Vietnam’s diamond market in despair as trust erodes; stores close

Confidence in Vietnam’s diamond trade has weakened after a series of investigations and temporary business closures, leaving buyers increasingly cautious. Vietnam’s diamond market has come under increasing pressure as several jewellery stores in Ho Chi Minh City temporarily suspend operations, criminal investigations expand, and consumers grow more concerned about product authenticity, transparency and resale value.

Diamond stores temporarily shut their doors. After following discussions on social media, Nguyen Thu Huyen, a resident of An Hoi Tay Ward in Ho Chi Minh City, decided to sell her diamond ring despite facing no financial difficulties.

For years, Vietnam’s diamond market has faced persistent questions over pricing transparency, valuation standards and the wide gap between retail prices and resale values. Concerns intensified in mid-May 2026 following a livestream on social media discussing the diamond business of Kim Ly Jewellery, a long-established retailer in Ho Chi Minh City. Since then, trading activity – particularly in the secondary diamond market – has experienced significant disruption.

At the height of the uncertainty, several diamond retailers in Ho Chi Minh City temporarily closed their stores. Many customers rushed to verify information or sell back their diamonds at prices well below expectations in an effort to recover part of their investment.