LJI has purchased more than 30,000 sf and is in the process of purchasing an additional 20,000 square feet of manufacturing space for approximately $1.13 million on three floors of a 10-story industrial building where LJI already occupies two floors. The new facility should be ready in about six months, after which up to 800 workers will be housed in the Shenzhen plant.
The relocation is expected to improve efficiency, decrease duplicated running costs in two locations and hence improve profit margins. "The Shenzhen plant expansion is a continuation of the LJI cost reduction drive which began in November 2001, and a major step towards profitably accommodating growing international orders and local China market demand," says Chairman and CEO Yu Chuan Yih. "This new space and location is vital to LJI's operations to support our 2003 strategic plan to substantially improve LJI's revenue and earnings."
The firm, one of the world's largest publicly owned designers, manufacturers and marketers of fine jewelry, was founded in Hong Kong in 1986 and went public in 1998. Specializing in pieces set with semi-precious stones, LJI counts among its clients 27 of the top 40 jewelry retailers in the US.
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