On 3/7, Lieutenant Colonel Tong Dinh Xuan, Head of the Economic Police Department (PC03), Thanh Hoa Provincial Police, announced that during the investigation of Project 268V into industrial property infringement, authorities identified numerous social media livestream accounts selling counterfeit gold and jewelry from renowned international brands.

PC03 Thanh Hoa Provincial Police inspecting evidence. Lam Son

PC03 Thanh Hoa Provincial Police inspecting evidence. Lam Son

Building on these findings, Thanh Hoa Provincial Police launched a specialized investigation, uncovering a much larger, transnational gold and diamond smuggling ring operating with a tightly organized, closed-loop structure.

Currently, 38 individuals have been prosecuted and detained for two crimes: smuggling and industrial property infringement.

According to Lieutenant Colonel Xuan, initial investigation results indicate that the ring was managed by Indian individuals through a company based in Hong Kong (China). Contacts in Vietnam directly communicated with this group to order gold and diamonds.

After agreeing on transactions, an individual would travel from Vietnam to Hong Kong weekly to collect the goods, then transport them back to Vietnam by air. To evade authorities, suspects employed various methods to conceal the goods during customs procedures.

One of the 1,100 seized diamonds. Lam Son

One of the 1,100 seized diamonds. Lam Son

The delivery and receipt process was also multi-layered. Following a successful transaction, the overseas party would give the transporter a USD banknote as a "token." Upon arrival in Vietnam, only the person presenting the correct banknote with the pre-agreed serial number could receive the goods.

Investigators reported that the Hong Kong-based management team also developed a mobile application to monitor the entire network's activities in Vietnam, from transportation and delivery to real-time cash flow management.

"Each link in the ring had tightly assigned tasks, with individuals only aware of their own duties to minimize the risk of detection," Lieutenant Colonel Xuan stated.

Initial investigation results reveal that from 2024 to present, the ring successfully smuggled approximately 200 kg of gold and over 28,000 diamonds into Vietnam. During searches, authorities seized about 8 kg of gold and more than 1,100 diamonds of various types.

Regarding the diamonds brought into Vietnam, investigators are collaborating with specialized units to appraise and categorize them by size, weight, purity, and technical specifications to determine their actual value. Lieutenant Colonel Xuan noted that diamond appraisal is complex, requiring evaluation of many professional indicators to establish asset value and process the case.

Further clarity sought on PNJ-LAB roles

Among those prosecuted for smuggling in the case is Dang Ngoc Thao, Director of PNJ-LAB One Member Limited Company, a subsidiary of Phu Nhuan Jewelry Joint Stock Company (PNJ).

Dang Ngoc Thao, Director of PNJ Appraisal One Member Limited Company (PNJ-LAB), has been prosecuted for smuggling. Lam Son

Dang Ngoc Thao, Director of PNJ Appraisal One Member Limited Company (PNJ-LAB), has been prosecuted for smuggling. Lam Son

Authorities accuse Thao and his associates of purchasing smuggled diamonds with specifications that did not match international Gemological Institute of America (GIA) certificates. Using his appraisal expertise, Thao allegedly erased the GIA codes engraved on the diamonds, replaced them with PNJ-LAB codes, and issued new appraisal certificates to legitimize the products before they entered the market.

According to investigators, appraisal certificates are crucial for determining commercial value and customer trust in diamond products. PNJ-LAB, as an independent appraisal unit, is not authorized to trade products it appraises.

Investigators have not yet disclosed how many of the more than 28,000 diamonds passed through PNJ-LAB for appraisal or legitimization. They are continuing to clarify the roles of Thao and other individuals involved at PNJ-LAB.

Following the public announcement of the case, PNJ issued a statement today, asserting that this is Thao's individual legal responsibility. PNJ also affirmed that all diamonds distributed by the company are inspected according to ISO-certified processes, cross-referenced with Gemological Institute of America (GIA) standards, and have archived records for full technical traceability when necessary.

Police have prosecuted 38 suspects in the transnational gold and diamond smuggling ring. Lam Son

Police have prosecuted 38 suspects in the transnational gold and diamond smuggling ring. Lam Son

PNJ also stated that its system operations remain normal, and customers continue to receive full sales, warranty, exchange, and after-sales policies.

Thanh Hoa Provincial Police are continuing to expand the investigation to clarify the roles of all related organizations and individuals in this transnational smuggling ring.

Le Hoang