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Luxury Gold & Diamond announced on its official Facebook page that it is suspending operations until further notice. Photo: Facebook

Luxury Gold & Diamond announced on the evening of August 5 that it would temporarily suspend operations until further notice.

The announcement was posted on the company's official Facebook page for its store on Nguyen Van Cu Street in Ho Chi Minh City.

According to the company, the decision comes amid significant changes in the jewelry and diamond market that have created considerable challenges for businesses across the industry, including Luxury Gold & Diamond.

"We believe that temporarily suspending operations at this time is necessary to stabilize our business and prepare for more sustainable development in the future," the company said in its statement.

This is the second suspension announced by the company in recent weeks.

Previously, the business temporarily closed for 10 days, from July 23 through August 1, citing similar reasons.

Well known for beauty pageant crowns

Luxury Gold & Diamond is widely recognized in Vietnam for sponsoring and designing crowns for major beauty pageants, including Miss Grand Vietnam and Miss World Vietnam.

Both competitions are organized and managed by Sen Vang Advertising and Trading Co., Ltd., commonly known as Sen Vang.

Beyond sponsoring pageant crowns, the jewelry brand has also collaborated regularly with beauty queens and runners-up in promotional activities and public appearances.

Diamond market remains under pressure

The company's announcement comes as Vietnam's diamond and jewelry sector continues to face significant challenges.

According to local observations, numerous jewelry and diamond stores in Ho Chi Minh City remain closed, including outlets located along streets traditionally known for gemstone and jewelry trading, even after some had previously indicated they would resume business.

As of mid-July 2026, preliminary estimates from the Ho Chi Minh City Association of Fine Arts, Goldsmiths and Gemstones indicated that more than 30 businesses involved in diamonds, jewelry and gold trading had suspended operations.

According to the association, many closures have been linked to liquidity pressures in the market, while others are connected to an ongoing police investigation into an alleged transnational diamond smuggling case.

Thu Ha