Phu Nhuan Jewelry JSC, Vietnam’s largest listed jeweller known as PNJ, is securing a loan from the family of Chairwoman Cao Thi Ngoc Dung to rebuild its business after a national diamond-smuggling scandal battered the industry.
Fine jewellery by PNJ – PNJ – Facebook
The company said the additional funding is “essential” to help maintain operations and accelerate its overhaul efforts “amid ongoing market turbulence,” according to a statement from PNJ. Members of Dung’s family are expected to sell PNJ shares to finance the loan while remaining major shareholders of the company. The money will be used to bolster working capital and shore up its finances, PNJ said.
The total maximum loan limit shall not exceed 5% of the company’s total asset value as recorded in its most recent financial statements, PNJ said in a filing on the Ho Chi Minh City Stock Exchange. The loan, which is unsecured and has maximum term of 12 months, will be disbursed in multiple instalments, depending on capital requirements.
Dung’s daughters Tran Phuong Ngoc Ha and Tran Phuong Ngoc Thao registered to sell a total of 25 million PNJ shares from September 10 to October 10 via order matching or put-through methods, according to separate statements on the bourse’s website Friday.
The move comes after a difficult summer for PNJ following the detention of Dang Ngoc Thao, former head of its wholly owned gem-certification unit PNJ-LAB, in a transnational diamond-smuggling probe. Police said last month that more than 30,000 diamonds linked to the case were sold to individual customers and did not enter PNJ’s retail network. Investigators also said PNJ had complete import documentation and that its own diamond distribution complied with regulations.
The investigation nevertheless rattled investor confidence and sent PNJ shares sharply lower, falling about 38% since the case emerged in July. The gem industry investigation has significantly dented confidence in Vietnam’s diamond market. Dozens of diamond shops have temporarily closed after certification concerns prompted customers to seek refunds, while the jewellers had to sell diamonds at steep discounts.
PNJ will seek shareholder approval for its revised 2026 earnings targets and its business direction at an extraordinary general meeting on October 21. The company will use the gathering to provide investors its detailed road map to move beyond the recent turmoil, according to the statement.
