$73m Diamond Smuggling Suspects and the Dollar Bill Codes
July 30, 26
(IDEX Online) - Gang members suspected of smuggling $73 million of diamonds into Vietnam allegedly used the serial numbers from US dollar bills as a secret authentication code.
The stones were hidden in luggage, shoes, and clothing and illegally brought from Hong Kong into Vietnam on commercial flights through major airports.
The courier would only release the smuggled goods to a recipient holding a bank note with the 11-character serial code as previously agreed.
Police say at least 28,000 diamonds, worth around $57 million in total, were smuggled into the country on 141 separate occasions since 2024. They believe the operation was masterminded by an Indian national living in Hong Kong.
The diamonds were typically sold at a third below prevailing market prices.
Many were sold into legitimate retail chains including the state-owned Saigon Jewelry Company (SJC), which reportedly bought more than 3,400 stones valued at $19 million.
Police in Vietnam's Thanh Hoa province launched an investigation after they and other forces intercepted some of the diamonds.
Working with police in Ho Chi Minh City and the Ministry of Public Security, they traced the network's logistics, couriers, and financial flows.
They established that orders and prices were arranged via WhatsApp and verification of delivery and payment was through dollar bill serial numbers.
More than 30 people, including Indian nationals, Vietnamese couriers, intermediaries, and jewelry-business staff have been detained or arrested.
Pic, courtesy Thanh Hoa Province Police, shows some of the suspects.