Vietnam auctions $1 million diamond set from convicted tycoon Truong My Lan

A collection of diamond jewelry valued at 25 billion Vietnamese dong ($1 million) belonging to convicted real estate tycoon Truong My Lan is set for auction in Ho Chi Minh City. The sale is part of efforts to enforce court orders mandating Lan to repay over 30 trillion dong ($1.2 billion) to more than 43,100 victims.

Lan, the 70-year-old chairwoman of the Van Thinh Phat Group, faces a significant restitution obligation stemming from criminal convictions. The auction includes three distinct sets of jewelry: a pair of diamond earrings with natural diamonds, a diamond necklace with a central stone, and a diamond ring. Each item has a specified starting bid and a required deposit.

The earrings, featuring natural diamonds with diameters of 10.7 mm and 10.58 mm, have a starting price of over 9.44 billion dong. The necklace, adorned with a central diamond measuring 12.67 mm, begins at over 8.89 billion dong. The ring, centered around a 14.1 mm diamond, has a starting bid of over 6.65 billion dong. The auction will be conducted through open outcry bidding, with a minimum bid increment of 100 million dong for all three items.

Despite the high value, official records for the purchase and invoices for the jewelry are reportedly missing. However, the items underwent sample appraisal in November 2023 by the Vietnam Institute of Gems and Gold. The jewelry is currently being held at the State Treasury's branch in Ho Chi Minh City.