In a notable development within the diamond market in Vietnam, multiple brands have announced temporary closures in response to a surge in customers selling back their diamonds. This trend is indicative of the broader restructuring challenges that businesses in the sector are currently facing.

On July 19, Cashion Joint Stock Company, which operates a chain of diamond stores across major cities including Ho Chi Minh City, Hanoi, Da Nang, and Hai Phong, announced a two-month suspension of operations. The company cited significant market fluctuations as a reason for its inability to maintain its current business model. They indicated that they might return with a more suitable model during this period.

Additionally, two other diamond retailers, Que Jewelry and Hoang Thu Jewelry, located on Le Thanh Ton Street in Ho Chi Minh City, also announced temporary closures. Que Jewelry stated that it would be closed from July 19 to August 3 for operational restructuring and to better prepare for the upcoming period. They assured customers that this was merely a short break and that they would return soon. Meanwhile, Hoang Thu Jewelry attributed its closure to unexpected market changes since late May and decided to pause operations to restructure.

Just days earlier, PJA Diamond & Jewelry, located on Vo Van Tan Street in Ho Chi Minh City, also announced a halt to its business activities. The company reported that over 90% of its customers requested sudden sell-backs, leading to liquidity issues after 45 days of trying to manage the situation. They expressed regret over the circumstances and stated that they had no other options left.

The diamond market in Vietnam has been facing continuous difficulties, particularly following rumors about the quality of diamonds circulating on social media. This situation has been exacerbated by the investigation of PNJ Lab's leadership in a case involving the smuggling of nearly 30,000 diamonds. Just a week prior, three major diamond brands also ceased operations after news broke about the prosecution of a store owner linked to the smuggling ring.

As customers have shown increased interest in consulting and verifying their diamonds, the overall sentiment among diamond owners remains anxious. Many businesses, including Quyên Diamond and Cao Hung Diamonds, have temporarily suspended their buy-back policies due to financial pressures.

In Dong Thap, the well-known gold shop Hong Phuc also announced a two-month operational pause for restructuring. In Vietnam, most diamond businesses have a buy-back policy to reassure customers, with buy-back rates typically ranging from 80% to 95% depending on the quality, size, and condition of the product. Currently, secondary market transactions primarily occur with the original sellers or specialized shops with expertise in appraisal.

Experts suggest that in the current climate, buy-back policies will serve as a test of the financial capacity and credibility of diamond businesses.