Editor’s Note
**Editor’s Note:** The sudden suspension and closure of multiple diamond businesses in Ho Chi Minh City have sparked market uncertainty and customer concern. We will continue to monitor this developing story and provide updates as more information becomes available.
Many diamond businesses in Ho Chi Minh City have suddenly announced operational suspensions or closures for restructuring, causing concern among numerous customers.
A diamond business on Le Thanh Ton Street has temporarily suspended operations. Photo: Ha May
Over the past three days, many diamond businesses in Ho Chi Minh City have suddenly announced closures or temporary suspensions, plunging the market into confusion. This development has caused anxiety among many customers who have already purchased products or wish to conduct transactions.
PJA Diamond business in Ho Chi Minh City suspends operations. Photo: Ha May
Ms. Le Kieu Phuong, a resident of Tan Son Ward, who came to inquire after learning that the store of PJA Diamond Jewelry Co., Ltd. at 413 Vo Van Tan, Ban Co Ward, had temporarily suspended operations, said:
A notice of business suspension leading to dissolution and bankruptcy is posted on the storefront. Photo: Ha May
On the company’s door, a notice stated that the company is suspending operations to move towards bankruptcy and dissolution, leaving contact information for customers.
According to registration information, the company was established in 2024, with its main business being the purchase and sale of gold jewelry and art items; wholesale of gemstones and semi-precious stones; and wholesale of silver and other precious metals (excluding gold bullion).
According to records from the Labor Newspaper, two diamond businesses on Le Thanh Ton Street (Ben Thanh Ward) also announced operational suspensions.
Specifically, Que Jewelry (166 Le Thanh Ton) announced a temporary closure from July 19 to August 3 for operational restructuring, while Hoang Thu Jewelry (194 Le Thanh Ton) stated it would suspend operations for a period for restructuring.
Many customers come to the store to inquire after the business announced its suspension. Photo: Ha May
Additionally, Cashion Joint Stock Company (106 Nguyen Van Troi, Phu Nhuan Ward) also announced a two-month suspension of business operations starting from 8:00 AM on July 19 to carry out a comprehensive restructuring process.
Most of the stores that have temporarily suspended operations cited the reason as recent significant market fluctuations, which have made it no longer feasible for the businesses to maintain their current business models. The brands expect to return soon after the restructuring process with a more suitable operational model to continue serving customers.
On Truong Dinh and An Duong Vuong streets, some diamond shops have also temporarily closed, are undergoing renovations, or have made no announcements.
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