Editor’s Note
This article examines PNJ’s diamond import and sales amid scrutiny, highlighting discrepancies in national import data and the company’s response to a smuggling case involving 28,000 diamonds tied to a former subsidiary executive.
(Dantri Newspaper) – PNJ’s diamond import and sales activities continue to attract attention. The national import figures released by the Customs Department show a notable discrepancy.
PNJ has issued a series of statements to customers, shareholders, and investors regarding the case of 28,000 smuggled diamonds involving a former executive of its subsidiary, P-Lab. The company stated that the incident was an individual’s responsibility, that the diamonds were legally imported, and that they were repurchased from customers through the company’s buyback program.
PNJ’s diamond import and sales activities remain a focus of interest.
As a major jewelry company with an extensive store network, PNJ generates annual revenues of tens of trillions of VND. Over the past five years, the company’s revenue has fluctuated between 33 trillion and 38 trillion VND per year.
According to estimates by SSI Securities, diamond-related products (including both loose diamonds and diamond jewelry) currently account for 33% of PNJ’s jewelry sales. Therefore, PNJ’s diamond sales are estimated to reach 12 trillion VND annually.
Regarding input, PNJ’s annual reports detail the company’s annual diamond consumption, which has shown a strong upward trend over the years. In 2020, PNJ used 52,137 carats of rough diamonds; this figure increased to 74,805 carats in 2021, and reached an all-time high of 146,298 carats in 2022.
In 2023, the company did not separately disclose the annual amount of rough diamonds used but included it in the total input along with other gemstones, which exceeded 2.47 million carats.
In 2024, the total amount of diamonds used was recorded at 107,970 carats.
By 2025, the total amount of diamonds used as raw materials for jewelry production (including both precious and non-precious metals) is expected to exceed 914,100 carats.
The report does not specify the purchase price or the source of input materials. However, in connection with the recent P-Lab controversy, the Chairman of PNJ’s Board of Directors stated that PNJ’s diamonds are imported from Thailand and Hong Kong (China).
Customs-released diamond import statistics are drawing attention (Photo: IT).
In other news, the latest statistics on Vietnam’s diamond imports released by the Vietnam Customs Department (under the Ministry of Finance) also contain notable points.
According to the agency’s statistics, Vietnam imported diamonds worth $241.2 million in 2025. Converted to Vietnamese dong, the total diamond import value last year was just over 6.2 trillion VND. Considering only two markets, Hong Kong (China) and Thailand, Vietnam’s total import value reached approximately $10.7 million, or 275 billion VND.
The significant discrepancy between the national import volume statistics from the Customs Department and the sales figures of specific businesses like the one mentioned above is drawing attention. A PNJ representative declined to comment on this issue.
Currently, diamond prices in the market vary widely, from a minimum of 35 million VND to a maximum of several trillion VND, or even billions of USD. Diamond prices are primarily determined by the 4Cs: Carat (weight), Cut, Color, and Clarity.
Source: https://dantri.com.vn/kinh-doanh/lo-so-kim-cuong-nhap-ve-viet-nam-nguon-hang-tu-2-noi-o-chau-a-gay-bat-ngo-20260710112726161.htm
