Vietnam's PNJ to End Diamond Buyback Policy After Smuggling
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5 Articles
Vietnam's PNJ to End Diamond Buyback Policy After Smuggling
Phu Nhuan Jewelry (PNJ), the largest listed jewelry company on Vietnam's stock exchange, announced that it intends to review the diamond buyback policy under which it had guaranteed customers about 90 to 95% of the original value, after a diamond smuggling case shook market confidence.
On October 21st, at an extraordinary general meeting of shareholders, Phu Nhuan Jewelry Joint Stock Company (PNJ) announced that in the third quarter of 2026, the company incurred a loss of VND 258 billion, not including additional provisions following the diamond market crisis. PNJ plans to issue 550 million shares through a private placement to investors.
Over 1,000 shareholders attended PNJ's extraordinary general meeting on the morning of October 21st. At the beginning, Chairwoman Cao Thi Ngoc Dung offered an apology to the shareholders.
PNJ presented to the extraordinary general meeting of shareholders a plan to set aside VND 7,071 billion as a provision related to the diamond exchange policy, and also proposed a private placement of up to 550 million shares to supplement financial resources.
(Dan Tri Newspaper) - The policy of exchanging sold diamond products poses a significant risk of losses for PNJ. The gold company is presenting a series of plans to its shareholders' meeting, including the planned closure of 25-30 sales outlets.
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