Vietnamese authorities are investigating a diamond smuggling ring involving about 28,000 gems valued at nearly US$11 million linked to PNJ, Vietnam's largest jeweller [1, 2, 3].
More than 30 suspects, including Dang Ngoc Thao, the former director of the PNJ Laboratory, were arrested in early July for falsely certifying gems and illegally transporting diamonds from India through Hong Kong into Vietnam [1, 2, 3]. Police say the suspects used sophisticated methods to source and move the gems [1, 2, 3].
Raids targeted over 20 locations, mainly jewellery stores and residences in Ho Chi Minh City [1, 2, 3]. Authorities seized 1,239 diamonds and various jewellery items lacking proper invoices or documentation [1, 2, 3]. Several jewellery stores connected to the investigation abruptly shut down by mid-July, according to state media reports [1, 2, 3].
PNJ acknowledged the police probe into its former employee but stressed the case concerns individual legal liability. The company said diamond products certified by its subsidiary are fully traceable and quality guaranteed, aiming to reassure customers amid the scandal [1].
The crackdown has hit PNJ shares hard, with the stock price falling over 25% since arrests began in early July [1, 2, 3].
Police announced the raids on July 14 and have continued to pursue the network tied to illegal diamond imports and false certification [1].
Investigations and legal proceedings are ongoing as authorities work to dismantle the smuggling syndicate and establish full accountability for involved parties [1, 2, 3].
