SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                   FORM 10-QSB

[X]      QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE
         ACT OF 1934 For the quarterly period ended September 30, 2000

         OR

[ ]        TRANSITION  REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
           EXCHANGE ACT OF 1934

         For the transition period from               to

         Commission file number 0-28663

            AMERICAN JEWELRY CORP. f/k/a UNITED VENTURES GROUP, INC.
        (Exact name of small business issuer as specified in its charter)

                   DELAWARE                                  84-1516192
         (State of other jurisdiction of                   (I.R.S. Employer)
         incorporation or organization)                   Identification No.)

                              131 West 35th Street
                            New York, New York 10001
                    (Address of principal executive offices)

                                 (212) 736-0880
                (Issuer's Telephone Number, Including Area Code)

                                 Not Applicable
              (Former Name, Former Address and Former Fiscal Year,
                          if Changed Since Last Report)

         Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing  requirements  for the past 90 days.  Yes |X| No
|_|

State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest  practicable  date:  Common  Stock,  $.001 par value per
share -  110,194,937  shares  outstanding  as of September  30,  2000;  Series A
Preferred  Stock,  $.001 par value per share - 200,000 shares  outstanding as of
September 30, 2000.


<PAGE>

                             AMERICAN JEWELRY CORP.

                                   FORM 10-QSB

                    FOR THE QUARTER ENDED September 30, 2000
<TABLE>
<CAPTION>

PART I.  FINANCIAL INFORMATION                                         PAGE
                                                                       ----

Item 1.           Financial Statements.


<S>                                                                                            <C>
                  Consolidated Balance Sheets as of September 30, 2000
                  and December 31, 1999                                                             F-2

                  Consolidated  Statements  of  Operations  for the Three Months
                  ended  September  30, 2000 and September 30, 1999 and the Nine
                  Months ended September 30, 2000 and September 30, 1999                            F-3

                  Consolidated Condensed Statements of Cash Flows for the Nine Months
                  ended September 30, 2000 and September 30, 1999.                                  F-4

                  Notes to Financial Statements                                                     F-5

Item 2.           Management's Discussion and Analysis of Financial Condition and
                  Results of Operations.                                                            6

PART 11. OTHER INFORMATION

Item 1.           Legal Proceedings.                                                                8

Item 2.           Changes in Securities and Use of Proceeds.                                        8

Item 3.           Defaults upon Senior Securities.                                                  8

Item 4.           Submission of Matters  to a Vote of Security Holders.                             9

Item 5.           Other Information.

Item 6.           Exhibits and Reports on Form 8-K.                                                 9
</TABLE>

                                      -2-
<PAGE>
                              AMERICAN JEWELRY CORP.
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                               September 30, 2000

                                      ASSETS
<TABLE>
<CAPTION>
<S>                                                                                    <C>
Current assets:
     Cash                                                                              $           15,691
     Accounts receivable, net                                                                   3,533,844
     Inventory                                                                                  7,285,730
                                                                                       ------------------
Total current assets                                                                           10,835,265

Property and equipment, net                                                                       624,902

Other Assets:
Deferred financing cost                                                                           374,354
Other                                                                                             226,250
                                                                                       ------------------
Total assets                                                                           $       12,060,771
                                                                                       ==================

                        LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
     Accounts payable and accrued expenses                                             $          604,125
     Loans payable                                                                              1,296,773
                                                                                       ------------------
Total current liabilities                                                                       1,900,898
                                                                                       ------------------
Stockholders' equity:
     Common stock, $.001 par value -100,000,000 shares authorized,
       110,194,937 shares issued and outstanding                                                  110,195
     Preferred stock, $.001 par value - 5,000,000
       shares authorized, 200,000 Series A shares
       issued and outstanding                                                                         200
     Additional paid-in capital                                                                20,438,884
     Accumulated deficit                                                                      (10,389,406)
                                                                                       ------------------
Total stockholders' equity                                                                     10,159,873
                                                                                       ------------------

Total liabilities and stockholders' equity                                             $       12,060,771
                                                                                       ==================
</TABLE>

                   See notes to consolidated financial statements

                                       F-2

<PAGE>

                              AMERICAN JEWELRY CORP.
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                       --------------------------------       -------------------------------
                                                       Three Months Ended September 30,       Nine Months Ended September 30,
                                                            2000                1999               2000              1999
                                                       -------------     --------------       ------------      -------------
<S>                                                 <C>                  <C>                <C>               <C>
        Net sales                                   $         2,311,581  $        622,352   $      8,185,985  $      3,650,994

