Lao Dong's records show that previously, Ngoc Chau Au Co., Ltd. (Ngoc Chau Au diamond shop) announced that it would reopen from July 25 to receive and handle arising requests from customers after two weeks of temporary suspension of operations. However, as of July 27, both branches of the enterprise at 83 Ly Thuong Kiet, Tan Hoa ward and 744A Tran Hung Dao, Cho Quan ward were still closed.
Information on the Vietnam Tax Portal shows that on July 27, this enterprise has stopped operating but has not completed the procedures to terminate the validity of the tax code.
At some other diamond business stores such as Kim Ly, Thuc Lan Diamond, Quyen Diamond, Hoang Thu Jewelry..., the situation of closed doors is also recorded. Some stores only announced that they would soon resume operations but did not specify the specific time, while others have closed to carry out dissolution or bankruptcy procedures...
According to Mr. Nguyen Van Dung - Chairman of the Ho Chi Minh City Jewelry and Gems Association, a preliminary survey by the Association shows that from the beginning of July to now, more than 30 businesses trading in gold, diamonds, and gemstones in Ho Chi Minh City have temporarily suspended operations. The actual number may be even higher because many businesses in this field are not members, not directly under the association, so they have not been fully statistically analyzed.
The main reason stems from the difficult business situation and increasing cash flow pressure. Meanwhile, the number of customers bringing jewelry to resell has increased sharply, causing many businesses to no longer have enough liquidity, forcing them to close down or temporarily suspend business.
According to the association's assessment, the gold, silver, and gemstone market is entering a period of strong purification. Transparent businesses in operation, with appropriate response plans and ensuring customer rights will have an advantage in maintaining trust and continuing operations.
Ms. Tran Thi Ngoc Lien - Deputy Director of the State Bank of Vietnam Branch Region 2 - said that information related to a number of violations of the law in the field of diamond and gemstone business being investigated by functional agencies has affected the psychology of a part of consumers when trading jewelry and gemstones.
However, the investigation and verification of the responsibilities of organizations and individuals is under the authority of the procedural agency. Therefore, people and businesses need to access information from official sources, and should not generalize the violations of some individuals and businesses with the entire jewelry and fine art gold market.
According to Ms. Lien, in Ho Chi Minh City, there are still many businesses operating in accordance with regulations, licensed, inspected and supervised according to Decree 24/2012/ND-CP on management of gold business activities.
Ms. Lien recommends that businesses fully comply with regulations on invoices and documents; publicize and transparently disclose sales policies, repurchase products; proactively provide information to customers and coordinate with functional agencies when requested.
For consumers, Ms. Lien recommends to remain calm in the face of market fluctuations, carefully consider before buying and selling gold and gemstones; prioritize transactions at legal business establishments. People need to keep full invoices, warranty books, inspection certificates, and clearly understand the policy of repurchasing products before transactions.
When detecting signs of violation, people need to promptly report to the market management agency or the police agency to be received and handled according to regulations.
