Editor’s Note
**Editor’s Note:**
PNJ’s board has approved a policy to engage international organizations for independent assessments of product quality and internal business processes. The General Director is tasked with implementation, while the Audit Committee will oversee the initiative.
On July 16, the Board of Directors of Phu Nhuan Jewelry Joint Stock Company (HoSE: PNJ) announced a resolution approving the policy of entrusting renowned international organizations with conducting independent assessments of product quality and internal processes related to business activities.
The Board of Directors has instructed PNJ’s General Director to implement the aforementioned policies, including researching, selecting, negotiating, signing, and executing contracts with independent evaluation and review units. The Audit Committee is tasked with overseeing the entire process.
The Board of Directors of PNJ has just approved the policy of entrusting an international organization with inspecting product quality, verifying the entire business process related to diamonds, and evaluating the risk management system.
Following the incident at its P-Lab subsidiary, PNJ plans to entrust international organizations with certifying the quality of its diamonds and jewelry. Photo: PNJ.
Specifically, PNJ will engage an independent international testing company to inspect and certify the quality of its products, including diamonds and jewelry. At the same time, the company will engage an independent auditing firm to review the entire process, from import and production to the sale of diamonds, including diamond-set jewelry.
Additionally, PNJ will also engage an independent and professional consulting firm to evaluate the company’s enterprise risk management system.
Furthermore, the Board of Directors has also approved the plan for hiring a tax audit firm for 2025 and for providing tax advisory services to the company.
The decision to entrust an international company with inspecting product quality and verifying the entire process of importing, producing, and commercializing diamonds comes in the context of legal proceedings and the temporary detention of Mr. Dang Ngoc Thao, former director of P-Lab, a PNJ subsidiary, for investigation related to the smuggling of over 28,000 diamonds.
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During a meeting with investors to address issues related to the incident on July 6, Ms. Cao Thi Ngoc Dung, Chairwoman of PNJ’s Board of Directors, stated that all of the company’s diamonds are imported through official channels and repurchased in accordance with commitments made to customers. PNJ also trades diamonds imported from Thailand and Hong Kong (China).
According to company executives, P-Lab does not engage in diamond trading but only conducts analysis activities; therefore, no buying or selling operations occur in this unit.
There was only a service agreement for diamond analysis between PNJ and P-Lab, not a sales contract. Based on this, management stated that none of the over 28,000 diamonds allegedly involved in the smuggling case have been sold through PNJ’s distribution channels.
In addition to the above, PNJ’s Board of Directors also approved loan guarantee agreements for two subsidiaries.
Consequently, PNJ will guarantee a loan of VND 100 billion for CAO Fashion Co., Ltd. (CAF) at the Ho Chi Minh City branch of Vietnam Foreign Trade Commercial Bank (Vietcombank).
At the same time, the company also guaranteed a loan of VND 300 billion for PNJ Jewelry Manufacturing and Trading Company Limited (PNJP) at the Vietnam Investment and Development Bank (BIDV) – Hoc Mon branch.