Editor’s Note
**Editor’s Note:** This article highlights the significant scale of diamond consumption in Vietnam’s jewelry industry, as revealed by PNJ’s latest reports. The shift in how raw material volumes are reported underscores the company’s evolving production strategies.
According to the latest annual reports of Phu Nhuan Jewelry Joint Stock Company (HoSE: PNJ), diamonds are among the key raw materials in the company’s production and business activities.
In 2023, the company no longer separated the annual volume of rough diamonds used but aggregated them with other gemstone materials into total input materials, which exceeded 2.47 million carats.
In its 2025 annual report, Vietnam’s largest jewelry retailer stated that it continues to combine diamonds with other precious and semi-precious stones as raw materials for jewelry manufacturing, with total raw materials amounting to over 914,100 carats.
PNJ classifies diamonds as a non-renewable raw material in its operations, as they come from a finite resource that cannot regenerate in the short term. Therefore, the company not only optimizes raw materials to minimize losses in jewelry production but also strengthens the take-back of customer products and prioritizes the use of recycled materials.
Specifically, PNJ reported in 2020 that 52,137 carats of rough diamonds were used, a figure that rose to 74,805 carats in 2021 and reached a record 146,298 carats in 2022.
Starting in 2024, PNJ again separately disclosed the volume of diamonds used in the respective year, which was 107,970 carats.
| YEAR | VOLUME USED (Carats) | NOTE |
|——|———————-|——|
| 2020 | 52,137 | |
| 2021 | 74,805 | |
| 2022 | 146,298 | |
| 2023* | 2,470,000 | (Diamonds, gemstones) |
| 2024 | 107,970 | |
| 2025* | 914,100 | (Diamonds, gemstones, ordinary stones) |
To support its appraisal and quality control activities, PNJ owns PNJ Appraisal Company Limited (PNJ Laboratory). In the 2025 annual report, this entity is described as having nearly 30 years of experience in appraising diamonds, gemstones, and precious metals, equipped with a team of regularly trained experts and a modern equipment system.
As of December 2024, PNJ Laboratory officially operates under the name P-Lab, which is seen as preparation for a long-term development strategy.
According to PNJ, P-Lab is established and operated in accordance with the international standard ISO/IEC 17025. It is one of the few institutes in Vietnam authorized by the competent authority to determine the gold content of jewelry and handicrafts, thereby contributing to the resolution of related disputes. The institute’s appraisal reports comply with strict international standards, including those of the Gemological Institute of America (GIA).
P-Lab is a subsidiary of PNJ, specializing in the appraisal of diamonds, gemstones, and precious metals. (Illustration: Reuters)
In 2022, revenue from jewelry inspection services continued to increase by 32% compared to 2021. Despite the difficult market environment in the jewelry sector, PNJ Laboratory stated that it also achieved its KPI targets in 2023, thanks to the expansion of its customer base and services.
However, since the rebranding to P-Lab at the end of 2024, the company no longer separately discloses the operational status and business results of this entity in its annual reports.
PNJ did not disclose the specific revenues of this appraisal unit, only the growth indicators. In 2021, the PNJ Laboratory recorded a 17% year-on-year revenue increase, while the on-time delivery rate exceeded 95%.
As of March 31, PNJ’s investment in P-Lab amounted to 10 billion VND.
Charter capital of 10 billion VND. According to earlier disclosures on the company’s website before the rebranding to P-Lab at the end of 2024, PNJ Laboratory once held a market share of approximately 70% in the diamond and gemstone appraisal sector in Vietnam. The company stated that it produced over 10,000 appraisal reports monthly, the majority of which concerned diamond products.
The company is currently one of three wholly-owned subsidiaries of PNJ, alongside PNJP Jewelry Manufacturing and Trading Company Limited and CAO Fashion Company Limited (CAF).