Truong My Lan's diamond jewelry sells for over $1 million USD at auction

Three natural diamond jewelry pieces owned by Truong My Lan, the 70-year-old chairwoman of Van Thinh Phat Group, have been successfully auctioned, fetching over 25 billion Vietnamese dong (approximately $1 million USD).

The auction, held on August 21 by the Ho Chi Minh City Asset Auction Service Center, saw a single bidder acquire the diamond earrings for more than 9.44 billion dong and the diamond necklace for over 8.89 billion dong. The diamond ring was sold separately for 6.7 billion dong. In total, the three jewelry items were sold for over 25 billion dong.

According to officials, all three items lacked original sales records and invoices. However, their authenticity was confirmed by the Vietnam Institute of Gemstones, Gold, and Jewelry in November 2023. The earrings featured diamonds with diameters of 10.7 mm and 10.58 mm, both rated VVS-1 clarity and E color. The necklace's pendant held a 12.67 mm diamond (VVS-2 clarity, G color), surrounded by smaller diamonds. The ring's diamond measured 14.1 mm (VS-1 clarity, G color).

This auction is part of the enforcement of criminal judgments from the Ho Chi Minh City People's Court and the High People's Court in Ho Chi Minh City. Truong My Lan is obligated to compensate over 43,100 victims for more than 30.081 trillion Vietnamese dong.