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Diamond smuggling probe quiets Ho Chi Minh City jewellery quarter

Police say diamonds had their original GIA laser inscriptions stripped and re-engraved before being resold at higher prices.

Reported · Written up by our desk · Asia

Vietnam’s diamond smuggling investigation has hit activity in Ho Chi Minh City’s jewellery quarter, with customers shifting from shopping for new stones to trying to sell diamonds they no longer trust, according to SCMP Economy, citing police statements.

Authorities allege that diamonds were taken out of gem-certification labs’ original trace markings, including removing GIA laser inscriptions before re-engraving and receiving reports that overstated quality, enabling sales at far higher prices.

SCMP Economy reports that investigators are still determining how widely the affected stones spread through Vietnam’s market, while dozens of jewellery shops have temporarily closed.

A retailer buyback practice is common in Vietnam, SCMP Economy notes, but at least one buyer said her planned refund became difficult because the store branch was shut, adding to concerns in the local jewellery segment.

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