Vietnam gemstone market faces liquidity crisis and pricing scandal

The Vietnamese gemstone market has become nearly frozen, with owners of high‑value stones such as phỉ thúy (jadeite) struggling to find buyers. Jewelry shops typically only redeem the gold component of jewelry, refusing to purchase the precious stones themselves, leaving sellers with low resale options and significant losses. Reports from consumers in Ho Chi Minh City, Cần Thơ and other regions describe shops directing sellers to online groups while offering no guaranteed buy‑back price.

Compounding the issue, Saigon Jewelry Company (SJC) disclosed that its inventory of 170,876 stones averaged just about 6,100 VND per piece—far below market expectations. The company clarified that these stones are low‑value remnants extracted from old or defective pieces, not diamonds, and are recorded at symbolic values for accounting purposes. The revelation sparked panic among gemstone enthusiasts and highlighted the lack of independent quality certification in Vietnam's jewelry sector.