Amjad Ashraf’s remarkable career is a testament to adaptability and strategic vision. With a background in banking, he successfully transitioned into the jewellery industry, bringing with him years of expertise in business development and financial strategy. His journey, as shared with Top 10 of Asia, highlights how calculated risks and transformation can lead to success in entirely new industries.
Amjad’s professional journey began in the banking industry. A certified banker, he dedicated over two decades to the field, culminating in his role as the Head of Commercial Banking at Malaysia Building Society Berhad (MBSB) Bank. His expertise lay in nurturing businesses, from SMEs to large corporations, guiding them toward financial stability and expansion. However, after twenty years in banking, he sought a change. Choosing semi-retirement, Amjad enjoyed a brief respite before a new opportunity emerged—one that would lead him into the jewellery industry.
In May 2022, Thamarai Jewels was established as a small outlet. Initially formed through a joint venture, the business soon began to flourish. Within three years, its revenue experienced significant growth, prompting a need to scale up. “Gold has always been an investment,” he remarks. Amjad played a pivotal role in evaluating the business and strategizing its restructuring. Under his leadership, Thamarai expanded from a modest operation with a capacity of 50 kilos to a thriving entity handling 150 kilos of gold.
With increasing consumer demand, Thamarai Jewels extended its presence from a single shop to multiple floors within Masjid India in Kuala Lumpur. Today, the Ground Floor stands as one of the largest jewellery spaces in the area. Additionally, a dedicated silver section was introduced under the same group, along with an exclusive opulence segment catering to high-end luxury buyers, where individual purchases can range from RM200,000 to RM400,000.
Despite its rapid expansion, Thamarai Jewels is undergoing a crucial transformation phase. Amjad emphasizes the importance of strengthening the business foundation before taking further steps. “Branding and perception are key,” he notes, highlighting the necessity of structured growth. The company is focusing on a meticulous transformation process to solidify its position in the market.
Looking ahead, Amjad has ambitious plans. In the next three years, he aims to undertake a fundraising exercise, steering away from traditional banking routes in favour of capital markets. “We’re talking about global brand,” stating his goal is to create a distinguished luxury brand with a global presence. Plans are already in motion for collaborations with renowned designers to introduce exclusive collections. However, due to internal strategic considerations, these initiatives are being carefully timed for optimal execution.
For the next five years, Amjad’s expansion strategy remains local, ensuring that the brand is firmly established before venturing internationally. His long-term vision is to launch a standalone luxury brand that will command recognition on a global scale.
Amjad offers valuable advice to young entrepreneurs: “Everything starts with a dream.” He underscores the importance of blending traditional business fundamentals with modern tools such as social media to enhance productivity. While being street-smart is an advantage, he stresses that education remains a crucial pillar of success.
Decision-making, according to Amjad, should be approached with caution. Leadership, he believes, can be both inherent and nurtured, but the right guidance is essential for effective growth. Above all, perseverance, diligence, and adherence to ethical governance are paramount. “Avoid shortcuts,” he warns. “What may seem like an easy route today could lead to complications in the future.”
Amjad Ashraf’s journey from banking to the jewellery industry is a testament to adaptability, strategic foresight and unwavering dedication. His ability to identify opportunities, restructure businesses and drive sustainable growth showcases his remarkable leadership. With a clear vision for the future, Amjad continues to pave the way for Thamarai Jewels’ ascent in the luxury market, solidifying his reputation as a transformative force in the industry.