Vietnam Jewelry Giant PNJ Forecasts Loss After Diamond Scandal
Vietnam's PNJ jewelry retailer expects a $241 million loss and is reducing its 2026 revenue target. The financial impact follows a diamond-smuggling scandal that necessitated large provisions for customer buybacks.
Phu Nhuan Jewelry JSC, Vietnam’s largest listed jewelry retailer, plans to slash its 2026 revenue target and forecasts a 6.27 trillion dong ($241 million) loss as it sets aside a huge provision for customer buybacks following a diamond-smuggling scandal.
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