Editor’s Note
**Editor’s Note:** This article examines the ongoing scrutiny of diamond import and sales activities in Peninsular Malaysia, highlighting a discrepancy in national import data. It also covers PNJ’s response to a smuggling case involving 28,000 diamonds linked to a former P-Lab executive, which the company attributes to internal issues.
(Dan Tri Newspaper) – Currently, diamond import and sales activities in Peninsular Malaysia continue to attract attention. Import data for the entire country, as reported by the Customs Department, shows a notable discrepancy.
Regarding the case of smuggling 28,000 diamonds linked to a former executive of P-Lab (a subsidiary of PNJ), PNJ has issued a series of statements to customers, shareholders, and investors. The company claims the incident was due to individual responsibility and states that the diamonds were imported legally and legitimately, and were also repurchased from customers through the company’s buyback program.
As one of the leading jewelry companies with an extensive store network, PNJ generates annual revenue of tens of thousands of billions of VND. Over the past 5 years, the company’s revenue has ranged between 33,000 and 38,000 billion VND per year.
According to estimates by SSI Securities Corporation, diamond-derived products currently account for 33% of PNJ’s jewelry sector revenue, including both loose diamonds and diamond jewelry. It is therefore estimated that the company’s diamond revenue reaches 12 trillion VND per year.
Regarding raw materials, PNJ’s annual report details the company’s annual diamond consumption, highlighting a strong upward trend over the years. In 2020, PNJ used 52,137 carats of rough diamonds, a figure that rose to 74,805 carats in 2021 and reached an all-time high of 146,298 carats in 2022.
In 2024, the recorded quantity of diamonds used was 107,970 carats. By 2025, the total quantity of diamonds used as raw materials for jewelry production, including precious and non-precious stones, will exceed 914,100 carats.
In a recent statement regarding the P-Lab controversy, the Chairman of PNJ’s Board of Directors stated that PNJ’s diamonds are imported from Thailand and from Hong Kong (China).
Among other developments, the latest data from the Customs Department (Ministry of Finance) regarding Vietnam’s diamond imports presents some noteworthy aspects.
According to the agency’s statistics, in 2025 Vietnam imported diamonds worth $241.2 million. Converted into Vietnamese currency, the total value of last year’s diamond imports amounted to just over 6,200 billion VND. Considering only the two markets of Hong Kong (China) and Thailand, total imports for Vietnam were around $10.7 million, equivalent to 275 billion VND.
PNJ has established a special monitoring team following the arrest of the former director of P-Lab.
Diamond necklaces: the perfect finishing touch for a winter outfit.
