Phu Nhuan Jewellery (PNJ) is Vietnam’s largest jewellery retail network, with more than 430 stores nationwide, backed up by an annual manufacturing capacity of about four million products.
With plans to test the market in Singapore, the company is building a new factory to enhance its product capabilities. It will support exports, especially non-gold artistic jewellery, and target younger consumers who prefer lower-gold-content pieces for daily wear.
These plans for global expansion coincide with an investigation into an alleged cross-border gold and diamond smuggling network involving PNJ's diamond and gemstone testing subsidiary, P-Lab.
Authorities allege the laboratory issued certificates to legitimise more than 28,000 smuggled diamonds and about 200 kilograms of gold imported into Vietnam since 2024.
CEO Phan Quoc Cong said that P-Lab issues quality certificates and not certificates of origin, adding that PNJ's independent supply chain sources directly from overseas producers.
The case follows a reported decline in confidence in Vietnam's diamond market, as social media influencers question the transparency of major jewellery retailers. As a result, some consumers are seeking independent grading and diamond buybacks have reportedly increased.
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