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Vietnam crackdown freezes diamond and gemstone markets

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-07-26 23:20 UTC → 2026-07-29 03:11 UTC · added removed

Vietnam’s anti‑counterfeit drive, launched in early May 2026, has broadened expanded into a sweeping wide‑ranging crackdown on fake luxury goods and a major diamond‑smuggling network. By mid‑2026 authorities Authorities recorded nearly 68,000 infringements, seized thousands of counterfeit items and imposed fines above VND 9.6 trillion. Notable Key actions included dismantling a sneaker workshop (6 June), seizing counterfeit fake jewellery, eyewear and 440 fake watches in Da Nang (24 June), uncovering exposing a counterfeit power‑transformer ring in An Giang (July), (July) and breaking a diamond‑smuggling syndicate that moved about 30,000 stones diamonds from India via Hong Kong, with an initial seizure of 1,239 diamonds stones worth VND 280‑300 billion. On 16 July, nearly 50,000 counterfeit Nike and Air Jordan shoes valued at over VND 100 billion were seized from a Ho Chi Minh City factory. The operation, coordinated with Vietnam’s Department of Domestic Market Management, the Ministry of Public Security’s cybercrime unit A05 and U.S. Homeland Security Investigations, uncovered 11 containers already shipped to the United States. Nike confirmed no licensing agreement with the involved firms. The diamond‑smuggling bust triggered caused a sharp loss of confidence among buyers in Ho Chi Minh City. By 18 City; by late July more than a dozen retailers declared bankruptcy or suspended operations, foot traffic continued to fall and by 24 July the market entered a near‑freeze. Customers now demand many shops refused purchases without full provenance, certificates and invoices, and most retailers will only repurchase provenance documentation. Prices plunged, with some diamonds they originally sold. Even a price drop dropping from VND 300 million to VND 30 million has not restored confidence, prompting experts to warn that million, yet confidence remained low. New developments deepened the scandal’s impact reaches crisis. A liquidity crunch hit the entire high‑value gemstone sector and may reshape transaction practices. The fallout has deepened, with diamond market, especially jadeite (phỉ thúy), as shops in Cần Thơ remaining closed only redeem gold and hotlines unresponsive, while provincial authorities note refuse to buy back precious stones, pushing sellers to unregulated online groups. Saigon Jewelry Company disclosed that licensing decisions lie outside the Department its inventory of Industry and Trade. Foot traffic continues 170,876 stones was recorded at an average of VND 6,100 each, igniting panic over valuation practices. Authorities also dismantled a second transnational smuggling ring that attempted to decline import hundreds of diamonds through Tan Son Nhat Airport, leading to arrests of Indian and traders refuse purchases without complete documentation. Vietnamese facilitators and further store closures, notably in the An Đông market area. The ongoing fallout is reshaping transaction norms across Vietnam’s high‑value jewellery sector.

Versions

  1. 2026-07-29 03:11 UTC Vietnam crackdown freezes diamond and gemstone markets
  2. 2026-07-26 23:20 UTC Vietnam crackdown freezes diamond and gemstone markets

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