# Vietnam PNJ jewellery firm stock volatility > Live situation record from CLSTR: https://clstr.news/situations/vietnam-pnj-jewellery-firm-stock-slump > Updated: 2026-08-05T14:47:25.000Z. Sources: 14. Developments: 8. In July 2026 PNJ shares plunged 44 % after a diamond‑smuggling probe and a VND 865 bn provision, prompting margin‑lending cuts and foreign sell‑offs. Insiders bought modestly; the firm announced a share‑buy‑back and an independent valuation of its P‑Lab unit. Record liquidity in late July saw over 41 million shares trade. Early August saw a brief rebound, with the stock hitting the upper price limit for three sessions and reaching VND 37,900, lifting market capitalisation to about VND 19.4 trn. Net foreign buying over the week totalled roughly VND 569 bn, supporting the rally despite a Q2 2026 net loss of VND 283 bn, driven by the precautionary provision. On 5 August PNJ announced an extraordinary shareholders meeting scheduled for October 2026, with registration closing on 25 August. The meeting will consider adjustments to the 2026 business plan and other shareholder matters. The announcement followed the Q2 2026 results showing net revenue of about VND 8,500 bn (up 12 % YoY) but a post‑tax loss of VND 283 bn, reversing a profit of VND 430 bn a year earlier. The loss stemmed from a lower gross margin as sales of low‑margin gold rose, while a VND 865.5 bn provision for diamond buy‑back obligations weighed on earnings. For the first half of the year PNJ reported revenue of VND 25,700 bn and after‑tax profit of VND 1,184 bn, with assets exceeding VND 21,000 bn and cash near VND 3,400 bn. The firm’s stock remains volatile, reflecting the ongoing scandal, shareholder actions, and foreign‑led price movements. ## Timeline ### 2026-08-05: Phu Nhuan Jewelry (PNJ) Schedules Extraordinary Shareholders Meeting for October 2026 PNJ will hold an extraordinary shareholders meeting in October 2026 to adjust its business plan after reporting a Q2 loss despite revenue growth, and a large provision for diamond buy‑backs. 4 sources. https://clstr.news/cluster/phu-nhuan-jewelry-pnj-schedules-extraordinary-shareholders-meeting-for-october-2026 ### 2026-08-05: Vietnam's PNJ shares rise third day, foreign investors buy heavily PNJ shares hit a third straight ceiling as foreign investors bought VND 110 bn, lifting market cap near VND 19.4 trn; Q2 2026 revenue rose 11.9% but net loss hit VND 283 bn due to a large provision. 9 sources. https://clstr.news/cluster/vietnams-pnj-shares-hit-upper-price-limit-for-third-straight-session ### 2026-08-01: PNJ shares lose over 50% in July after diamond smuggling scandal erases about 16.4 trn VND market value PNJ shares fell 51% in July as a diamond‑smuggling scandal forced a 865.5 bn VND provision, erasing roughly 16.4 trn VND in market value and triggering a Q2 loss of 283 bn VND. 3 sources. https://clstr.news/cluster/pnj-shares-lose-over-50-in-july-after-diamond-smuggling-scandal-erases-about-164-trn-vnd-market-valu ### 2026-07-31: Vietnam's PNJ loses foreign investors as stakes dip below 5% Foreign investors T. Rowe Price and Dragon Capital fell below a 5 % stake in Vietnam's jewellery firm PNJ, losing major‑shareholder status amid recent board changes and a diamond‑smuggling probe. 4 sources. https://clstr.news/cluster/vietnams-pnj-loses-foreign-investors-as-stakes-dip-below-5 ### 2026-07-27: Vietnam's PNJ sees rapid stock rally amid liquidity crunch PNJ’s stock jumped after four days at the floor, hitting the ceiling while the company faces liquidity strain, reduced sales and a revised buy‑back schedule after a diamond‑smuggling scandal. 6 sources. https://clstr.news/cluster/vietnams-pnj-sees-rapid-stock-rally-amid-liquidity-crunch ### 2026-07-24: PNJ shares hit record liquidity as diamond‑smuggling scandal drives stock plunge PNJ’s stock hit record liquidity and fell over 50% after a diamond‑smuggling scandal; foreign investors divested while insider buying raised a brother’s stake to 2.7%. 2 sources. https://clstr.news/cluster/pnj-shares-hit-record-liquidity-as-diamondsmuggling-scandal-drives-stock-plunge ### 2026-07-22: Vietnamese brokerages slash margin for PNJ shares Vietnamese brokerages, including SSI and KIS, cut or eliminated margin lending for PNJ shares after a steep price fall, limiting investors' ability to buy on margin. 3 sources. https://clstr.news/cluster/vietnamese-brokerages-slash-margin-for-pnj-shares ### 2026-07-11: PNJ stock slides sharply as VinaCapital fund ends its stake PNJ shares fell to a 15‑month low as VinaCapital sold 3 million shares, ending its major stake, amid a diamond‑smuggling probe involving a former director. 3 sources. https://clstr.news/cluster/vinacapital-exits-largeshareholder-status-in-vietnams-pnj-after-selling-millions-of-shares --- Cite as: Vietnam PNJ jewellery firm stock volatility. CLSTR, https://clstr.news/situations/vietnam-pnj-jewellery-firm-stock-slump