In Vietnam, diamonds are not forever after smuggling ring bust

AI Summary

Vietnam's largest diamond smuggling ring was busted in Ho Chi Minh City, severely impacting the local jewelry market. Over 30,000 illicit diamonds worth approximately US$57 million were involved, causing distrust among customers.

Ho Chi Minh City’s bustling jewellery quarter has fallen unusually quiet. Customers are not browsing for engagement rings or necklaces any more – instead they are clutching old receipts and certificates, hoping to sell diamonds they no longer trust. The discovery of what appears to be Vietnam’s biggest-ever diamond smuggling network has rippled through the industry. Investigators allege more than 30,000 stones worth over 1.5 trillion dong (US$57 million) were brought into the country over the...