PNJ shares decline following arrest of former subsidiary head in transnational diamond smuggling probe

Phu Nhuan Jewellery (PNJ) faces significant market volatility after the arrest of Dang Ngoc Thao, former director of its PNJ Laboratory unit, for alleged involvement in a transnational diamond-smuggling network. The investigation into the smuggling ring, which reportedly spans India and Hong Kong, has triggered a 25% decline in PNJ's share price as investors weigh potential regulatory and reputational fallout.