Editor’s Note
**Editor’s Note:** PNJ has moved to reassure stakeholders amid scrutiny over diamond imports linked to a former subsidiary executive, emphasizing legal sourcing and buyback practices.
Regarding the case of 28,000 smuggled diamonds linked to a former executive of P-Lab (a subsidiary of PNJ), PNJ has issued a series of statements addressed to customers, shareholders, and investors. The company asserts that the incident involves individual responsibility and clarifies that the diamonds are imported legally and legitimately, and are also repurchased from customers through the company’s buyback program.
As a major jewelry company with an extensive store network, PNJ generates tens of trillions of VND in annual revenue. Over the past five 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-set jewelry. Therefore, the company’s diamond revenue is estimated to reach 12 trillion VND annually.
Regarding inputs, PNJ’s annual report details the company’s annual diamond consumption, showing a marked upward trend over the years. In 2020, PNJ used 52,137 carats of rough diamonds, which increased to 74,805 carats in 2021 and reached an all-time high of 146,298 carats in 2022.
In 2023 alone, the company did not break down the annual rough diamond usage but included it together with other gemstones in the total raw materials, exceeding 2.47 million carats.
In 2024, the recorded amount of diamonds used was 107,970 carats.
For 2025, the total amount of diamonds used as raw materials for jewelry manufacturing, including precious and non-precious stones, will exceed 914,100 carats.
The report does not specify the purchase price or origin of the 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).
Meanwhile, the latest figures from the General Department of Customs (Ministry of Finance) on Vietnam’s diamond imports also present some notable points.
According to the agency’s statistics, Vietnam imported diamonds worth $241.2 million in 2025. Converted to Vietnamese currency, the total value of diamond imports last year exceeded 6,200 billion VND. Considering only the markets of Hong Kong (China) and Thailand, Vietnam’s total imports amounted to approximately $10.7 million, equivalent to 275 billion VND.
The import figures from the General Department of Customs are attracting attention (Photo: IT).
