Ho Chi Minh City gold and diamond market faces mass closures
More than 30 gold, diamond and gemstone businesses in Ho Chi Minh City have temporarily stopped operating within about 20 days from early July, according to Nguyen Van Dung, chairman of the city's Jewellery and Gemstones Association. He noted that the actual number could be higher because some firms are not association members.
Consumers are struggling to sell their gold and diamond assets. Shops on Nguyen Anh Thu street will buy gold from other stores only if the customer adds cash, while many retailers refuse purchases unless the items were bought from them originally. Thiên An, 46, who bought 20 gold rings from PNJ for future tuition fees, was told she would receive payment in installments over 120 days. Others, such as Minh Trang, could not sell gold after the Kim Ly shop closed for a month, and Hòa in Nha Be found no buyers for diamond jewellery worth billions of đồng as most shops have shut or declined to buy.
Entities: Ho Chi Minh City · Kim Lý · Nguyen Van Dung · PNJ · TAT Law Firm · Thiên An · Truong Anh Tu · Vietnam Gemstone and Jewelry Association
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] A shop on Nguyen Anh Thu street accepts gold from other shops only if customers pay additional money. (reporting)
- [● 2 SOURCES] Hòa in Nha Be could not find buyers for diamond jewellery worth billions of đồng as many shops have closed or refused. (consumer interview)
- [○ 1 SOURCE] More than 30 gold, diamond and gemstone businesses in Ho Chi Minh City temporarily ceased operations within about 20 days from early July. (Nguyễn Văn Dũng, chairman of the Ho Chi Minh City Jewellery and Gemstones Association)
- [○ 1 SOURCE] Nguyễn Văn Dũng said the count of affected businesses could be higher because some are not association members. (Nguyễn Văn Dũng)
- [● 2 SOURCES] Minh Trang could not sell gold after the Kim Ly shop closed for about a month. (consumer interview)
- [● 2 SOURCES] Thiên An, 46, who bought 20 gold rings from PNJ, was told payment for resale would be in installments over 120 days. (consumer interview)
- [● 2 SOURCES] Consumers in Ho Chi Minh City are often required to add cash or are refused when trying to sell gold or diamonds. (multiple consumer reports)
- [● 2 SOURCES] Some gold retailers only buy gold that was originally purchased from them. (consumer reports)