Editor’s Note
**Editor’s Note:** PNJ’s first-quarter results reveal a striking surge in profits, driven largely by a 324.7% jump in 24-karat gold revenue. The company’s after-tax profit more than doubled, marking its strongest growth in years.
According to its first-quarter results report, PNJ recorded net revenue of VND 17,245 billion, an increase of 79% compared to the same period last year. After-tax profit reached VND 1,467 billion, a remarkable increase of 116.5%, representing the highest growth rate in many years. In the wholesale segment, revenue increased 33.9% year-on-year. Notably, the 24-karat gold segment experienced a significant revenue increase of 324.7% compared to the previous year. According to the company, strong demand for gold during the Lunar New Year and the God of Wealth season, along with an adequate supply of raw materials and the launch of numerous feng shui and art collections, contributed to record revenue. PNJ’s profits surged in the first quarter of 2026. In addition to the parent company, PNJ owns 100% of the capital of 3 subsidiaries operating in the fashion, jewelry appraisal, and handicraft sectors, forming a closed value chain from production and inspection to distribution.
While the business is experiencing strong growth, PNJ’s policy of buying back diamond jewelry is receiving a lot of attention, especially after the recent police crackdown on a case of transnational diamond smuggling. In the sales process, diamond certification is considered a reliable quality indicator for buyers. However, when customers resell the product, the certification has virtually no influence on determining the transaction value. Diamond-studded rings from PNJ are being bought back at 80% of their current invoice value (photo: NM). According to PNJ’s current buyback policy for diamond jewelry sold by the company itself, the buyback is mainly based on the purchase invoice, the product’s condition, and the company’s exchange policy. Ms. Hoa (from Ha Dong district, Hanoi) said that after consulting information related to diamond testing, she contacted the PNJ store in Ha Dong to inquire about the buyback policy for the diamond ring she bought in 2022. Notably, if a customer resells the diamond to PNJ, it does not need to be re-evaluated if the P-Lab certification document is still included with the product. This shows that even if the diamond is intact, with its certification and seal, the recovery value for the customer still depends mainly on the company’s buyback policy, rather than being revalued according to diamond market fluctuations or the actual value of the stone.
