【Ho Chi Minh 】PNJ Hires International Organization to Independently Assess Diamond Quality

On the afternoon of July 16, Phu Nhuan Jewelry Joint Stock Company (PNJ) submitted a document to the Ho Chi Minh City Stock Exchange (HOSE) disclosing unusual information related to diamond quality testing, business process audits, and loan guarantees for its subsidiaries.
The company will also hire an independent audit firm to conduct a comprehensive audit of the entire process, from import and manufacturing to the sale of diamonds, including jewelry products with diamond settings.

In the official document, PNJ stated that on July 16, the Board of Directors approved the policy of hiring renowned international organizations to conduct independent evaluations of product quality and internal processes related to the company’s business operations.
PNJ will hire an internationally renowned independent testing company to inspect and certify the quality of PNJ products, including diamonds and jewelry.

Additionally, PNJ hired a professional and independent consulting firm to assess the company’s risk management process.

Furthermore, the Board of Directors of PNJ approved the policy of hiring an audit firm to conduct a tax audit for the year 2025 and provide tax advisory services to the company.
PNJ also guaranteed a loan of 300 billion VND for PNJ Jewelry Manufacturing and Trading Co., Ltd. from the bank.

Compared to its historical peak, PNJ shares have lost more than 50% of their value due to the impact of the involvement of a manager and an employee of P-Lab Company (a subsidiary of PNJ) in a smuggling network that trafficked more than 28,000 diamonds.
In the base scenario, PNJ’s stock price could experience a sharp correction over 3 to 5 trading sessions, but the long-term trend will recover because the core business remains fundamentally intact.
PNJ has attracted market attention following numerous reports related to its diamond appraisal activities. Additionally, PNJ shares fell sharply to their lowest level in nearly five years, reaching 40,900 VND per share at the close of the session on July 16.

In addition to the above, the Board of Directors of PNJ approved guarantee agreements between the company and related parties, whereby PNJ will guarantee bank loans for its two subsidiaries.

Specifically, PNJ guaranteed a loan of 100 billion VND for Cao Fashion.