Phu Nhuan Jewelry Joint Stock Company (PNJ) on July 16 submitted an extraordinary information disclosure to the Ho Chi Minh City Stock Exchange (HOSE) regarding independent diamond quality inspections, business process audits and loan guarantees for its subsidiaries.
PNJ said its board had approved a plan to hire international firms to independently review product quality and internal business processes.
PNJ will appoint an internationally recognized independent inspection body to verify the quality of its products, including diamonds and jewelry.
The company will also engage an independent auditing firm to review its entire diamond business process, covering imports, manufacturing, and sales of diamonds and diamond jewelry.
In addition, PNJ will hire an independent consulting firm to assess its risk management framework.
PNJ's Board of Directors also approved the appointment of an external auditor to conduct the company's 2025 tax audit and provide tax advisory services.
Separately, PNJ's Board of Directors approved guarantee agreements under which the company will back bank loans for two subsidiaries.
Under the plan, PNJ will guarantee a VND100 billion (approximately US$3.8 million) bank loan for Cao Fashion Company Limited and a VND300 billion (approximately US$11.5 million) loan for PNJ Jewelry Manufacturing and Trading One Member Company Limited.
PNJ has attracted heightened market attention following recent developments related to diamond certification activities.
PNJ shares closed at VND40,900 (approximately US$1.56) on July 16, their lowest level in nearly five years.
The stock has lost more than 50 percent of its value from its historical peak after a manager and an employee at P-Lab, a PNJ subsidiary, were implicated in a diamond smuggling ring involving more than 28,000 diamonds.
