Editor’s Note
**Editor’s Note:** PNJ’s board has approved an independent audit and certification of its products and processes, a decisive step to address integrity concerns amid industry and subsidiary legal challenges.
On July 16, the board of directors of Phu Nhuan Jewelry Joint Stock Company (PNJ) passed a significant resolution amid the ongoing scandal spreading through the diamond industry and legal issues involving personnel of its subsidiary, PNJ Lab.
As a result, this independent international certification body will inspect and certify the quality of PNJ’s products, including diamonds and jewelry. Simultaneously, it will conduct an independent audit of the entire process, from diamond importation to production and sales, including diamond-set jewelry.
This decision by PNJ comes amid a growing scandal in the diamond industry. Specifically, the PNJ board approved the policy of engaging reputable international organizations to conduct independent assessments of product quality and internal processes related to the company’s business operations. An independent consulting firm will evaluate the company’s risk management processes.
The document was signed by Ms. Cao Thi Ngoc Dung, Chairwoman of PNJ’s Board of Directors. On July 16 as well, Ms. Dung attended an event in Ho Chi Minh City.
At the close of trading on July 16, PNJ shares continued to face heavy selling pressure, hitting the floor limit due to massive sell-offs by foreign investors. However, strong buying pressure at the end of the session allowed PNJ to recover, despite a 6.3% drop to 40,900 VND per share. PNJ’s market capitalization fell to 20,900 billion VND, a decline of more than 11,000 billion VND from July 2, before the diamond scandal erupted. PNJ’s stock price has also lost 35% in just 11 sessions. Calculated from its peak in January 2026, PNJ’s market value has decreased by 52%.
In an attempt to boost the stock price, PNJ’s management has been registering to acquire shares. The CEO of PNJ registered to buy one million shares, and Ms. Cao Thi Ngoc Dung’s younger brother registered to buy 300,000 shares. The company is also seeking shareholder approval for a share buyback program.
PNJ’s decision to engage an independent international firm comes amid the current scandal shaking the diamond industry. Most recently, the Police Investigation Agency decided to prosecute four additional individuals for “smuggling” under Article 188 of the Penal Code, namely: Le Thi Ngoc My, director of Kim Ly Gold and Gemstone Company Limited (owner of Kim Ly jewelry store); Nguyen Thi Lien, director of Ngoc Tam Company Limited (owner of Ngoc Tam jewelry store); Hoang Thi Thanh Nga, director of NCA Investment Company Limited (owner of Ngoc Chau Au jewelry store); and Tran Tien Nhu Nghi, an inspector at PNJ-LAB Company Limited.