts to deception and examines instead how practices of occlusion facilitate trade.