PNJ’s market capitalization has fallen by about 4.4 trillion dong following a diamond-related incident involving a PNJ subsidiary, P-Lab, and the arrest of its former CEO, Dang Ngoc Thao.
PNJ said it had received information from authorities regarding an investigation into Dang Ngoc Thao — former CEO of P-Lab — in relation to diamond smuggling. The company described this as an individual’s legal matter under investigation and said it is cooperating with authorities, with no statements beyond information publicly released by authorities.
PNJ noted that all diamonds distributed by the P-Lab unit are tested to ISO standards, and it cross-checks diamond quality against American Gem Society (GIA) standards. It also keeps records to enable retrieval of the technical parameters of each stone upon request.
PNJ’s shares hit the daily limit down for consecutive sessions as the investigation unfolded, with the price falling to 54,600 dong per share — the lowest price in about a year. Market capitalization eroded by about 4.4 trillion dong after two sessions, though it has not yet dropped to 28 trillion dong. Compared with the peak at the end of January, PNJ’s market value has declined by nearly 36%.
Investors remained under heavy selling pressure, with remaining sell orders at floor price reaching tens of millions of shares while trades were in the hundreds of thousands for the session.
PNJ stated that customers continue to be served under current policies, including sales, warranty, exchanges, after-sales service, and related rights.
“Customers continue to be served under current policies, including sales, warranty, exchanges, after-sales service, and related rights.”
In a letter to shareholders, PNJ chair Cao Thi Ngoc Dung affirmed that the business remains stable to date. “The management team will continue to implement plans and business targets for 2026 with focus, prudence, and responsibility,” Ms. Dung emphasized. “The company also reaffirms its commitments to the revenue and after-tax profit targets approved by the shareholders’ meeting.”
