Vietnam jewellery giant PNJ forecasts loss after diamond scandal
The firm faces financial fallout after a smuggling probe shook confidence in the diamond trade
Vietnam's largest jewellery retailer, PNJ, expects a significant loss of 6.27 trillion dong (US$241 million) for 2026 and has slashed its revenue target for the year. The company is setting aside a provision of 7.07 trillion dong for potential losses due to a diamond-smuggling scandal. The scandal emerged after the detention of former head of PNJ's certification unit in a transnational diamond-smuggling probe.
PNJ plans to propose cutting its revenue goal to 39.06 trillion dong, down from the previously stated 48.66 trillion dong. The company is also preparing to raise up to 8 trillion dong over the next three years to fund its turnaround and working-capital needs. PNJ is trying to rebuild customer trust and reshape its store network while dealing with weaker margins and challenging conditions in the diamond market.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
