Valency in chemistry refers to the combining capacity of an element. It determines the number of electrons that an atom can gain, lose, or share in order to achieve a stable electron configuration. Valency plays a crucial role in the formation of chemical bonds and the creation of various molecules. Different elements have different valencies, and understanding valency helps predict and explain the chemical behavior of substances. So, yes, valency is indeed an important concept in chemistry that contributes to the diversity of molecules and compounds.