PNJ plans to hire an international unit to inspect the process and quality of diamonds

The Board of Directors of Phu Nhuan Jewelry Joint Stock Company (PNJ) has just approved the policy of hiring international units to conduct an independent assessment of this enterprise.

First of all, an independent testing unit from abroad will test and confirm the quality of PNJ’s products, including diamonds and jewelry products. At the same time, the entire process from import, production to diamond trading will also be independently audited. Finally, an independent consulting unit will evaluate PNJ’s risk management process.

The above resolution was signed by Ms. Cao Thi Ngoc Dung, Chairwoman of the Board of Directors. The General Director, Mr. Phan Quoc Cong, was assigned the task of implementing the policy.

Share with VnExpressMs. Cao Thi Ngoc Dung said that there needs to be a third party, from the outside, to look at the problem. According to her, sometimes it is difficult for insiders to recognize internal shortcomings. “Experts and consulting companies will participate in reviewing every detail,” she emphasized.

Two weeks ago, Thanh Hoa Provincial Police coordinated with Ho Chi Minh City Police to prosecute Mr. Dang Ngoc Thao, former Director of PNJ Inspection Company Limited (P-Lab), for his involvement in the diamond smuggling case. Since the incident occurred, Ms. Dung said the Board of Directors has held a meeting to review and implement urgent tasks, and consider remaining shortcomings. She admitted that PNJ is regularly rated as one of the leading companies in management in Vietnam, but shortcomings still exist.

“I always have the motto: Never consider yourself perfect. We always think we have ‘blind spots’ and need someone to guide us,” Ms. Dung said.

During the investor meeting on July 6, the head of PNJ confirmed that the amount of diamonds related to the smuggling ring did not enter this business system. Ms. Dung said all of the company’s imported diamonds are through official channels, mainly from suppliers in Thailand and Hong Kong (China). They have contracts that agree on origin and transparent import papers and documents.

According to her, P-Lab company has no business function, it is just a pure unit performing diamond testing services. There are inspection service contracts between parent company PNJ and subsidiary P-Lab, but there are no trading activities between the two parties.

After the incident, PNJ shares dropped sharply. This code closed today’s session at 40,900 VND, down 6.3%. Liquidity reached more than 600 billion VND, of which foreign investors continued to net sell nearly 148 billion VND.

The current decline has caused PNJ shares to lose nearly 35% of the market price. Accordingly, the capitalization of the leading enterprise in the jewelry industry was also blown away by nearly 11,400 billion VND, causing PNJ to lose its position as a billion-dollar company.