The ongoing trend of closures among diamond and gold shops in Ho Chi Minh City shows no signs of stopping. In areas known as the "capital" of jewelry, the sight of closed doors and locked gates is becoming increasingly common. As of July 28, the market for gold and precious stones is notably subdued.

Last week, a location that typically sees high customer traffic, the Saigon Jewelry Company (SJC) on Nguyen Thi Minh Khai Street, was surprisingly quiet. Although gold prices had dropped significantly, losing 1.5 million VND per tael to reach 137.5 million VND for buying and 141.5 million VND for selling, the number of customers visiting SJC on the morning of July 28 was remarkably low.

In the An Dong Trade Center, multiple gold and precious stone stalls have closed down, leaving only a few signs standing alone. The atmosphere in the jewelry area of the An Dong Trade Center is desolate, with not a single shop open for business. Nearby, shops in the An Dong market are experiencing similar fates, with display cases covered in cloth and some shops closed for weeks.

In the vicinity of Ben Thanh Market, several diamond shops, including Que Jewelry and Kim Cuong Jewelry, have yet to reopen. According to a message from Que Jewelry, they plan to resume operations on August 3. The prolonged closures have left many customers bewildered.

As the diamond market remains nearly "frozen," individuals owning various precious stones, such as jade, are feeling anxious and looking to sell but are encountering numerous challenges.