【Vietnam】PNJ Seeks International Firm for Independent Diamond Quality Assessment

Phu Nhuan Jewelry Joint Stock Company (stock code: PNJ) has announced a resolution regarding its policy of engaging reputable international organizations to conduct independent assessments of diamond quality and internal processes related to the company’s commercial operations.
Simultaneously, the company has also hired an independent audit firm to review the entire operational process related to diamonds, from import and production to diamond trading, including diamond-set jewelry products.
PNJ’s Board of Directors has also approved the plan to engage a tax audit firm for 2025 and to provide tax consulting services to the company.

PNJ’s decision comes amid a sharp decline in consumer confidence in diamonds following the smuggling case involving 28,000 diamonds.
Despite the president’s reassuring words, investors continued to flee PNJ shares.
Consequently, the engaged international unit will inspect and certify the quality of PNJ’s products (including diamonds and jewelry).

Additionally, the company announced it will collaborate with an independent and professional consulting firm to conduct a comprehensive assessment of its risk management system.
PNJ’s decision comes amid an ongoing investigation into the trafficking of 28,000 diamonds. The prosecution of another employee of P-Lab – PNJ’s diamond control company – following the indictment of former director Dang Ngoc Thao, has severely shaken consumer confidence in diamonds.
PNJ has repeatedly responded and reassured the public. The company asserts that the alleged violations fall under the personal legal responsibility of its CEO, Dang Ngoc Thao. It assures that all diamonds distributed by PNJ are inspected at the P-Lab laboratory according to ISO quality control procedures and are also cross-checked against the quality standards of the Gemological Institute of Asia (GIA). Records are maintained to allow consultation of each diamond’s technical specifications upon request.

On the stock exchange, PNJ shares have performed very negatively. Following this event, the stock price fell continuously and sharply, even hitting the lower limit for four consecutive sessions. Only two sessions saw an increase, with the July 14 session unexpectedly reaching the upper limit.