富安珠宝股份公司（Phu Nhuan Jewelry JSC，简称PNJ），越南最大的上市珠宝零售商，计划不再提供回购担保政策，因为近期的钻石危机正拖累其业务。
Phu Nhuan Jewelry JSC, Vietnam’s largest listed jewelry retailer, plans to move away from offering a buyback guarantee policy, as the recent diamond crisis weighs on its business.
这一转变将标志着该公司的重大变革。PNJ 历来承诺以原价的 90% 至 95% 回购钻石。这种做法在越南的黄金和宝石贸易中很常见，但一起走私调查动摇了市场对钻石的信心。
The shift will mark a significant change for the company, known as PNJ, which has historically guaranteed to repurchase diamonds at 90% to 95% of their original value. The practice is common in Vietnam’s gold and gemstone trade, but a smuggling probe has shaken confidence in the diamond market.
“我们将很快审查并调整回购和置换政策，以更好地平衡公司资源与客户需求，”公司在通过电子邮件回复彭博社提问时表示。
“We will soon review and adjust our buyback and exchange policy to better balance the company’s resources with customer needs,” the company said in an emailed response to questions from Bloomberg.
PNJ 称，维持该政策变得“日益困难”，且“对客户信任构成最大风险”。相反，公司计划强调产品置换、升级和长期保养，以鼓励回头客。
Maintaining the policy has become “increasingly difficult” and “poses the greatest risk to customer trust,” PNJ said. Instead, the company plans to emphasize product exchanges, upgrades and long-term care, to encourage repeat purchases.
此举正值 PNJ 准备大幅下调 2026 年营收目标，并拨出数十亿越南盾以覆盖与回购政策相关的潜在损失之际。这家零售商预计今年将亏损 6.27 万亿越南盾（约 2.42 亿美元），因为钻石走私丑闻动摇了贸易信心，并增加了其财务压力。
The move comes as PNJ prepares to sharply reduce its 2026 revenue target and set aside billions of dong to cover potential losses linked to its repurchase policies. The retailer is forecasting a loss of 6.27 trillion dong ($242 million) this year, as the diamond-smuggling scandal has shaken confidence in the trade and added to pressure on its finances.
自 7 月初以来，PNJ 股价已下跌 68%，反映出这家零售商在努力遏制后果并重塑商业模式时面临的越来越大的压力。周三早盘，股价一度上涨 4.6%。
PNJ’s shares have fallen 68% since early July, reflecting mounting pressure on the retailer as it works to contain the fallout and reset its business model. The shares rose as much as 4.6% Wednesday morning.
该公司目前正试图巩固资产负债表、重建客户信任并重塑门店网络，以应对利润率走弱和钻石市场的严峻状况。
The company is now trying to shore up its balance sheet, rebuild customer trust and reshape its store network as it contends with weaker margins and challenging conditions in the diamond market.
梅银投资银行高级分析师阮氏索尼·查美（Nguyen Thi Sony Tra Mi，音译）表示，回购担保传统上帮助老牌珠宝零售商建立消费者信心、支持购买决策，并将自己与规模较小、不那么正规的经营者区分开来。
Buyback guarantees have traditionally helped established jewelry retailers build consumer confidence, support purchasing decisions and distinguish themselves from smaller, less formal operators, said Nguyen Thi Sony Tra Mi, a senior analyst at Maybank Investment Bank.
但她表示，最近的动荡凸显了在缺乏足够灵活性以应对市场价格变化的情况下，提供慷慨的长期承诺所面临的风险。
But the recent turmoil highlights the risks of offering generous, long-term commitments without enough flexibility to account for changes in market prices, she said.
Tra Mi 表示，未来零售商可能会更加重视此类计划的可持续性。“潜在的变化可能包括更透明的定价公式、更明确的资格要求、针对不同产品类别量身定制的政策，以及回购价格与现行市场价值更紧密挂钩，”她补充道。
In future, retailers are likely to put greater emphasis on the sustainability of such programs, Tra Mi said. “Potential changes could include more transparent pricing formulas, clearer eligibility requirements, policies tailored to different product categories and repurchase prices more closely aligned with prevailing market values,” she added.
根据公司声明，PNJ 正寻求股东批准一项计划，将营收目标从之前的 48.66 万亿越南盾下调至 39.06 万亿越南盾，并将拨备 7.07 万亿越南盾，以应对其以旧换新和回购政策可能产生的损失。公司还提议发行 5.5 亿股，并计划筹集最多 8 万亿越南盾，用于未来三年的扭亏增盈及营运资金需求。
PNJ is seeking shareholders’ approval for a plan to cut its revenue goal to 39.06 trillion dong from 48.66 trillion dong previously and will set aside a 7.07 trillion dong provision for potential losses tied to its exchange and repurchase policy. It also proposes to issue 550 million shares and plans to raise as much as 8 trillion dong to fund its turnaround and working-capital needs over the next three years, according to a company statement.