Enchanters produce weapon and armor enhancements, or enchants, that give players stat bonus. These enchants are often placed on vellums to make scrolls so they can be sold on the auction house or used at a later time, but you can also apply the enchant directly not only on your own gear but also on another player's gear through the trade window.
The materials for the newest, and most powerful, enchants are obtained by disenchanting Mists of Pandaria gear and are as follows:
Spirit Dust
Mysterious Essence
Ethereal Shard
Sha Crystal
To unlock the higher tier enchants—three bracer enchants and three weapon enchants—you will need to get revered with the August Celestials and Shado-Pan factions, respectively.