Editor’s Note
This article reports on the arrest of PNJ Inspection Company director Dang Ngoc Thao on smuggling charges, set against a backdrop of declining public trust in Vietnam’s diamond market by mid-2026.
In a period when public trust was severely compromised, Mr. Dang Ngoc Thao, director of PNJ Inspection Company (P-Lab, a subsidiary of PNJ), was arrested by authorities on charges of smuggling activities.
By mid-2026, the Vietnamese diamond market was in a state of genuine crisis due to a severe decline in consumer trust.
ZNews • 10/07/2026
Ms. Vu Ngoc Le (resident on Cach Mang Street, Nhieu Loc District, Ho Chi Minh City) plans to sell a 6.8mm diamond ring purchased two years ago for over 200 million Vietnamese dong. She stated that she is currently very hesitant to sell valuable jewelry like diamonds.
According to Ms. Le, she is not very familiar with diamonds. She simply trusted the seller and bought the diamond for personal use. However, she is not sure if it is actually a genuine natural diamond, despite being accompanied by all necessary documentation.
Many diamond owners feel confused and have lost trust in these luxury jewelry items. Photo: Dai Viet.
Like Ms. Le, many people are quite confused about the precious jewelry they own. Their trust in diamonds is seriously shaken.
In reality, the diamond market in Vietnam has been facing numerous problems for a long time. For example, retail prices for diamonds are consistently high, while buyback prices are very low, and there is a lack of transparency in pricing methods.
Buyers also find it difficult to resell diamonds, and in most cases, they resell them to the original point of sale with a markup of about 20% compared to the initial price. Additionally, they often lack the knowledge to distinguish between natural diamonds and lab-grown diamonds, as well as between natural diamonds and lower-quality gemstones.
Furthermore, Vietnam still does not have a unified exchange system or a pricing mechanism for diamonds, similar to that for gold.
While existing problems remain unresolved, several influential social media personalities recently shared their disappointing experiences buying diamonds of uncertain origin and quality. Immediately, a wave of people sent diamonds for analysis and resale.
The head of a renowned diamond appraisal unit was arrested for conspiring with certain individuals to purchase diamonds that did not meet the specifications stated in their GIA certificates (GIA certification, a globally recognized diamond quality assessment body) at discounted prices, and then smuggling them into Vietnam.
Mr. Thao had the GIA number engraved on the diamond, polished it, and had the P-Lab number re-applied, thus issuing a new P-Lab certification for the diamond to sell it to customers for profit.
Following this news, the diamond market suffered a severe crisis, with immediate repercussions on companies.
After a turbulent week, PNJ lost over 6,000 billion VND in market capitalization. The stock continued to fall, hitting the daily limit. Negative news exerted strong pressure on investor sentiment, causing a strong wave of selling for several consecutive sessions.
PNJ’s management states that it is not involved in the smuggling of 28,000 diamonds and imports them exclusively through official channels from suppliers in Thailand and Hong Kong (China), with complete import documentation, but consumers and investors remain very confused.
Many diamond owners feel confused and have lost trust in these luxury jewelry items.
