PNJ, the largest gold and jewelry company in Vietnam, is facing significant difficulties in supplying gold bullion and plain rings due to pressures regarding raw material sources. Although retail jewelry sales are still growing, the growth rate has slowed and is not enough to sustain sustainable long-term development. Continuously high gold prices have led to a decrease in jewelry demand, especially in the mid-range segment. In response, PNJ has prioritized producing raw gold for jewelry rather than focusing on bullion sales. PNJ’s inventory remains high, but market supply is low with many gold products in short supply. Consumer behavior is also shifting, as consumers limit spending and seek more flexible options. With forecasts for revenue declines in the near future, PNJ needs to adjust its strategies to remain competitive and attract customers.
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