Editor’s Note
**Editor’s Note:** Following the indictment of owners from Kim Ly, Ngoc Tam, and Ngoc Chau Au jewelry stores in an international diamond smuggling case, multiple diamond retailers in Ho Chi Minh City have shuttered. Notably, the Ngoc Chau Au (NCA Luxury Jewelry) outlet on Tran Hung Dao Street has posted a temporary closure notice, citing prior announcements.
Many diamond stores in Ho Chi Minh City have closed their doors following the news that the owners of Kim Ly, Ngoc Tam, and Ngoc Chau Au jewelry stores have been indicted in an international diamond smuggling case.
At 5 PM today, the Ngoc Chau Au Co., Ltd. (NCA Luxury Jewelry) store on Tran Hung Dao Street, Cho Quan Ward, Ho Chi Minh City, was found closed with a notice of temporary suspension of operations posted, as previously announced. Only one security guard was at the entrance, and no customers were present to buy diamonds.
NCA Luxury Jewelry announced on its official fan page on July 11 that, despite efforts to maintain business and serve customers amid unstable market conditions, it determined it needed time to restructure internal operations and improve processes.
Therefore, NCA Luxury Jewelry is temporarily suspending store operations from July 11 to July 24. Any issues arising during this period will be recorded and addressed by the company starting July 25.
Meanwhile, the Tam Luxury Diamond & Jewelry store on Tran Hung Dao Street, just a few dozen steps from Ngoc Chau Au, remained open. Some customers were browsing and making purchases. A store employee stated that due to cash payment requirements, rings were being sold at a 10% discount and diamonds at a 5% discount.
Regarding buyback policies, the employee said items sold for under VND 100 million would have a 5-month buyback contract, while items over VND 100 million could have the buyback period extended to 8 months.
The employee explained that due to the current diamond market situation, the company could not make immediate payments. With an increase in selling customers, the company had to extend payment deadlines from 1-3 months to 5-8 months, depending on the item’s value.
Kim Ly gold store also closed without any prior notice. Earlier in late May, the owner, Le Hoang Ngoc My, emphasized in an interview that she had a good reputation and always kept promises to customers. Regarding rumors on social media, she said she didn’t find them strange because people can like or dislike on the internet.
The Kim Ly store president stated that if customers were suspicious, they could have diamonds appraised at a certified diamond appraisal institution. After appraisal, customers could bring the receipt to Kim Ly for a refund of the appraisal fee.
However, due to the overwhelming number of customers coming to sell diamonds, Kim Ly had to issue promissory notes to customers.
This afternoon, the owners of Kim Ly, Ngoc Tam, Ngoc Chau Au, and a P-Lab appraiser were indicted in an international diamond smuggling case.
Investigators confirmed that the suspects’ methods and tactics were highly sophisticated. Specifically, the suspects contacted Indian nationals through social media applications to arrange diamond purchase contracts, organized the illegal transport of diamonds into Vietnam, and sought customers for resale at a profit.
The group hired Indian employees to travel to Vietnam, directly visit gold, silver, and jewelry stores, introduce products, and sell diamonds. When a customer decided to buy, they created a shared WhatsApp group to facilitate pricing, ordering, and receiving goods.
The target customers for selling goods were gold and silver trading businesses or new businesses seeking to expand their customer base.
According to police, the suspects exploited the small size of diamonds to cleverly hide them in personal luggage, shoes, clothing, etc., and transported them by air. The diamonds were then brought into Vietnam through Tan Son Nhat, Da Nang, Noi Bai, and Phu Quoc airports without customs declaration.
Once in Vietnam, the goods were specially sorted by customer and delivered through multiple independent intermediaries.
Previously, due to recent volatility in the diamond industry, many diamond holders rushed to sell, causing many diamond stores to face liquidity shortages and issue promissory notes. This led many stores to pressure customers to sell diamonds at very low prices and continuously broadcast price cuts via live streaming to raise funds to buy back customers’ diamonds.