        Cost of goods sold                                    1,681,672           492,098          5,932,454         2,738,246
                                                    -------------------  ----------------   ----------------  ----------------
        Gross profit                                            629,909           130,254          2,253,531           912,748

        Non cash compensation expense                         1,061,667                 -          1,511,667                 -

        Selling, general and administrative                     356,242           847,430          1,278,821         3,738,401

        Bad debt recovery                                      (400,000)                -         (1,100,000)                -
                                                    -------------------  ----------------   ----------------  ----------------
        Income from operations                                 (388,000)         (717,176)           563,043        (2,825,653)

        Interest expense                                       (439,694)          148,534            140,600         1,928,676
                                                    -------------------  ----------------   ----------------  ----------------
        Income (loss) before extraordinary items                 51,694          (865,710)           422,443        (4,754,329)

        Extraordinary item - loss on early
          extinguishment of debt, net of taxes                        -          (117,286)                 -          (523,116)
                                                    -------------------  ----------------   ----------------  ----------------
        Net income                                  $            51,694  $       (748,424)  $        422,443  $     (5,277,445)
                                                    ===================  ================   ================  ================
        Basic and diluted net income (loss) per  share

                  Before extraodinary item          $              0.00 $           (0.33)  $           0.01 $           (1.81)
                                                    -------------------  ----------------   ----------------  ----------------

                  Extraordinary item                $              0.00 $           (0.04)  $           0.00 $           (0.20)
                                                    -------------------  ----------------   ----------------  ----------------

                  Net income (loss) per share       $              0.00 $           (0.29)  $           0.01 $           (2.02)
                                                    ===================  ================   ================  ================

        Weighted average common shares outstanding           64,555,254         2,608,821         64,555,254         2,608,821
                                                    ===================  ================   ================  ================
</TABLE>

                 See notes to consolidated financial statements

                                      F-3
<PAGE>

                              AMERICAN JEWELRY CORP.
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                     -------------------------------
                                                                     Nine Months Ended September 30,
                                                                        2000               1999
                                                                     ------------     --------------
CASH FLOWS FROM OPERATING ACTIVITIES :
    Net Income                                                     $     422,443 $     (5,277,445)
                                                                   ------------- ----------------
<S>                                                                      <C>              <C>
    Adjustment to reconcile net loss to net cash
    provided by (used in) operating activities:
      Depreciation                                                       105,000          232,727
      Amortization                                                             -          117,050
      Compensation expenses                                            1,375,000                -
      Interest expense on conversion benefit                              78,000           60,000
      Amortization of deferred compensation                              136,667                -
      Write-off of deferred financing and offering costs                 177,000         (523,116)
    Change in assets and liabilities;
      Increase in accounts receivable                                 (1,160,989)        (325,108)
      Decrease (increase) in inventories                               2,500,000         (254,559)
      Decrease in prepaid expenses                                             -          (70,368)
      Increase in other assets                                          (208,625)               -
      Decrease (Increase) in accounts payable and accrued expenses    (1,136,241)          47,754
                                                                   ------------- ----------------
        Total adjustments                                              1,865,812         (715,620)
                                                                   ------------- ----------------
Net cash provided by (used in) operating activities                    2,288,255       (5,993,065)
                                                                   ------------- ----------------

CASH FLOWS FROM INVESTING ACTIVITIES :
      Acquisition of property and equipment                             (456,599)               -
                                                                   ------------- ----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
      Repayment of notes payable - financial instituions              (1,934,498)      (1,446,034)
      Proceeds from convertible debentures                                     -        1,000,000
      Repayment of loans                                                       -                -
      Proceeds from loan                                                       -          660,000
      Stock subscription received                                        957,578          250,000
      Proceeds from issuance of stock                                  2,375,041          350,200
      Repayment to stockholders                                       (3,311,551)               -
                                                                   ------------- ----------------
Net cash used in (provided by) by financing activities                (1,913,430)         814,166
                                                                   ------------- ----------------
Net increase in cash                                                     (81,774)      (5,178,899)

Cash - beginning of period                                                97,465         (133,037)
                                                                   ------------- ----------------
Cash - end of period                                               $      15,691 $     (5,311,936)
                                                                   ============= ================
                                                                               -
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION :
      Interest paid                                                $      47,412 $        523,116
                                                                   ============= ================
      Taxes paid                                                   $       7,898 $              -
                                                                   ============= ================

NON-CASH FINANICING AND INVESTING ACTIVITIES:
      Forgiveness of debt by financial institution                 $   4,446,040 $              -
                                                                   ============= ================
      Assumption of note payable by stockholders                               -        3,500,000
                                                                   ============= ================
      Beneficial conversion features recorded as additional
          paid-in capital                                                      -          432,000
                                                                   ============= ================
      Conversion of debentures                                     $   1,300,000 $              -
                                                                   ============= ================
      Forgiveness of notes payable by related party                $   2,000,000 $              -
                                                                   ============= ================
</TABLE>

