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In Vietnam, diamonds are not forever after smuggling ring bust

Ho Chi Minh City’s bustling jewellery quarter has fallen unusually quiet. Customers are not browsing for engagement rings or necklaces any more – instead they…

By Samantha Johnson / August 3, 2026

Ho Chi Minh City’s bustling jewellery quarter has fallen unusually quiet. Customers are not browsing for engagement rings or necklaces any more – instead they are clutching old receipts and certificates, hoping to sell diamonds they no longer trust.

The discovery of what appears to be Vietnam’s biggest-ever diamond smuggling network has rippled through the industry. Investigators allege more than 30,000 stones worth over 1.5 trillion dong (US$57 million) were brought into the country over the past two years, hidden in luggage, shoes and clothing after being sourced in India and routed through Hong Kong.

In gem-certification labs, diamonds were stripped of their original Gemological Institute of America laser inscriptions before being re-engraved and issued with reports that overstated their quality, police said, allowing them to be sold at far higher prices. Authorities are still investigating how widely the stones spread through the market, while dozens of jewellery shops have temporarily closed.

“I’m truly worried,” said Thanh Hang, an online clothing shop owner who bought her diamond ring in Ho Chi Minh City. The stone had been graded by PNJ Laboratory, one of the companies under investigation.

The logo of the Phu Nhuan Jewelry group is displayed at the storefront of a shop in Hanoi on July 15, 2026. Photo: AFP
The logo of the Phu Nhuan Jewelry group is displayed at the storefront of a shop in Hanoi on July 15, 2026. Photo: AFP

Hang had sought a refund at the retailer in question, but found the branch was shut. In Vietnam, it is common for jewellery stores to offer a buy-back programme as a sort of sales tool – it gives buyers confidence they will have an exit route at some point in the future, while encouraging them to return to the same jeweller when they want to upgrade or resell.

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