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                                                                    EXHIBIT 14.1

                           NATURAL HEALTH TRENDS CORP.

                           WORLDWIDE CODE OF BUSINESS
                                    CONDUCT

                            (EFFECTIVE JULY 1, 2004)

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Dear Fellow Employees:

      Natural Health Trends Corp. and Subsidiaries (the "Company") is committed
to conducting its business activities with honesty, integrity and fairness in
accordance with the highest ethical standards. Similarly, the Company depends on
you, its employees, to be committed to the highest standards of business ethics
and personal performance. In all your business transactions, it is our paramount
goal to gain and maintain the confidence of the public, our distributors,
suppliers, shareholders and others with whom we come in contact. As a Company
employee, you are obligated and expected to uphold this high ethical standard in
every business activity you conduct. Any actions that might raise questions
about our business ethics are unacceptable.

      This Code of Business Conduct has been created to provide a written guide
for all of us to the principles and standards of conduct by which we at Natural
Health Trends Corp. conduct our business. We do not expect you to become a legal
expert as a result of reading this booklet. However, we do expect you to comply
with the Code, to be generally aware of certain laws and regulations and to
recognize sensitive issues. Most importantly, we expect you to ask questions and
seek advice. Remember: It is always better to ask questions first to avoid
problems later.

      To help all of us comply with this Code of Business Conduct, we have
established Chris Sharng to be our Ethics Compliance Officer, who can be
contacted at 972-241-4080 or chrissharng@lexxusinternational.com. When we
involve him early, which we must always do, Mr. Sharng can help resolve
questions and guide actions.

      This Code's purpose is guidance. Please read it carefully and keep it
continually in mind. If a situation arises, ever, whether it involves you
directly, indirectly, or even not at all, which raises a question in your mind
as to ethical or legal compliance; it is your obligation to communicate this to
your company. Speak with your supervisor or, better yet, directly to Mr. Sharng.

      Thank you for your cooperation. Our mutual commitment to the principles of
ethical business conduct is an essential element to our success.

Sincerely,

Mark D. Woodburn,
President and Chief Executive Officer

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                               TABLE OF CONTENTS

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<S>                                                                                                     <C>
I.   COMPLIANCE....................................................................................     1

II.  LEGAL MATTERS.................................................................................     1

     A. COMPLIANCE WITH LAWS GENERALLY.............................................................     1

     B. ANTITRUST AND COMPETITION LAWS.............................................................     1

     C. SECURITIES TRADING AND NON-PUBLIC INFORMATION..............................................     3

     D. THE FOREIGN CORRUPT PRACTICES ACT..........................................................     4

III. INFORMATION AND TECHNOLOGY MANAGEMENT.........................................................     4

     A. PROTECTION OF PROPRIETARY INFORMATION......................................................     4

     B. ELECTRONIC COMMUNICATIONS POLICY...........................................................     5

IV.  FINANCE AND ACCOUNTING........................................................................     5

     A. ACCURACY OF COMPANY RECORDS................................................................     5

     B. AUTHORIZATION SYSTEMS......................................................................     5

     C. SENIOR FINANCIAL OFFICERS..................................................................     6

V.   WHERE TO FIND MORE INFORMATION................................................................     6

VI.  HOW TO REPORT VIOLATIONS......................................................................     6

VII. ACKNOWLEDGEMENT OF RECEIPT....................................................................     6
</TABLE>

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I.    COMPLIANCE

      Compliance with this Code of Business Conduct is required of everyone who
      acts on behalf of Natural Health Trends Corp. or one of its subsidiaries.
      That includes directors, officers, employees and agents. Anyone who
      violates our Code will be acting outside the scope of his or her
      employment (or agency) and will be subject to disciplinary action, up to
      and including termination of employment. Mr. Chris Sharng has been
      designated by the Board of Directors to oversee compliance with our Code
      and its policies and procedures. Any questions of applicability or
      interpretation should be addressed to this person at 972-241-6525 or
      chrissharng@lexxusinternational.com.

      If at any time a Company employee has an ethical concern or becomes aware
      of any conduct on the part of any Company employee that violates -- or may
      violate -- our high ethical standards or any company policy, you should
      report such concern or conduct to your supervisor or to Mr. Sharng, our
      Ethics Compliance Officer. See the section entitled "How To Report
      Violations" in Section VI on p. 6 of this Code of Business Conduct for
      more detail.

      Each employee will be asked to complete and submit an "Acknowledgment of
      Receipt" that you have received and read a copy of the Code and agree to
      comply with its requirements.

