Editor’s Note
**Editor’s Note:** This report exposes a troubling fraud scheme in the diamond industry, where manipulated codes and domestic certificates have misled high-end jewelry buyers. We present these findings to inform consumers and urge stricter oversight in certification processes.
A recent fraud scheme involving diamond code manipulation, linked to the former head of P-Lab (a testing unit wholly owned by PNJ), has caused significant upheaval among high-end jewelry enthusiasts. The strategy of artificially inflating value by erasing old codes, engraving new ones, and issuing domestic certificates has exposed a major flaw in the domestic testing process.
However, it is observed that the demand for buying diamonds for personal jewelry, gifts, or investment remains very high in Ho Chi Minh City. The question now is how to become a savvy consumer and make the right choices amidst the complexities of the current market.
The first and most important lesson emphasized by jewelry experts at this time is: demand independent international certification.
Instead of relying entirely on domestic certificates, customers buying loose diamonds (3.6mm and larger) should prioritize products with certificates from the Gemological Institute of America (GIA).
Specifically, buyers should not hesitate to ask store staff to use a special magnifying lens (10x – 30x magnification) to check the laser-engraved serial number on the diamond’s edge (girdle). This sequence of numbers must match the accompanying GIA certificate digit by digit. Checking the serial number directly on the GIA global website at the counter is also a quick cross-check, helping to reduce the risk of buying counterfeit goods.
Setting aside the PNJ incident, the jewelry market in Ho Chi Minh City remains extremely vibrant, with many transparent brands catering to the needs of all classes and customers.
While waiting for PNJ’s internal review and improvement, Doji Group or the World of Diamonds chain (part of Doji) is a safe alternative. These entities have an extensive network of stores and are committed to transparent sources of GIA-certified diamonds. Additionally, SJC (Saigon Jewelry Company) is not only strong in gold bars but also offers a range of diamond jewelry with state-certified reliability.
Boutique jewelry brands are also rapidly gaining popularity. Young people and office workers in Ho Chi Minh City are turning to newer brands like Tierra Diamond or Gemmia Diamond instead of spending more on luxury brands. The advantages of this category include personalized design services (made-to-order), competitive prices, alignment with the latest trends, and a guarantee of 100% officially imported diamonds with GIA certification.
For international brands located in shopping malls catering to affluent customers, stores like Cartier, Tiffany & Co., or Bulgari at Vincom Center Dong Khoi and Saigon Centre can be excellent choices. Despite slightly higher prices due to import taxes and duties, customers get the opportunity to buy unique designs and the world’s highest quality gemstones.
According to professional diamond traders, to choose beautiful jewelry that fits their budget, buyers need to carefully consider the 4Cs: Carat (weight), Cut, Color, and Clarity.
