# Phu Nhuan Jewelry Joint Stock Company developments > Live situation record from CLSTR: https://clstr.news/situations/phu-nhuan-jewelry-joint-stock-company-developments > Updated: 2026-09-04T03:17:38.000Z. Sources: 8. Developments: 2. Phu Nhuan Jewelry Joint Stock Company (PNJ) has navigated regulatory investigations and financial shifts during the latter half of 2026. Following an investigation into 28,000 diamonds, authorities determined that a smuggling scheme involving a PNJ-LAB director did not impact the company’s official retail inventory. PNJ was found to have complete legal documentation for its diamonds, confirming compliance with import and distribution regulations. In response to the conclusion of this investigation, T. Rowe Price Associates, Inc. increased its stake in PNJ from 5.07% to 6.02%. Subsequently, PNJ reported a 35% decline in consolidated after-tax profit for the first half of 2026, despite a 49% increase in net revenue. The company attributed this discrepancy to a shift toward lower-margin 24K gold and provisions for potential losses related to product buyback policies. To secure working capital for a reconstruction phase, PNJ and the family of Chairwoman Cao Thi Ngoc Dung reached a loan agreement, which involves family members selling shares in accordance with securities laws. An extraordinary general meeting is scheduled for October 21, 2026, to approve adjusted business targets. ## Timeline ### 2026-09-04: PNJ explains profit decline and secures funding for reconstruction PNJ reported a 35% drop in after-tax profit for H1 2026 despite rising revenue, citing lower margins on gold sales and buyback provisions. The company is securing loans via shareholder transactions to fund a re 4 sources. https://clstr.news/cluster/pnj-explains-profit-decline-and-secures-funding-for-reconstruction ### 2026-08-25: T. Rowe Price increases PNJ stake to 6% following diamond investigation T. Rowe Price has increased its ownership in PNJ to 6.02% following an investigation that cleared the company's retail diamond inventory of legal wrongdoing. 5 sources. https://clstr.news/cluster/t-rowe-price-increases-pnj-stake-to-6-following-diamond-investigation --- Cite as: Phu Nhuan Jewelry Joint Stock Company developments. CLSTR, https://clstr.news/situations/phu-nhuan-jewelry-joint-stock-company-developments