Editor’s Note
**Editor’s Note:** PNJ has taken a significant step toward transparency by commissioning international organizations to independently assess its diamond quality and internal processes. This move underscores the company’s commitment to upholding rigorous standards in its jewelry operations.
Phu Nhuan Jewelry Joint Stock Company (stock ticker: PNJ) has announced a resolution to commission renowned international organizations to conduct independent assessments of diamond quality and internal processes related to the company’s business operations. Accordingly, the appointed international entity will inspect and certify the quality of PNJ’s products, including diamonds and jewelry. Simultaneously, the company has also engaged an independent auditing firm to review the entire operational process related to diamonds, from import and production to diamond trading, including diamond-set jewelry products.
PNJ’s move comes amid a sharp decline in consumer confidence in diamonds following the smuggling case of 28,000 diamonds. The company’s step occurs as investigations into the diamond smuggling case continue. The prosecution of another employee of P-Lab, PNJ’s diamond inspection institute, after the indictment of former director Dang Ngoc Thao, has severely impacted consumer trust in diamonds.
PNJ has repeatedly issued statements to reassure the public. The company emphasizes that the alleged violations fall under the personal responsibility of CEO Dang Ngoc Thao. PNJ assures that all diamonds sold by PNJ are inspected at P-Lab according to ISO quality control procedures and are additionally cross-referenced with the quality standards of the Gemological Institute of Asia (GIA). The technical specifications of each individual diamond can be accessed upon request.
In parallel, the company also announced it would collaborate with an independent, professional consulting firm to conduct a comprehensive assessment of its risk management system. The Board of Directors of PNJ also approved a plan to appoint a tax audit firm for the year 2025 and to provide tax consulting services to the company.
On the stock exchange, PNJ shares performed very negatively. After the event, the price fell sharply and continuously, hitting the lower limit for four consecutive trading days. It managed to rise on only two days, unexpectedly reaching the maximum allowed limit on July 14. Despite the company’s management repeatedly announcing plans to buy back millions of shares to protect shareholder interests, the performance of PNJ shares has not improved significantly.