II.   LEGAL MATTERS

      A.    COMPLIANCE WITH LAWS GENERALLY

            Natural Health Trends Corp., each of its subsidiaries and its
            directors, officers, employees and agents will abide by the letter
            and the spirit of all applicable laws and regulations, and will act
            in such a manner that the full disclosure of all facts related to
            any activity will always reflect favorably upon the Company.

            The international business operations of Natural Health Trends Corp.
            may encounter laws, local customs and social standards that differ
            widely from U.S. practice. It is Company policy to abide by the
            national and local laws of the countries in which we operate, unless
            prohibited by U.S. law. When local customs and business or social
            practices vary from the standards contained in this Code of Business
            Conduct, it is permissible to conform to local customs and practices
            when necessary for the proper conduct of Natural Health Trends Corp.
            business provided that it does not violate U.S. law, such as the
            Foreign Corrupt Practices Act (discussed below) and when approved by
            the Ethics Compliance Officer.

      B.    ANTITRUST AND COMPETITION LAWS

            Antitrust laws in the United States are designed to preserve and
            foster fair and honest competition within the free enterprise
            system. To accomplish this goal, the language of these laws is
            deliberately broad, prohibiting such activities as "unfair

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            methods of competition" and agreements "in restraint of trade." Such
            language gives enforcement agencies the right to examine many
            different business activities to judge their effect on competition.

            Natural Health Trends Corp. requires all employees to comply with
            the U.S. antitrust laws. The failure to do so can result in severe
            penalties for both the individuals involved and Natural Health
            Trends Corp.

            Outside of the United States, many countries and the European Union
            have competition laws that are similar to the U.S. antitrust laws.
            Natural Health Trends Corp. also requires strict compliance with
            these laws.

            There are two areas in which antitrust or competition violations
            most frequently occur -- relations with competitors and relations
            with customers and suppliers.

            1.    Relations with Competitors

                  The greatest danger for violations of the
                  antitrust/competition laws rests in contacts with competitors.
                  It is illegal to have an understanding with a competitor,
                  expressed or implied, written or oral that improperly
                  restricts competition or interferes with the ability of the
                  free market system to function properly.

                  A formal agreement with a competitor is not needed to prove a
                  violation of the antitrust laws. A general discussion followed
                  by common action often is enough to show that an agreement
                  exists. In an investigation, every communication, written or
                  oral, is subject to extreme scrutiny.

                  Communications with competitors should be avoided unless they
                  concern a true customer-supplier relationship, other
                  legitimate business ventures or permitted trade association
                  activities. You must not engage in any communications with
                  competitors that could result, or even appear to result, in
                  price-fixing, allocation of customers or markets, boycotts, or
                  production limits.

                  The antitrust laws do recognize, however, your need to be
                  aware of market conditions, and you may discuss these with
                  customers, suppliers, retailers, wholesalers and brokers, if
                  they are not your competitors.

            2.    Relations with Customers and Suppliers

                  Generally speaking, a company has an unrestricted right to
                  choose its customers and suppliers. However, a company may not
                  improperly restrict a distributor's freedom to establish its
                  own prices or terms of resale. With respect to suppliers, we
                  must avoid any agreement that sets the minimum price of resale
                  by Natural Health Trends Corp. You should also avoid
                  discussions with customers or distributors regarding Natural

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                  Health Trends Corp.'s supplying other customers or
                  distributors or the prices charged to them.

                  If you have any questions about a specific business activity,
                  consult with the Mr. Chris Sharng. Remember that we want you
                  to ask questions.

C.    SECURITIES TRADING AND NON-PUBLIC INFORMATION

      In the normal course of business, you may have access to information that
      would affect the value of the stock, options or other securities of
      Natural Health Trends Corp. or another company. Until this information is
      publicly disclosed, it is considered material non-public information and
      must be kept confidential. Acting on this information for personal gain or
      disclosing it to anyone else before it has been released to the public
      violates federal law and Natural Health Trends Corp. policy.

      Information is material if it would influence a reasonable person's
      decision to buy, sell or hold a company's stock, options or other
      securities. It includes not only information about earnings and possible
      dividend changes, but also such things as stock splits, new stock or bond
      offerings, significant acquisitions or divestitures, and major changes in
      management, corporate structure or policy. You may not trade while
      possessing this information, or disclose it to anyone else, including
      relatives, friends, co-workers or stockbrokers, until the information has
      been released publicly and the public has had time to react to the
      information.

      Trading while in possession of material non-public information creates an
      unfair advantage over investors who do not have access to this
      information. Federal securities laws are designed to protect the investing
      public by prohibiting anyone with access to material non-public
      information from exploiting this advantage. Penalties for violations are
      severe and include criminal fines and imprisonment, payment to damaged
      investors of any profits made from trading on the information, and payment
      of civil penalties of up to three times the amount of profits made or
      losses avoided. In addition, Natural Health Trends Corp. may be penalized
      for violations by its employees.

