PNJ commits that all diamonds can be traced back to their origin and quality is guaranteed

In a press release issued this morning, Phu Nhuan Jewelry Joint Stock Company (PNJ) said it had received information from the authorities related to the investigation of Mr. Dang Ngoc Thao, former Director of P-Lab Company, a member company of PNJ, regarding diamond smuggling.

This business stated that this is an individual’s legal responsibility and is being considered by the authorities in accordance with the law. The company respects the investigation process and does not make any comments other than the information published by the competent authority.

However, PNJ claims that all diamonds they distribute and are tested at P-Lab apply quality inspection procedures according to ISO standards. At the same time, PNJ also affirmed that it has checked the quality standards of the Gemological Institute of America (GIA) and has archived records to be able to retrieve the technical parameters of each stone upon request.

As the parent company, PNJ said it is coordinating closely to meet the requirements of the authorities. At the same time, this enterprise also supports management work to ensure that the operations of P-Lab and the entire PNJ system are maintained stably and continuously.

“Customers are still fully served according to current policies, including sales, warranty, exchange, after-sales and related benefits,” this business affirmed.

Last night, Thanh Hoa Provincial Police coordinated with Ho Chi Minh City Police to announce that Mr. Dang Ngoc Thao was involved in the case and had been prosecuted for smuggling. According to the investigation, this person is accused of buying smuggled diamonds with parameters that do not match the GIA international inspection certificate. With expertise in appraisal, Thao is said to have erased the GIA code engraved on the diamond, replaced it with PNJ-LAB’s code and issued a new inspection certificate to legalize the product before selling it to the market for profit.

Authorities believe that inspection certificates are an important factor in determining commercial value and creating customer confidence in diamond products. Meanwhile, PNJ-LAB is an independent inspection unit and is not allowed to sell the products it has inspected. Thao’s alleged behavior is not only aimed at profiteering but also affects the reputation of the inspection unit and consumer trust.

GIA certification is issued by the Gemological Institute of America after independently evaluating the quality of the diamond. This report records important characteristics such as weight (carat), color (color), purity (clarity), cut (cut), size and other identifying marks, helping buyers and sellers have an objective basis to evaluate quality.

GIA is the organization that develops the 4Cs classification system widely used in the global diamond industry, so this unit’s report is often considered a reference standard in the market. However, GIA notes that it does not “certify” diamonds but only issues grading reports based on the results of scientific and independent evaluation.

After the news that the leader of a diamond appraisal company was involved in a smuggling case, PNJ shares fell to their lowest level in nearly 7 months, often “blank” on the buying side.

At the opening of the trading session, shares of Phu Nhuan Jewelry Joint Stock Company (PNJ) decreased to 58,700 VND. This is the lowest level in nearly 7 months.

Liquidity as of 10am reached nearly 50 billion VND, equivalent to more than 850,000 shares changed hands. PNJ often falls into the situation of “white” buying, meaning investors place sell orders but no one absorbs them.

According to VnDirect’s calculations, PNJ is the second stock in the group that has a negative impact on VN-Index. This code contributed nearly 0.5 points down to the overall index.

PNJ is one of the leading enterprises in the field of gold, silver and gemstone trading. In recent years, the board of directors has stated that the company is facing difficulties due to the sharp increase in gold prices, causing purchasing power to decline and supply to be limited.

Therefore, PNJ prioritizes allocating resources to the retail jewelry segment, including jewelry with diamonds and gemstones. This is determined to be the core business because it brings higher profit margins. According to estimates by Rong Viet Securities (VDSC), PNJ’s market share will reach 22.6% in 2025.

In 2025, the company earns 34,976 billion VND in net revenue and 2,829 billion VND in profit after tax. Revenue decreased by 7.5% but profit after tax exceeded 44% of the year’s plan and was also about 34% higher than in 2024. This is a record profit in the 37-year history of this business.

This year, PNJ plans to increase revenue and profit after tax by 37% and 21%, respectively, to VND 48,660 billion and VND 3,409 billion. This growth target far exceeds the projections of many analytical organizations.