Editor’s Note
**Editor’s Note:** This article examines the growing scrutiny over PNJ’s diamond import and sales activities, highlighting discrepancies in national customs data and the company’s response to a smuggling case involving its former subsidiary head.
(Dan Tri Newspaper) – Currently, PNJ’s diamond import and sales activities are attracting attention. The nationwide import figures released by the Customs Department show a notable discrepancy.
In connection with the case of 28,000 smuggled diamonds involving the former head of P-Lab (PNJ’s subsidiary), PNJ has issued several statements to customers, shareholders, and investors. The company claims that the incident involves individual responsibility and also stated that the diamonds were imported legally and legitimately, and were bought back from customers through the company’s buyback program.
PNJ’s diamond import and sales activities continue to be a subject of interest.
As a leading jewelry company with an extensive store network, PNJ generates annual revenues in the billions of Vietnamese Dong. Over the past 5 years, the company’s revenue has fluctuated between 33,000 and 38,000 billion VND per year.
According to estimates by SSI Securities Corporation, diamond-related products currently account for 33% of PNJ’s jewelry revenue, including both loose diamonds and diamond jewelry. Thus, the company’s diamond revenue is estimated to reach up to 12 trillion VND per year.
In terms of input, PNJ’s annual report details the company’s annual diamond consumption, showing strong growth over the years. In 2020, PNJ used 52,137 carats of rough diamonds, a figure that increased to 74,805 carats in 2021 and reached a record 146,298 carats in 2022.
In 2023 alone, the company did not separately show the annual volume of rough diamonds used but included them in total input materials with other gemstones, exceeding 247 million carats.
In 2024, the record volume of diamonds used was 107,970 carats.
By 2025, the total volume of diamonds used as raw materials for jewelry making, including precious and non-precious stones, will exceed 914,100 carats.
The report does not mention the purchase price or source of raw materials. However, 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 Hong Kong (China).
Customs Department data on diamond imports is attracting attention (Photo: IT).
In other developments, the latest data on Vietnam’s diamond imports released by the Customs Department (Ministry of Finance) also contains some notable points.
According to the agency’s data, Vietnam imported diamonds worth $241.2 million in 2025. Converted to Vietnamese currency, the total value of diamond imports last year was just over 6,200 billion VND. Considering only the two markets of Hong Kong (China) and Thailand, Vietnam’s total imports were approximately $10.7 million, equivalent to 275 billion VND.
The significant difference between the nationwide import figures released by the Customs Department and the revenue of the aforementioned business entity has drawn attention. On this issue, a representative of PNJ stated that they do not wish to comment.
Currently, diamond prices in the market vary considerably, ranging from 35 million VND to trillions of VND or billions of USD. Diamond prices are primarily determined by four factors: carat (weight), cut (faceting), color (color), and clarity (purity).