The diamond market in Vietnam is under pressure because some jewelry stores in Ho Chi Minh City stopped working for a while, and people are worried about the quality and value of diamonds.

Some diamond stores closed temporarily.

Nguyen Thu Huyen from Ho Chi Minh City decided to sell her diamond ring after reading about diamond issues on social media.

Huyen bought the ring two years ago for over VND210 million, but now she's selling it for 20% less. She's worried about the diamond's quality and value.

Huyen said she lost more money on the diamond ring than if she had bought gold.

Many people on social media are talking about diamond certification and market issues after some big diamond retailers closed temporarily.

For a long time, people have been questioning the prices and values of diamonds in Vietnam.

In May 2026, a social media livestream about Kim Ly Jewelry caused concerns about the diamond business, and since then, the market has been disrupted.

Some diamond retailers in Ho Chi Minh City closed their stores, and customers tried to sell their diamonds at low prices.

Long Ngoc Luxury closed its store for two days, but then said it would stay closed because of market issues.

The police charged a former director of PNJ Lab Co., Ltd. with diamond smuggling, which caused more concerns.

PNJ said it had nothing to do with the smuggling and that all its diamonds are imported legally, but people are still worried.

The authorities also charged the owners of Kim Ly, Ngoc Tam, and Ngoc Chau Au jewelry businesses with diamond smuggling.

After the charges, photos showed that Kim Ly and Ngoc Tam stores were closed, but they had been open earlier that day.

Ngoc Chau Au had already said it would close for two weeks to improve its operations.

The store said it would review its operations, upgrade its systems, and improve service quality before reopening.

Some diamond retailers on An Duong Vuong Street and Ly Thuong Kiet Street had reopened and were working normally.

Well-known brands like Tierra Diamond, GIV, and Uy Diamond were still open and receiving customers.

Even so, people think that the recent events will make consumers more careful when buying diamond jewelry.

To reduce risks, consumers need to be careful.

Dr. Huynh Thanh Dien said that the diamond market is driven by consumer feelings and that there's a big information gap between buyers and sellers.

Dien said that the biggest risk is that sellers control the information about diamonds, and buyers might get fake certification documents.

He also said that a gemological certificate is not the same as proof of a diamond's origin, and businesses should have buyback and sales policies to protect customers.

Dien thinks that the future of the diamond market depends on how businesses and regulators respond to the current situation.

He recommended creating a framework to oversee diamonds and gemstones, including standards for laboratories and certification systems.

Financial expert Nguyen Tri Hieu said that diamonds are not a good store of value and have low liquidity, unlike gold.

He advised consumers to avoid buying diamonds from informal markets or social media groups.

Thu Ha