Diamond buyers in Vietnam are freaking out after gem scandal
Investigators allege more than 30,000 stones worth over 1.5 trillion dong ($57 million) were brought into the country over the past two years.
A massive diamond smuggling scheme has sent shockwaves through Vietnam's jewelry industry. Ho Chi Minh City, the country's jewelry capital, has become eerily quiet as customers withdraw their business. Instead of purchasing engagement rings and necklaces, buyers are scrutinizing old documents, attempting to sell diamonds they no longer believe to be genuine.
Provincial investigators claim that more than 30,000 diamonds, valued at over $57 million, were smuggled into Vietnam over the past two years. These stones, which originated in India, were concealed in luggage, shoes, and clothing before being smuggled through Hong Kong. Once in Vietnam, the gems were subjected to fraudulent practices, including the removal of their original Gemological Institute of America (GIA) laser inscriptions and the re-engraving of misleading certificates that overstated their quality.
Police are still determining the extent of the stones' circulation throughout the market. Dozens of jewelry shops have temporarily closed their doors as a result of the scandal. While the current subscription plan does not grant commenting privileges, readers are encouraged to create a display name in the Profile section of their subscriber account page for future discussions.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