        See notes to consolidated financial statements

                                       F-4
<PAGE>

                              AMERICAN JEWELRY CORP.
                                AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.       BASIS OF PRESENTATION

     The  accompanying  condensed  financial  statements  have been  prepared in
     accordance  with  generally  accounting  principles  for interim  financial
     information and with instructions to Form 10-QSB. Accordingly,  they do not
     include all of the information and footnotes required by generally accepted
     accounting principles for complete financial statements.  In the opinion of
     management,  all  adjustments  (consisting  of normal  recurring  accruals)
     considered  necessary  for a fair  presentation  have  been  included.  The
     results of operations  for the  three-month  and  nine-month  periods ended
     September  30,  2000 are not  necessarily  indicative  of the results to be
     expected  for the year ended  December  31,  2000.  The  condensed  interim
     financial  statements  should  be  read in  conjunction  with  the  audited
     financial statements and notes, contained in the Form 8-K filed on June 15,
     2000.

2.       ACQUISITIONS

a.       On April 11, 2000,  American  Jewelry  Corp.,  formerly known as United
         Ventures Group,  Inc.  ("UVGI"),  completed the acquisition of Advanced
         Ceiling Supplies, Inc. ("ACSI") under an agreement dated as of April 3,
         2000.  As part of the  acquisition,  UVGI acquired 666 shares of ACSI's
         common  stock in exchange  for 400,000  shares of the capital  stock of
         UVGI and $110,000 in cash,  of which $90,000 were paid to cover closing
         costs.  As a result  of this  transaction,  UVGI  received  100% of the
         outstanding common stock of ACSI.

b.       On October 2, 2000 UVGI acquired NIGT, Inc. ("NIGT"),  a New York based
         private  jewelry  company  for  $750,000  and.  assumption  of a senior
         subordinated   convertible   redeemable  debenture  in  the  amount  of
         $1,000,000.   The  Company  has  already  advanced  $200,000  for  such
         transaction  and remaining will be paid at closing in cash and $300,000
         promissory note..

3.       STOCKHOLDERS EQUITY

     During the nine months ended September 30, 2000, the principal shareholders
     assumed  $2,000,000  of the  Company's  loans  payable to  unrelated  third
     parties. This transaction was recorded as a capital contribution.

4.       CHANGE OF NAME

     On October 16, 2000,  stockholders  of the company  consented to change its
     name from United Venture Group, Inc. to American Jewelry Corp. Accordingly,
     Company has changed its ticker symbol to AMJY from UVGI.


5.       STOCK COMPENSATION

     The Company issued 16,200,000 shares aggregating to $1,037,000. Such amount
     is recorded as compensation.


                                       F-5
<PAGE>

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

NINE-MONTH  PERIOD ENDED SEPTEMBER 30, 2000 COMPARED TO NINE-MONTH  PERIOD ENDED
SEPTEMBER 30, 1999

         Net sales  amounted  to  $8,185,985  for the  Nine-month  period  ended
September 30, 2000,  compared to  $3,650,994,  an increase of $4,534,991 or 124%
from the  Nine-month  period ended  September 30, 1999.  The increase of 124% is
mainly due to a) the increase in the  recognition  of sales that were shipped in
1999 but recognized in year 2000 as per certain GAAP and SEC  requirements,  and
b) the broadening of our product lines.

         Gross profit  increased by  $1,340,783  or 147% to  $2,253,531  for the
Nine-month  period ended  September  30, 2000 from  $912,748 for the  Nine-month
period ended  September  30, 1999.  Gross profit as a percentage of net revenues
increased to 27.6% for the Nine-month period ended September 30, 2000 from 25.0%
for the Nine-month period ended September 30, 1999. The increase in gross profit
as  a  percentage  of  net  revenues  is  attributable  to  global  sourcing  of
production, improved production and cost controls.

         Selling, General and Administrative expenses decreased by $2,459,580 or
66% to  $1,278,821  or 15.7% of net revenues,  for the  Nine-month  period ended
September 30, 2000, from $3,738,401.  or 103% of net revenues for the Nine-month
period ended September 30, 1999. The principal  decrease in expenses were due to
a reduction of approximately $1,500,000 in bad debt expenses for the nine months
ended  September 30, 2000 compared to the nine-month  period ended September 30,
1999. Expenses in 1999 were extraordinarily  large due to certain  uncollectible
sales,  which  did not  recur in 2000.  Management  was also  successful  in the
recovery of $1,000,000 of bad debts that were incurred in 1999.