      Although the nature of their duties means that some employees have greater
      access to non-public information than others do, the rules apply to anyone
      who has direct or indirect access to material non-public information. This
      includes everyone from officers and directors to secretaries who may type
      confidential memoranda or technical personnel who may work on new
      projects.

      The following guidelines are intended to help you comply with the rules
      regarding non-public information:

            i)    Material non-public information should be shared only with
                  Natural Health Trends Corp. employees whose jobs require them
                  to have the information.

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            ii)   Do not disclose sensitive or non-public information to anyone
                  outside Natural Health Trends Corp. Natural Health Trends
                  Corp. has standard procedures for the release of information
                  to the public.

            iii)  You should not buy or sell stock, options or other securities
                  of Natural Health Trends Corp. or another company, or direct
                  someone else to buy or sell these for you, when you possess
                  material information about Natural Health Trends Corp. or such
                  other company that has not been made public. After it has been
                  made public, you cannot act on the information until the
                  public has had time to react to the information.

                  PLEASE REFER TO NHTC'S BLACKOUT PERIOD POLICY FOR REGULAR
                  BLACKOUT PERIODS, SPECIAL BLACKOUT PERIODS AND REPORTING
                  OBLIGATIONS. ALSO PLEASE REFER TO NHTC'S INSIDER TRADING
                  POLICY FOR ADDITIONAL INFORMATION.

            iv)   You should not trade in another company's stock, options or
                  other securities if you believe Natural Health Trends Corp.'s
                  plans or activities will affect such stock's value.

      D.    THE FOREIGN CORRUPT PRACTICES ACT

            It is a Federal offense under the Foreign Corrupt Practices Act
            ("FCPA") to offer, pay, promise, or authorize the payment of
            anything of value to any foreign government official, political
            party, or candidate for political office, for the purpose of
            influencing an act or decision to obtain, retain or direct business
            or securing any improper advantage. "Anything of value" includes
            money, debt forgiveness, gifts, entertainment and other goods or
            services of value. The FCPA applies to U.S. individuals, companies
            and businesses, including their controlled international
            subsidiaries. Therefore, foreign agents who represent Natural Health
            Trends Corp. must comply with the terms of the FCPA. Any director,
            officer, employee or agent of Natural Health Trends Corp., or any
            stockholder acting on behalf of Natural Health Trends Corp., who is
            convicted of violating the FCPA is subject to substantial fines
            and/or imprisonment. In addition, Natural Health Trends Corp. may
            also be subject to substantial fines.

            Any employee or other agent of Natural Health Trends Corp. who
            thinks a transaction may be illegal under the FCPA must report this
            to the Mr. Chris Sharng. All appropriate persons, including the
            reporting individual, will be informed as to how the issue is
            resolved. If the review procedure results in a favorable decision,
            the transaction may proceed.

III.  INFORMATION AND TECHNOLOGY MANAGEMENT

      A.    PROTECTION OF PROPRIETARY INFORMATION

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            All Natural Health Trends Corp. employees must respect the
            proprietary information and trade secrets of our distributors and
            suppliers. New employees are not to divulge the proprietary
            information of their former employers. Natural Health Trends Corp.
            employees should not disclose any proprietary information of
            distributors or suppliers unless the release or disclosure is
            properly authorized by the individual or firm owning the
            information.

      B.    ELECTRONIC COMMUNICATIONS POLICY

            All company-provided equipment, software and communication systems,
            including without limitation voice mail, e-mail, Internet, file
            folders and personal computer systems, are the property of Natural
            Health Trends Corp. and as such are provided to employees for
            business purposes only. The review, transmission, retrieval or
            storage of offensive, obscene or other inappropriate material via
            Natural Health Trends Corp. computing and communications systems,
            including the Internet and electronic mail, is strictly prohibited.
            The use of Company e-mail to send offensive or inappropriate
            statements, make solicitations, or divulge confidential information
            is also prohibited.

            All communications made via Natural Health Trends Corp. property are
            considered records and property of the Company. Natural Health
            Trends Corp. reserves the right, in compliance with applicable laws,
            to monitor, access, copy, modify, disclose or delete the contents of
            messages sent or received over its systems, including Internet
            points of contact.

