On 19/7, Cashion Joint Stock Company, which operates the Cashion diamond store chain in major shopping centers across 10 large cities including TP HCM, Hanoi, Da Nang, and Hai Phong, announced a two-month suspension of operations. The company stated that "significant market fluctuations recently have made it impossible for Cashion to maintain operations under its current model." Cashion added that it might return with a suitable model during this period or sooner.

One of Cashion's dozens of stores located in a major shopping center. Photo: Cashion.

Also on 19/7, Que Jewelry and Hoang Thu Jewelry, two prominent diamond shops on Le Thanh Ton street in Ben Thanh ward, TP HCM, announced temporary closures. Que Jewelry plans to be closed until 3/8 to reorganize and prepare for its next phase, assuring customers it is a "short break." Hoang Thu Jewelry cited unexpected market fluctuations since late May as the reason for its temporary suspension for restructuring.

A few days prior, PJA Diamond & Jewelry, located on Vo Van Tan street in Ban Co ward, TP HCM, also announced it was ceasing business. The company cited an unexpected surge in customer resale requests, with over 90% of clients demanding to sell back their diamonds. This led to a loss of liquidity after 45 days of efforts to manage the situation, leaving the store with no other option.

The broader diamond market faces continuous challenges, contributing to widespread confusion among diamond owners. Several other brands, including Quyen Diamond and Kim Cuong Cao Hung, have temporarily halted their buy-back policies due to financial strain. This instability follows persistent rumors about diamond quality circulating on social media, alongside an ongoing investigation into a PNJ Lab leader for the alleged smuggling of nearly 30,000 diamonds, which has also led to the prosecution of several associated gold shop owners.

One of many diamond buy-back contracts from PJA Diamond & Jewelry customers before the announcement of business cessation. Photo: PJA

A week ago, following the prosecution of the three owners of Kim Ly, Ngoc Chau Au, and Ngoc Tam shops in connection with the smuggling ring involving nearly 30,000 diamonds, all stores under these brands also simultaneously ceased operations.

Quynh Trang