Tracing indium production to the mines of the Cerro Rico de Potosí

In this article, I examine the valorization process in the indium commodity chain. The first section of the article looks closely at small‐scale polymetallic production in Potosí. Here I demonstrate how producers and mill operators in Bolivia, because of the nature of the metal, do not know their production contains indium and instead perceive their production to be less valuable. The second section of the article seeks to link Bolivian production to international indium markets. I demonstrate how accumulation occurs along the commodity chain for companies that deny the Bolivian origin of their mill feeds. I conclude with an analysis of the state of the commodity in economic anthropology. I argue, with help from Bolivian miners, that previous and contemporary notions of the commodity have neglected an important part of its composition, what Marx referred to as “dead/past labor.” Incorporating this notion into our understanding of commodities, I argue, can help us understand the way raw material mineral markets function today.