Within three weeks, shares of Phu Nhuan Jewelry (PNJ) saw a record trading volume session twice, with more than 13% of outstanding shares changing hands, as reported after a diamond smuggling case was announced.

The reported volume event for PNJ stock is linked in timing to the announcement of a diamond smuggling case. PNJ, as a major jewelry retailer, may see trading activity affected when legal or regulatory news involving the diamond sector surfaces, because such cases can raise questions about supply-chain scrutiny or business operations. The reported figure of over 13% of shares traded indicates an unusually high turnover relative to its free float, but no directional impact on the company's fundamentals has been established.