Vietnam's diamond market hit by shop closures after smuggling crackdown

Several diamond retailers in Cần Thơ have remained shut despite posting notices of a five‑day temporary suspension. The Kimberly Diamond store on Ung Văn Khiêm street and the Cashion shop on Trần Hưng Đạo have not provided clear reopening dates, and attempts to reach their hotlines have failed. Local authorities said licensing and operational decisions for jewelry businesses are not under the jurisdiction of the provincial Department of Industry and Trade.

In Ho Chi Minh City, a recent bust of a large diamond‑smuggling network has shaken consumer confidence. Traders report a sharp drop in foot traffic, with many shops either closing or refusing to buy diamonds unless full documentation is presented. Prices have fallen, and buyers such as Nguyễn Thị Mai say they now avoid purchases even when prices are reduced. Analysts note the market is effectively frozen, with the scandal exposing gaps in high‑value asset regulation.

The combined effect is a contraction of Vietnam's diamond trade, affecting both sellers and buyers and prompting calls for stronger oversight of the sector.