Editor’s Note
A wave of temporary closures has swept through Ho Chi Minh City’s diamond market, with multiple jewelers—including Hoang Thu and Que Jewelry—shuttering operations. The sudden, coordinated shutdown has left the market unusually sluggish, raising questions about underlying pressures in the sector.
In addition to the previously mentioned stores, several diamond businesses in Ho Chi Minh City, including Hoang Thu Jewelry and Que Jewelry, have announced temporary closures. The simultaneous closure or suspension of operations by numerous diamond businesses in a short period has left the city’s diamond market unusually sluggish.
On the afternoon of July 20, reporters from VTC News observed that many diamond shops across Ho Chi Minh City had simultaneously closed or temporarily suspended operations. From major shopping malls like Vincom Dong Khoi to streets known as ‘Diamond Streets’ such as An Duong Vuong, Tran Hung Dao, and Tran Phu, all were deserted, starkly contrasting with the previously bustling trading scene.
The Cashion diamond store at Vincom Dong Khoi (Saigon Centre) has closed. Inside, there are no longer any diamonds or jewelry, only display cases, boxes, and exhibits.
According to the company’s introduction, Cashion operates stores in shopping malls across 10 cities nationwide, including Ho Chi Minh City, Hanoi, Da Nang, and Hai Phong. Previously, Cashion announced a temporary suspension of operations at all its stores for two months, starting from 8:00 AM on July 19.
Cashion is a chain of stores specializing in the sale of diamonds, diamond jewelry, and authentic luxury goods exchange services.
Not only at Vincom Dong Khoi, but also on An Duong Vuong Street (Cho Quan Ward), one of the largest ‘Diamond Streets’ in Ho Chi Minh City, the trading atmosphere is very sluggish.
Many once-bustling stores, including Kim Ly, Kim Kiet, Kin Chau, and Thai My, have closed or temporarily suspended operations, leaving customers feeling confused and anxious.
The Cao Hung diamond store (35 Tran Phu Street, Cho Quan Ward) also closed after announcing a two-week suspension of its exchange services to stabilize operations. The business stated that the resumption date for exchange services would be announced via its fan page.
Meanwhile, after Hoang Thi Thanh Nga (born 1980), the director of Ngoc Chau Investment Company Limited, was arrested by authorities, the Ngoc Chau brand store on Tran Hung Dao Street (Cho Quan Ward) remains closed. Observations show that the store has a 24-hour security guard on site, who occasionally opens the door to let people in and out, but no buying or selling activities are taking place.