A quiet atmosphere is covering many streets that are considered "diamond streets" in Ho Chi Minh City. From long-standing stores to famous brands on online platforms, they continuously issue notices of temporary suspension of operations, restructuring or termination of business.
According to records on July 25, some stores on diamond trading routes such as An Dong, Tran Hung Dao, Nguyen Thi Minh Khai... are in a state of closed doors or restricted transactions.
Cao Hung Diamond store (35 Tran Phu, Cho Quan ward) also announced a temporary suspension of exchange operations for two weeks. On the fanpage, the store said that in the context of market confidence being affected when many units once received appointments but were then forced to stop operating due to force majeure reasons, many customers changed their decisions and wanted to handle transactions immediately. This caused the store to fall into a state of overload beyond control, phones cannot answer in time, and messages cannot be fully responded to.
In addition, in recent days, some unfortunate incidents have also occurred when customers put pressure to be paid early, putting great pressure on store owners and employees. The store expressed its desire to soon overcome the difficult period to resume normal operations.
Meanwhile, Luxury Gold & Diamond store at 102 Nguyen Van Cu, Cau Ong Lanh ward also announced a temporary suspension of operations for 10 days. All consulting, buying and selling and transaction activities are expected to be restored from August 2.
Previously, a number of other stores such as Que Jewelry, Thuc Lan Diamond, Hoang Thu Jewelry, Cashion... also announced temporary suspension of operations.
According to businesses, the biggest reason is not the lack of buyers but the wave of customers bringing diamonds to resell sharply. The volume of exchange transactions far exceeds the ability to balance cash flow, causing many units to fall into liquidity pressure and be forced to temporarily suspend operations for handling.
While many stores temporarily suspended transactions, large brands such as SJC, PNJ... are still operating normally but have adjusted their purchasing policies to cope with the sharp increase in customers.
At SJC, diamond and jewelry products must go through a more complex inspection process, so the expected purchase time is expected to last from 1-2 days.
Meanwhile, PNJ from a few days ago has applied a payment limit when buying back diamonds. According to the new policy, instead of paying the entire value of the product on the same day as before, the business promises to pay within 120 days, divided into 5 installments.
Customers can also choose to convert the entire or part of the resale value to products being traded in the PNJ system, including SJC gold bars, PNJ fortune gold, plain rings, Jewelry, jewelry, collected gifts and detached diamonds.
Notably, from July 24, PNJ continues to limit the time to buy back gold and diamond products in the time frame from 3 pm to 5 pm every day.
The wave of diamond resale is said to stem from the cautious psychology of consumers after functional agencies dismantled a smuggling ring of more than 28,000 diamonds and prosecuted many related defendants. After the incident, many diamond businesses recorded a sharp increase in the number of customers coming to request the resale of products.