IV.   FINANCE AND ACCOUNTING

      A.    ACCURACY OF COMPANY RECORDS

            Natural Health Trends Corp. business transactions worldwide must be
            properly authorized and be completely and accurately recorded on the
            Company's books and records in accordance with generally accepted
            accounting practice and established Natural Health Trends Corp.
            financial policies and procedures. Budget proposals and economic
            evaluations must fairly represent all information relevant to the
            decision being requested or recommended. No false, artificial or
            misleading entries in the books and records of Natural Health Trends
            Corp., domestic or foreign, shall be made for any reason and no
            employee shall engage in any arrangement that results in such
            prohibited acts. The retention or proper disposal of Company records
            shall be in accordance with established Natural Health Trends Corp.
            financial policies and applicable statutory and legal requirements.

      B.    AUTHORIZATION SYSTEMS

            Natural Health Trends Corp. has established a financial approval
            system in keeping with approved quarterly budgets that defines and
            limits the authority of employees to commit or obligate the Company
            with respect to any agreement or transaction that has financial
            consequences. The Finance Department maintains

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            and monitors compliance with the system. You are required to
            understand your financial approval authority and to ensure that you
            do not exceed your authority.

      C.    SENIOR FINANCIAL OFFICERS

            The honesty, integrity and sound judgment of the senior financial
            officer and the chief executive officer of Natural Health Trends
            Corp. (the "Senior Financial Officers") is fundamental to the
            reputation and success of the Company. Although all employees,
            officers, and directors are required to adhere to the Company's Code
            of Business Conduct, the professional and ethical conduct of the
            Senior Financial Officers is essential to the proper function and
            success of the Company. Therefore, the Senior Financial Officers, in
            addition to complying with all of the other provisions of this Code
            of Business Conduct, must also comply with the Company's Code of
            Ethics for Senior Financial Officers.

V.    WHERE TO FIND MORE INFORMATION

      The Natural Health Trends Corp. Code of Business Conduct is a summarized
      version of many policies and laws and does not cover all situations. Any
      questions of applicability or interpretation should be addressed to your
      local General Manager or Mr. Chris Sharng at 972-241-6525 or
      chrissharng@lexxusinternational.com.

VI.   HOW TO REPORT VIOLATIONS

      It is each employee's personal responsibility to bring violations or
      suspected violations of the Company's Code of Business Conduct to the
      attention of their local General Manager or to Chris Sharng, Ethics
      Compliance Officer. To report conduct you suspect to be unethical or in
      violation of any Code of Business Conduct policy or the law, talk to your
      supervisor or Chris Sharng. If you wish to disclose such information
      anonymously, you are free to do so. To report an ethical violation
      anonymously, we suggest that you leave a voice-mail message or send a
      sealed, confidential envelope containing a written or typed concern to:
      Ethics Compliance Officer, 12901 Hutton Drive, Dallas, Texas 75234. You
      should feel free to make the report to your local General Manager. If for
      any reason those persons are not available or you would feel more
      comfortable making the report to someone else, then feel free to contact
      Chris Sharng.

      The Company encourages its employees to report or question any conduct
      that may violate the company's ethical standards. Therefore, no employee
      will suffer any retribution in connection with any good faith reporting,
      and your identity will not be disclosed without your permission.

VII.  ACKNOWLEDGEMENT OF RECEIPT

      The following page contains the Acknowledgement of Receipt form that you
      should read, sign and return to the attention of Ethics Compliance Officer
      at 12901 Hutton Drive, Dallas, Texas 75234.

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              NATURAL HEALTH TRENDS CORP. ("NHTC") AND SUBSIDIARIES

                           ACKNOWLEDGEMENT OF RECEIPT
                      OF WORLDWIDE CODE OF BUSINESS CONDUCT

            By signing below, I acknowledge and understand that as an employee
      of NHTC or one of its subsidiaries, it is my responsibility to read the
      Worldwide Code of Business Conduct (the "Code") and familiarize myself
      with the information contained in it. I understand that the Code will be
      periodically updated and revisions and amendments will be made available
      to all employees via e-mail. A current version of the Worldwide Code of
      Business Conduct will be available in the Human Resources Department in
      Dallas at all times. I understand that it is my responsibility to comply
      with the policies contained in the Code and any revisions to it and that I
      should consult my local General Manager or the Ethic Compliance Officer
      concerning any questions I may have about the Code.

            I further understand that the Code supersedes any previously issued
      policies or procedures. I understand that the policies and procedures
      described in the Code are subject to change at the sole discretion of NHTC
      at any time.

______________________________________            ________________________
Employee's Signature                              Date

______________________________________
Employee's Printed Name

      PLEASE REMOVE THIS PAGE, SIGN IT AND RETURN IT TO:

      ETHICS COMPLIANCE OFFICER

      NATURAL HEALTH TRENDS CORP.

      12901 HUTTON DRIVE

      DALLAS, TEXAS, USA 75234

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