Diamond shops in Ho Chi Minh City in Southern Vietnam have closed down due to market slowdown

In just the past three days, a series of diamond businesses in Ho Chi Minh City suddenly announced closures or temporary suspensions, causing a stir in the market. This development has also raised anxiety among many customers who have purchased products or require transactions.

One company, established in 2024, primarily deals in buying and selling jewelry, fine art jewelry, and the wholesale of gemstones, semi-precious stones, and other precious metals (excluding gold bars). Also, two diamond businesses announced a temporary suspension of operations.

Additionally, Que Jewelry announced a temporary closure from July 19 to the end of August 3 to rearrange operations, while Hoang Thu Jewelry said it would temporarily suspend operations for a period of time to restructure. Cashion Joint Stock Company also announced the temporary suspension of business operations starting at 8 am on July 19 for 2 months to implement a comprehensive restructuring process.

Most of the stores temporarily suspended operations said that the reason stemmed from major market fluctuations in the past time, causing businesses to no longer have enough conditions to maintain their current business model. Brands expect that after the restructuring process, they will soon return to a more suitable operating model and continue to serve customers.