         Interest  expenses  decreased  to $140,600  for the  Nine-months  ended
September 30, 2000 from $1,928,676 for the Nine-months ended September 30, 1999.
This decrease is primarily due to substantial  reduction of financing  debts and
the  non-recurrence  of 1999 expenses of  approximately  $500,000 related to the
beneficial  conversion  benefits of debentures  issued in April 1999 recorded as
interest.

LIQUIDITY AND CAPITAL RESOURCES

         Historically,  the  Company  financed  operations  principally  through
collections of accounts receivable, loans from financing institutions,  issuance
of stock and advances  from  officers.  In the Nine months ended  September  30,
2000,  the Company  financed  operations  from  proceeds from issuance of common
stock and from net income from operations. As a result of repayment of all debts
to  finance  institutions,   forgiveness  of  other  debts  and  conversions  of
outstanding debentures,  we believe it will be able to finance future operations
from cash generated from operations.

         Working capital  increased from a deficit of $1,300,000 at December 31,
1999 to a positive  position  of  $8,900,000  (an  increase of  $10,200,000)  at
September  30,  2000.  The  increase  of working  capital was  generated  by the
forgiveness of debt to finance  institutions  of $4,400,000 (net of cash payment
required),  forgiveness  of debt to third  parties of  $2,000,000,  decrease  in
inventories of $2,000,000,  proceeds from sale of stock of $1,000,000  offset by
net reduction of accounts  receivable,  accounts  payables and other expenses of
$800,000.

                                      -6-
<PAGE>

On April 5, 2000 a settlement  agreement was reached with a finance  institution
canceling a certain Term  Promissory  Note in the original  principal  amount of
$2,000,000  from the  Company to the  finance  institution;  and a certain  Term
Promissory in the original principal amount of $3,500,000.

         We  made  a  payment  of  $1,200,000  to  the  finance  institution  in
immediately available funds.

         The finance  institution  received  4,000,000  restricted  common stock
shares of the  company,  subject to  certain  terms and  conditions,  more fully
explained in the Company's financial  statements for the year ended December 31,
1999 (Note 8).

         As a result of this  settlement the Company  recognized a net gain from
the extinguishment of debt of $4,400,000 recorded as addition to Additional Paid
in Capital.


                                      -7-
<PAGE>

                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.
         -----------------

         None.

Item 2. Changes in Securities and Use of Proceeds.
        ------------------------------------------

         None.

Item 3. Defaults Upon Senior Securities.
        -------------------------------

         None.

Item 4. Submission of Matters to a Vote of Security Holders.
        ---------------------------------------------------

(a)      Date of Annual Meeting of Stockholders - October 13, 2000

(b)      Directors  Elected at the Annual Meeting - Isaac Nussen,  George Weisz,
         Eric J. Rothschild and Israel Braun.

(c)      The election of four directors:

                                                    STOCKHOLDER VOTES

                                           FOR                 WITHHELD
                                           ---                 --------

         Isaac Nussen                      189,495,879         1,497,523
         George Weisz                      189,664,879         1,328,523
         Eric J. Rothschild                189,695,579         1,297,823
         Israel Braun                      189,654,379         1,339,023


         Amendment to Certificate of Incorporation to Increase Authorized Shares
         of Common Stock:

         STOCKHOLDER VOTES
         -----------------
         For:                 187,022,137
         Against:               3,907,050
         Abstentions:              64,215
         Broker non-votes:              0

         Amendment to the Certificate of  Incorporation  to Change the Company's
         Name to "American Jewelry Corp."

         STOCKHOLDER VOTES
         -----------------
         For:                 190,239,052
         Against:                 679,606
         Abstentions:              74,744
         Broker non-votes:              0

                                      -8-
<PAGE>

Item 5. Other Information.
        -----------------

         None.



Item 6. Exhibits and Reports on Form 8-K.

       (a)        Exhibits

                  27.      Financial Data Schedule

       (b)        Reports on Form 8-K

                  None.

                                      -9-
<PAGE>



SIGNATURES

         In accordance with the requirements of the Exchange Act, the Registrant
has caused this report to be signed on its behalf by the undersigned,  thereunto
duly authorized.

Date:  November 14, 2000


                                American Jewelry Corp.


                                By:  /s/ Isaac Nussen
                                   -------------------------------------------
                                   Name: Issaac Nussen
                                   Title: President and Chief Executive Officer

                                      -10-
<PAGE>

                                  EXHIBIT INDEX

Exhibit Number                              Description
--------------                              -----------

27                                          Financial Data Schedule

                                      -11-