In Vietnam, diamonds are not forever after smuggling ring bust
Ho Chi Minh City’s bustling jewellery quarter has fallen unusually quiet. Customers are not browsing for engagement rings or necklaces any more – instead they are clutching old receipts and certificates, hoping to sell diamonds they no longer trust. The discovery of what appears to be Vietnam’s biggest-ever diamond smuggling network has rippled through the industry. Investigators allege more than…
In Vietnam's jewellery quarter, a diamond smuggling ring bust has sent ripples through the industry. The discovery of a potentially massive ring, involving over 30,000 stones worth over 1.5 trillion dong ($57 million), has led to uncertainty among customers and businesses alike. Authorities allege that diamonds were smuggled from India and Hong Kong, with gem-certification labs altering their quality through the removal of laser inscriptions and re-engraving.
As a result, dozens of jewellery shops have temporarily closed, and consumers are questioning the value of their diamond purchases. Thanh Hang, an online clothing shop owner, expressed her concern over a graded diamond ring she bought, which was shut down for business due to the scandal. The nation's largest jewelry brand, Phu Nhuan Jewellery (PNJ), denies involvement, but its stock value has plummeted.
The government is urged to implement a proper regulatory framework for the diamond market, including an independent gem certification authority, to ensure transparency and accountability.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
