Vietnam probes diamond smuggling ring linked to major jeweller
A woman rides a motorbike past a Phu Nhuan Jewelry (PNJ) store in Hanoi on Jul 15, 2026. (File photo: AFP/Nhac Nguyen)
HANOI: Vietnamese police are investigating an international diamond smuggling ring accused of trafficking 28,000 gems worth nearly US$11 million, with the country's largest jeweller caught up in the probe.
The former head of Phu Nhuan Jewelry's (PNJ) gem certification subsidiary was arrested earlier this month, along with more than 30 others accused of involvement in a syndicate that operated over several years.
Police raided more than 20 premises, including jewellery stores and the homes of the accused, mostly in Ho Chi Minh City, the Ministry of Public Security said in a statement late on Tuesday (Jul 14).
State media reported on Wednesday that a number of establishments linked to the investigation had suddenly closed.
Dang Ngoc Thao, the former director of PNJ Laboratory, is accused of falsely certifying gems sourced from India for resale in Vietnam, removing laser inscriptions and replacing them with the company's own.
Police have seized 1,239 diamonds so far in the investigation, along with jewellery "for which no invoices or documents proving their origin could be produced", the ministry said.
The suspects "employed highly sophisticated criminal methods" to source diamonds from India and organise their "illegal transport" via Hong Kong into Vietnam, it added.
In a statement, PNJ said it "acknowledged" the investigation involving its former employee, but maintained that the "matter involves individual legal liability".
It said diamond products certified by its subsidiary are "fully traceable and of guaranteed quality".
Shares in PNJ, Vietnam's largest listed jeweller, have fallen more than 25 per cent since the first arrests were made in early July.
