Vietnamese police detain Dang Ngoc Thao, the former director of PNJ Laboratory, a wholly owned unit of Phu Nhuan Jewellery (PNJ), as part of an investigation into an alleged transnational diamond-smuggling ring. Multiple reports say Thao is accused of involvement in a network connected to the sourcing and movement of gems, including diamonds, from India for resale in Vietnam. One outlet reports he is specifically alleged to have falsely certified gems originating in India, which would be used for sale in Vietnam.
PNJ, described as Vietnam’s largest listed jeweller, faces reputational and market fallout following the early-July announcement of the investigation and the arrest. The South China Morning Post reports that PNJ shares fall by more than 25% after the news broke. Another outlet characterizes the case as a shock to the company, focusing on the detention of the former gem-certification official and alleged links to a transnational operation.
Authorities have not publicly provided details sufficient to independently confirm the allegations in the reports. The investigation and any resulting legal proceedings are ongoing.
