Vietnam's PNJ says it only imports diamonds from Hong Kong and Thailand amid smuggling probe

PNJ, Vietnam's leading jeweler, confirmed that all diamonds it sells are sourced from two legal channels: imports from Hong Kong and Thailand and purchases from customers through its buy‑back program. Both countries represent a small share of Vietnam's overall diamond imports. Customs data show Vietnam imported about $241.2 million worth of diamonds in 2025, with India the largest supplier ($107.6 million) and Belgium, Botswana and the United States following. Hong Kong accounted for $6.7 million and Thailand just over $4 million. In the first half of 2026, total imports fell to $121.5 million; Hong Kong’s share dropped to $2.8 million while Thailand’s rose to $5.1 million.

The company is under scrutiny after the director of its subsidiary PNJ Lab was indicted for involvement in a ring that allegedly smuggled 28,000 diamonds. PNJ stresses that the lab only provides certification services and that none of the alleged smuggled stones passed through its distribution network. PNJ’s diamond consumption has risen sharply, from 52,137 carats in 2020 to an estimated 914,100 carats in 2025, with diamond‑related products contributing roughly one‑third of its jewelry revenue. Analysts note that prolonged consumer distrust could affect the firm’s growth, though the investigation also involves other industry players.