1 March 2003
A Shining Example(HKTDC Jewellery, Vol 01,2003)
Catering To Changing Markets
A Shining Example
Yan Wa Jewellery Co
Sterling silver specialist Yan Wa Jewellery Co has diversified into a new series incorporating cubic zirconia stones
Sterling silver has been the mainstay of Yan Wa Jewellery Co since its incorporation in 1983, but the last two decades have seen the company find its niche by proactive diversification of its products and services.
"We used to be a manufacturer and exporter of 925 sterling silver jewellery which offered more traditional designs of solely silver, yet in the increasingly competitive business arena, we found the urge to expand our range of designs," recalls manager K.C. Li.
"We therefore launched a new silver jewellery series with cubic zirconia stones six years ago, and started wholesaling silver jewellery parts two years ago."
Today Yan Wa offers three series of products: plain sterling silver jewellery and silver jewellery set with cubic zirconia, both featuring bracelets, anklets, necklaces, earrings, rings and pendants targeted at ladies 20-35 years old, and various parts including silver tubes, clasps, spring rings and clips.
The prices of its silver jewellery pieces range from US$2-20 FOB Hong Kong each.
"We mostly sell our jewellery direct to retailers in the US, Japan, and the Philippines; while parts buyers are importers and factories from these countries," says Li.
Yan Wa's 15,000-square-foot factory with 250 skilled workers in Chaozhou on the Chinese mainland is capable of producing 5,000 pieces of jewellery and 15,000 parts a month. These are shipped in 3-4 weeks, with a minimum quantity of 20 pieces per style.
Yan Wa is also a retailer at five prestigious department stores in Hong Kong, which enables the company to grasp consumer tastes and market trends. "Our design team creates more than 120 new styles a year and also welcomes buyer designs for production," adds Li.
The prevailing market trend of smaller orders with more style variations and quick delivery has also propelled Yan Wa to change its business strategy.
"We participate in local and overseas trade fairs, so buyers can see the quality of our finished products and place orders on the spot," says Li.
Yan Wa is set to debut its own brand name - Lucky - at this year's Hong Kong International Jewellery Show.
"With the Chinese mainland entering the World Trade Organization and intense competition from the mainland, I think it's time for Hong Kong companies to enhance their competitive edge through better product design, packaging and marketing," says Li. "It's therefore also the right moment to launch our own brand name to stand out from the crowd."
The new Lucky rainbow series will embrace the concept of good luck, with designs evolving from the 12 Chinese Zodiac signs. "It will be made from four different colours of cubic zirconia fused together to create a dazzling rainbow colour effect," enthuses Li.
Featuring pendants, rings and bracelets, which also come in sets, the series will be priced at US$12-25 FOB Hong Kong per piece. "We think these good luck charm accessories will sell and we hope to set a new trend in the market; further exploring the overseas and mainland markets," concludes Li.
WRITTEN BY WINNIE HUI
Yan Wa Jewellery Co
Unit 1022, 1 Hung To Rd,
Kwun Tong, Kowloon, Hong Kong
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