Ho Chi Minh City diamond market crisis forces store closures

In mid‑July 2024 a severe liquidity crunch hit Ho Chi Minh City’s diamond trade. More than a dozen retailers announced temporary shutdowns or permanent closure as a surge of customers tried to sell diamonds worth hundreds of millions of đồng. PJA Diamond & Jewelry declared bankruptcy after over 90 % of its clients brought in pieces for resale, leaving the firm’s cash flow “tightly blocked.”

Cashion announced a two‑month suspension for restructuring, while Hoàng Thứ Jewelry, Cao Hùng Diamond, Quế Jewelry and other shops on streets such as Lê Thánh Tôn and in Vincom Cộng Hòa also halted exchange services. Customers reported locked doors and unanswered calls, for example Nguyen Phương Hoa said, “The store promised to buy back my 6.8‑carat ring, but the door was shut and no one answered.” The wave of closures reflects a sharp market downturn, falling consumer demand and strained liquidity for dealers across the city.