The 400-square metre market is located at Alley 456 on Hoang Hoa Tham Street. It only opens on every Sunday morning and attracts a lots of traders from different localities nationwide.
There are around 20 stalls at the market which sell raw or polished gemstones excavated in the provinces of Yen Bai, Thanh Hoa and Binh Thuan. The products are displayed in plastic trays.
The market is quite crowded. Gemstones prices vary, depending on their quality and size. Rubies are the most expensive.
A raw 160 carat ruby owned by Nguyen Ngoc Tu from Yen Bai Province is priced at VND100 million (USD4,540). Tu said that Vietnam’s rubies are among the best in the world.
A 3.13 carat sapphire is sold at VND120 million.
Nguyen Thi Nhung from Nghe An Province said that she sold a ruby for VND500 million. Some rubies have been bought for nearly one billion VND at the market.
The market also sells many cheap gemstones
Most of the buyers and sellers are people who specialise in gemstone trading
A topaz costs VND10 million
The market has run since late 2015. The products at the market are required to have clear origin.