Editor’s Note
PNJ’s board has approved engaging independent international organizations to audit product quality and internal business processes, as disclosed in a July 16 filing to HOSE.
PNJ’s Board of Directors has approved a policy to hire reputable international organizations to conduct independent assessments of product quality and internal processes related to the company’s business operations.
This information was disclosed in a special disclosure document sent by the PNJ Board of Directors to the Ho Chi Minh City Stock Exchange (HOSE) on July 16, regarding diamond quality inspection, business process audits, and loan guarantees for subsidiaries.
The document specifies that PNJ will hire independent, internationally reputable inspection agencies to inspect and certify the quality of PNJ products, including diamonds and jewelry.
The company also plans to hire an independent audit firm to conduct a comprehensive audit of the entire process, including diamond import, manufacturing, sales, and jewelry products featuring diamonds.
Furthermore, PNJ has hired an independent professional consulting firm to evaluate the company’s risk management processes.
Additionally, the PNJ Board of Directors approved a policy to hire an audit firm to conduct a tax audit for 2025 and provide tax consulting services to the company.
In addition to the above, the PNJ Board of Directors approved a guarantee agreement between the company and related parties, whereby PNJ will guarantee bank loans for two subsidiaries.
Specifically, PNJ guaranteed a loan of VND 100 billion for CAO Fashion Co., Ltd. and a loan of VND 300 billion from a bank for PNJ Jewelry Manufacturing and Trading Co., Ltd.
On the evening of July 16, Ms. Cao Thi Ngoc Dung was seen at a PNJ store on Hai Ba Trung Street, Tan Dinh District, Ho Chi Minh City.
Recently, PNJ has faced numerous rumors following the arrest of Dang Ngoc Thao, former director of P-Lab Appraisal Company, in an international diamond smuggling case.
In response to this incident, Ms. Cao Thi Ngoc Dung, Chairwoman of the Board of Directors of Phu Nhuan Jewelry Company (PNJ), on behalf of PNJ Group’s management, apologized to all customers and investors for the incident that undermined customer trust.
Subsequently, in an online meeting with investors, Ms. Cao Thi Ngoc Dung affirmed that PNJ had no involvement whatsoever with the 28,000 smuggled diamonds. PNJ only imports diamonds through official channels from overseas suppliers, primarily in Thailand and Hong Kong, with all import documents in order. In response, PNJ has established a special monitoring team at P-Lab.
PNJ shares had previously hit the floor and then the ceiling on July 14, but amid a series of rumors regarding PNJ’s management, the stock price has continued to decline over the past two days. At the close of trading on July 16, PNJ shares plummeted to VND 40,900 per share, the lowest level in five years, down more than 50% from their all-time high.
From the night of July 15 through July 16, Ms. Cao Thi Ngoc Dung repeatedly appeared at her stores and events, seemingly refuting the rumors that have been circulating in recent days.
