Many stores close, no return date for operation
By August 11, in the An Dong market area, many diamond and gold and silver shops such as Kim Ly, Kim Chau, Ngoc Tam were all closed. Kim Ly and Ngoc Tam shops closed from mid-July after the shop owner was prosecuted in a diamond smuggling case and it is not known when they will reopen. Kim Chau shop was originally scheduled to reopen on July 30, but then announced that it would continue to suspend operations from August 1 until further notice.
In the same situation, two branches of Ngoc Chau Au gold shop at 83 Ly Thuong Kiet, Tan Hoa ward and 744A Tran Hung Dao, Cho Quan ward have not issued new notices about the time to return to the market.
In the Ben Thanh market area, a similar situation was also recorded in some stores. Hoang Thu Jewelry store closed, with a sign hanging in front of the door "requesting a break today". In fact, this store has temporarily stopped operating for many days and did not specify when it will arrive. While other diamond shops such as Chin Tam, Thien Thien Ngoc nearby also closed.
Among the business locations recorded in this area, Que Jewelry store on Le Thanh Ton street, Saigon ward has reopened. Previously, this unit issued a notice of temporary suspension from July 19 - August 3 to rearrange operations and prepare for the next phase.
Meanwhile, Luxury Gold & Diamond diamond store at 102 Nguyen Van Cu, Cau Ong Lanh ward announced a temporary suspension of business operations from August 5 until further notice.
The fact that some stores reopened while many other business locations are still temporarily suspended shows that the time for businesses to resume operations is not yet uniform. This also makes a part of customers who need to buy and sell or exchange diamonds have to wait for more information from the store.
The shock of the Ho Chi Minh City diamond market is clearly shown after the smuggling of 28,000 diamonds was discovered by the police, disputes related to appraisal activities and a series of diamond businesses stopping trading have made the market cautious.
Transparency of prices and purchasing policies to maintain trust
Talking about this situation, Mr. Nguyen Van Dung - Chairman of the Ho Chi Minh City Gem and Jewelry Association - said that some businesses are facing liquidity difficulties, so they are temporarily suspended or closed for a short time. According to him, this is a temporary situation and businesses will resume operations.
Therefore, customers who have purchased diamonds at businesses that are temporarily suspending operations should calmly wait until the store reopens to carry out the resale or exchange of products as committed. During this time, customers who come to the store but see the store closed can wait for information about when the business will resume operations to continue trading.
From a broader perspective, Dr. Tran Nguyen Dan - Director of the Institute of Insurance and Financial Risk Management (IFRM) - said that Vietnam's gold, silver and gemstone industry still needs to continue to improve the standards of transparency, commensurate with the level of trust that consumers have for major brands.
According to him, people choose reputable brands because they expect to be provided with clear information and treated fairly. Therefore, when customer trust faces concerns without sufficient transparent information to answer, brands trusted by consumers may also be more affected, because the higher the expectation, the greater the requirement for clarity.
To restore trust, Dr. Tran Nguyen Dan believes that the gold, silver and gemstone industry needs to be transparent in price structure, clearly separate gold and stone prices, processing labor and brand value; and at the same time publicize the repurchase policy.
According to him, management agencies need to clearly guide how to classify, value and account for precious stones, semi-precious stones, and decorative stones. Consumers should proactively request information in writing and distinguish between popular stone jewelry and certificated detached gemstones, avoiding equating values between segments.
