Editor’s Note
PNJ’s board has approved independent international audits of product quality and internal processes, a decisive step to address the ongoing diamond industry scandal and legal issues at its subsidiary PNJ Lab.
On July 16, the Board of Directors of Phu Nhuan Jewelry Joint Stock Company (PNJ) passed a key resolution amid the escalating diamond industry scandal and ongoing legal issues with employees of its subsidiary PNJ Lab.
Specifically, PNJ’s Board approved a policy to engage reputable international organizations to conduct independent assessments of product quality and internal processes related to the company’s operations. Accordingly, this independent international certification body will inspect and certify the quality of PNJ’s products, including diamonds and jewelry. At the same time, it will independently audit the entire process from import and production to the sale of diamonds, including diamond-set jewelry. An independent consulting firm will evaluate the company’s risk management processes.
At the close of trading on July 16, PNJ shares continued to face strong selling pressure, hitting the daily limit down due to heavy selling by foreign investors. However, toward the end of the trading session, the stock recovered somewhat thanks to strong buying power, but still fell 6.3% to VND 40,900 per share. PNJ’s market capitalization dropped to VND 20.9 trillion, a decline of over VND 11 trillion compared to July 2, the day before the diamond scandal broke. In just 11 trading days, PNJ shares lost 35% of their value. Calculated from the peak in January 2026, PNJ’s market value has fallen by 52%.
To support the stock price, PNJ executives have continuously registered to buy shares. The CEO of PNJ registered to buy 1 million shares, and the younger brother of Ms. Cao Thi Ngoc Dung also registered to buy 300,000 shares. The company is also seeking shareholder approval for a share buyback program.
PNJ’s decision to hire an independent international firm comes amid an ongoing diamond scandal. Recently, the police authority decided to indict four more defendants for “smuggling” under Article 188 of the Penal Code. They include: Le Thi Ngoc My, Director of Kim Ly Gold and Gemstone Company Limited (owner of Kim Ly gold business); Nguyen Thi Lien, Director of Ngoc Tam Company Limited (owner of Ngoc Tam gold business); Hoang Thi Thanh Nga, Director of NCA Investment Company Limited (owner of Ngoc Chau Au gold business); and Tran Tien Nhu Nghi, Inspector at PNJ-LAB Company Limited.
The document was signed by Ms. Cao Thi Ngoc Dung, Chairwoman of PNJ’s Board of Directors. Also on July 16, Ms. Dung attended an event in Ho Chi Minh City.
