Vietnamese Diamond Market Rattled by Smuggling Ring Bust
Diamond buyers in Vietnam are experiencing panic and uncertainty following the exposure of a large-scale diamond smuggling ring. The bust has led to concerns about the authenticity and value of previously purchased gems.
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In Vietnam, diamonds are not forever after smuggling ring bust
Ho Chi Minh City’s bustling jewellery quarter has fallen unusually quiet. Customers are not browsing for engagement rings or necklaces any more – instead they are clutching old receipts and certificates, hoping to sell diamonds they no longer trust. The discovery of what appears to be Vietnam’s biggest-ever diamond smuggling network has rippled through the industry. Investigators allege more than 30,000 stones worth over 1.5 trillion dong (US$57 million) were brought into the country over the...
By Bloomberg
Read full article →Diamond buyers in Vietnam are freaking out after gem scandal
Investigators allege more than 30,000 stones worth over 1.5 trillion dong ($57 million) were brought into the country over the past two years.
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