Editor’s Note
**Editor’s Note:** PNJ has moved to restore trust by approving an independent audit of its products and operations, a decisive step amid a widening diamond industry scandal and legal troubles at its subsidiary, PNJ Lab.
On July 16, the Board of Directors of Phu Nhuan Jewelry Joint Stock Company (PNJ) approved a significant resolution amid a growing scandal involving the diamond industry and ongoing legal issues affecting 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 import and production to sales, including diamond-studded jewelry.
On the stock exchange, at the close of trading on July 16, PNJ continued to face strong selling pressure, with its shares hitting the daily limit down due to intense selling by foreign investors. However, strong buying pressure near the end of the session allowed PNJ to recover somewhat, though it still closed down 6.3% at 40,900 VND per share. PNJ’s market capitalization fell to 20,900 billion VND, a decrease of over 11,000 billion VND compared to July 2, before the diamond scandal broke. PNJ’s stock price has lost 35% in just 11 trading sessions. Calculated from its peak in January 2026, PNJ’s market value has decreased by 52%.
In an attempt to “rescue” the stock, PNJ’s leadership has repeatedly registered to buy shares. PNJ’s CEO registered to purchase 1 million shares, and the younger brother of Ms. Cao Thi Ngoc Dung 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 company comes amid the ongoing diamond industry scandal. Recently, the Police Investigation Agency decided to prosecute four additional defendants for “smuggling” under Article 188 of the Penal Code, including: 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.
The Board of Directors of PNJ has approved the policy of entrusting renowned international organizations to conduct independent assessments of product quality and internal processes related to business activities. An independent consulting firm will evaluate the company’s risk management processes.
