Shenzhen Yihua Jewelry Co Ltd is striving to expand into the retail business and intends to double its consumer outlets in China by the end of this year, the Shanghai Daily reported.

The Chinese wholesale jeweler opened two retail outlets in Hunan province and four outlets in Shanghai in September after it opened nearly 70 outlets in China last year.

Yihua will focus on the Yangtze River Delta, Beijing and the Pearl River Delta in southern China this year, and expects to have 10 outlets in Shanghai and open three more stores in Guangzhou by the year-end, according to Tom Xie, the company's director and president of Yihua Jewelry.

Profit margins for wholesalers are less than 10% now due to the ongoing financial crisis, therefore, Yihua plans to launch its retail strategy, said Xie, adding that it has teamed up with Shanghai Lao Miao Jewelry Co and Hong Kong's Lukfook Jewelry for its move.

Revenue from Yihua's mainland wholesale business last year amounted to RMB 8 billion and exports hit RMB 1.5 billion.