Editor’s Note
**Editor’s Note:** PNJ shifts its buyback payment policy to daily caps based on capacity, as buyback revenue now exceeds sales revenue fivefold. The move prioritizes liquidity amid a major diamond smuggling case.
Gia Miêu
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17:57, Tue Jul 21, 2026 (GMT+7)
Phu Nhuan Jewelry Joint Stock Company (PNJ) will apply a daily maximum payment limit based on actual capacity for all buyback transactions nationwide.
Mr. Phan Cong, General Director of PNJ, stated that the top priority at this stage is protecting liquidity. Photo: Bao Bao
Nearly three weeks after the announcement of a case involving over 28,000 smuggled diamonds linked to a former director of P-Lab, a 100% owned appraisal company of PNJ, Phu Nhuan Jewelry Joint Stock Company (PNJ) held an emergency press conference on the morning of July 21 to update the situation.
The gold and jewelry market has recorded a series of unusual developments over the past two months, causing the demand for resale of jewelry, especially diamond jewelry, to surge in a very short time, putting pressure on many businesses in the industry.
Since July 3, the date of the announcement of the case related to the former director of the P-Lab inspection company, PNJ management said that the total value of PNJ product buybacks has reached five times the total sales revenue, with diamonds accounting for the majority. During this period, the company still maintained its policy of accepting buybacks and making same-day payments.
Mr. Phan Cong, General Director of PNJ, also acknowledged that the pressure on PNJ’s short-term cash flow is very significant. However, to ensure stable operations and protect the long-term interests of customers, partners, and related parties, the PNJ Board of Directors and Management Board have agreed to synchronously implement new liquidity management solutions.
Accordingly, PNJ commits to fulfilling its 100% full buyback obligation for all customer transactions.
To ensure payments are stable, transparent, and aligned with the system’s operational capacity, PNJ will apply a daily maximum payment limit based on actual capacity for all buyback transactions nationwide.
Under the new plan, instead of making same-day payments as before, PNJ will complete the inspection process, confirm the product value, and deploy appropriate liquidity resources before making payment. Payments will be made in the order of completion of transaction documents and according to the plan chosen by the customer. If the total transaction demand exceeds the daily processing limit, PNJ still commits to fully fulfilling 100% of its buyback obligation and paying the full transaction value according to the notified schedule.
This is a temporary liquidity management measure applicable during periods of unusual market fluctuations, and PNJ will review adjustments once market conditions stabilize.
Regarding the transaction plan, PNJ stated that for loose diamonds, customers can exchange them for other loose diamonds or receive cash, and cannot exchange them for jewelry or gold bullion to comply with Decree 232.
For other product lines, customers can choose to convert all or part of the purchase value into products currently on sale in the PNJ system, including SJC gold bars/PNJ Tai Loc gold/smooth rings/gold jewelry, gemstones, collectibles, and loose diamonds. The conversion value will be applied based on current preferential policies at the time of the transaction, and PNJ will add additional preferential levels for each product group.
If customers wish to receive cash, PNJ will pay the full repurchase value according to a schedule that the system can meet. Customers can choose a flexible combination option, converting part of the repurchase value into PNJ products and receiving cash for the remaining portion. The value converted into products will be subject to corresponding incentives by product group, while the value received in cash will be paid according to the schedule.
PNJ management confirmed that the company will fulfill its 100% full buyback obligation for all customer transactions. The enterprise will publicly and transparently disclose processing policies and payment progress to ensure customer rights according to the chosen plan. PNJ will also actively support, answer, and receive all feedback through the company’s official customer management channels.
In connection with the above incident, PNJ’s stock price has continuously plummeted in recent market sessions. In today’s trading session (July 21), PNJ shares again hit the floor price at 38,150 VND per share, with trading liquidity reaching over VND 320 billion. This has caused PNJ’s market capitalization to decrease by nearly VND 12.8 trillion, causing PNJ to lose its status as a billion-dollar company.
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