Vietnam’s Diamond Market Faces Store Closures as Smuggling Ring Is Busted

Diamond retailers in Ho Chi Minh City report sharply reduced customer traffic and low resale prices, prompting many shops to halt operations. Companies such as Saigon Jewelry Company (SJC) and Phú Nhuận Jewellery (PNJ) note fewer clients bringing diamonds for sale, with some stores in the An Đông market area closed permanently. Consumers who purchased items earlier now struggle to sell them at reasonable values.

Authorities have dismantled a transnational smuggling network that attempted to bring hundreds of diamonds from India into Vietnam via Tan Son Nhat Airport. The ring, led by Indian national Shaileshkumar Hareshbhai Prajapati and Vietnamese facilitator Nguyễn Thị Linh, used Facebook groups to solicit buyers, evaded customs, and offered a 0.1% commission on each shipment. The investigation resulted in charges of illegal import, bribery and fraud, with multiple conspirators—including two sisters, Lý Thị Ngọc Bích and Lý Thị Ngọc Nga—also indicted.