【Ho Chi Minh 】PNJ Engages International Organizations to Verify Diamond and Jewelry Quality

Phu Nhuan Jewelry Joint Stock Company (PNJ) has announced a resolution approving a policy to engage renowned international organizations to conduct independent assessments of product quality and internal processes related to the company’s business operations.
Accordingly, PNJ will introduce three categories of independent evaluation. The company will commission internationally recognized, independent testing institutes to inspect and certify the quality of PNJ products, including diamonds and jewelry.

PNJ will also appoint an independent auditing firm to examine the entire process from import and manufacturing to the sale of diamonds, including diamond-set jewelry products.

Additionally, the company will hire an independent, professional consulting firm to evaluate its risk management processes.
PNJ is taking these new measures following a diamond dispute. (Photo: Nam Khánh)

Furthermore, PNJ has announced a resolution approving the signing of guarantee agreements for two subsidiaries to obtain capital from banks, with a total limit of 400 billion VND.
Specifically, PNJ will guarantee a loan for CAO Fashion Co., Ltd. (CAF) from:

– Vietcombank’s Ho Chi Minh City branch, with a maximum limit of 100 billion VND.
– BIDV Bank’s Hoc Mon branch, with a maximum limit of 300 billion VND.
CAF and PNJP are both subsidiaries of the company.

On the stock exchange, PNJ shares have fallen sharply since mid-June, following a case involving the smuggling of 28,000 diamonds and the indictment of several executives and employees of PNJ-Labor. On July 14, the investigative agency indicted another PNJ-Labor employee in this cross-border diamond smuggling case.

PNJ’s stock price has fallen from over 68,000 VND per share in mid-June to 40,900 VND (as of July 16).
Source: https://vietnamnet.vn/pnj-thue-don-vi-quoc-te-de-kiem-dinh-chat-luong-kim-cuong-nu-trang-2536431.html