<PAGE>
                                                                   Exhibit 10.27


2001-04-09                   OFFER OF LOAN GUARANTEE                 Page 1 of 9
                                  (TRANSLATION)

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BY:  GARANTIE QUEBEC, a company legally constituted under the Act respecting
     Investissement-Quebec and Garantie-Quebec (R.S.Q. , c. I-16.1), having its
     head office at 1200 Route de l'Eglise, Suite 500, Sainte-Foy, Quebec, G1V
     5A3, and having a place of business at 393 Rue Saint-Jacques, Suite 500,
     Montreal, Quebec, H2Y 1N9, hereinafter called G.Q.

TO:  HENRY BIRKS & SONS HOLDING INC. and HENRY BIRKS & SONS INC., duly
     constituted legal persons having their principal place of business at 1240
     Phillips Square, Montreal (Quebec) H3B 3H4, hereinafter collectively
     referred as the Company.

1.   LOAN GUARANTEE
     --------------

     1.1  G.Q. offers the Company a guarantee, hereinafter referred to as the
          Guarantee, in the form of a suretyship of sixty-five percent (65%) of
          the net loss on a loan, hereinafter referred to as the Loan, for the
          maximum amount of three million dollars ($3,000,000), granted by GMAC
          COMMERCIAL CREDIT CORPORATION -- CANADA, pursuant to a Loan Agreement
          entered into between the Lender and the Company on October 15, 1996
          and amended thereafter by letters dated July 23, 1998, June 8, 1999,
          September 23, 1999, May 2, 2000 and January 30, 2001, hereinafter
          collectively referred to as the Loan Agreement.

     1.2  For the purposes of the Guarantee, the net loss is defined as the sum
          of the interest and the principal of the Loan authorized for
          disbursement by G.Q., due and unpaid on the Loan recall date, plus the
          accrued interest for a maximum period of three (3) months effective
          from the Loan recall date, after deducting the net proceeds of
          realization of the security granted to secure repayment of the Loan,
          it being understood, however, that the interest accrued on and since
          the Loan recall date shall at no time exceed, in the calculation of
          the net loss, ten percent (10%) of the balance of the principal of the
          Loan at the time of its recall.

     1.3  The Loan shall serve exclusively to finance the renovation and new
          store opening project, which along with its financing, is established
          as follows:

          Project
          -------
<TABLE>
          <S>                                                      <C>
          - New Victoria store location                            $     622,100
            Government Street (British Columbia)
          - Southgate store renovation (Alberta)                   $     473,500
          - Chinook store renovation (Alberta)                     $     532,600
          - Hillside store renovation (British Columbia)           $     254,300
          - New "Canada 1" store outside Quebec                    $     495,000
          - New "Canada 2" store outside Quebec                    $     495,000
          - Renovation or new location of a store outside Quebec
            (London, Halifax or others)                            $     458,000
                                                                   -------------
                                                             Total $3,330,500.00
                                                                   -------------
</TABLE>




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Initials of G.Q.'s      Initials of the Company's
representative          representative


<PAGE>
2001-04-09                   OFFER OF LOAN GUARANTEE                 Page 2 of 9
                                  (TRANSLATION)

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          Financing
          ---------
<TABLE>
          <S>                                                      <C>

          - Term loan (65% guaranteed)                             $3,000,000.00
          - Working capital                                        $  330,500.00
                                                                   -------------
                                                             Total $3,330,500.00
                                                                   -------------
</TABLE>

          Project start date: 2000-06-01    Project end date: 2001-11-30
          -------------------               -----------------

2.   TERM OF THE GUARANTEE
     ---------------------

     The Guarantee is granted for a period of five (5) years from the date of
     the first advance on the Loan.

3.   COMMITMENTS TO FULFILL BEFORE THE GUARANTEE COMES INTO FORCE
     ------------------------------------------------------------

     3.1  Before the Guarantee comes into force, the Company shall have
          fulfilled the following conditions to G.Q.'s satisfaction, namely:

          3.1.1   The minimum security detailed in subsection 7.1 hereof shall
                  have been validly granted by the Company and a written
                  confirmation to this effect received from GMAC (GMAC
                  Commercial Credit Corporation -- Canada);

          3.1.2   The Company undertakes to fulfill the commitments included in
                  the Lender's letter of offer accepted by the Company on
                  January 30, 2001;

          3.1.3   Commitment to maintain the current level of employment for the
                  term of the guarantee, namely more than 300 jobs in Quebec.

4.   FEES
     ----

     4.1  COMMITMENT FEE
          --------------

          4.1.1   This offer is subject to the payment of management fees,
                  hereinafter referred to as the Commitment Fee, of one percent
                  (1%) of the amount of the Loan, namely thirty thousand dollars
                  ($30,000).

          4.1.2   The Commitment Fee, the balance of which shall be paid to G.Q.
                  upon acceptance of this offer, shall not be refundable, in
                  whole or in part, under any circumstances.

          4.1.3   The mere cashing of the Commitment Fee shall not create any
                  right in favour of the Company and shall in no way oblige G.Q.
                  to bring the Guarantee into force in any way; these rights and
                  obligations shall only be generated provided that the terms
                  and conditions mentioned in this offer are fulfilled.



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Initials of G.Q.'s      Initials of the Company's
representative          representative

<PAGE>

2001-04-09                   OFFER OF LOAN GUARANTEE                 Page 3 of 9
                                  (TRANSLATION)

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     4.2  STANDBY FEES
          ------------

          4.2.1   Upon each advance on the Loan, a standby fee of two percent
                  (2%), calculated on the amount of the advance, shall be
                  payable to G.Q. upon receipt by the Company of an invoice to
                  that effect. The fees thus payable shall be adjusted in
                  proportion to the number of days remaining between the Loan
                  disbursement date and March 31 of the following year, out of
                  365.

          4.2.2   Moreover, in consideration of the Guarantee, the Company
                  undertakes to pay G.Q. annually, on the last business day of
                  April of each year, standby fees of two percent (2%),
                  calculated on the balance of the Loan as at March 31 preceding
                  each payment.

          4.2.3   Such standby fees shall always be payable in advance for the
                  upcoming guarantee period and shall not be refundable, in
                  whole or in part, under any circumstances.

          4.2.4   Notwithstanding the foregoing, G.Q., at its discretion, may
                  reduce the percentage of standby fees claimed from the Company
                  if there is a decrease in the percentage net loss it
                  guarantees.

     4.3  The Commitment Fee and the standby fees owed by the Company to G.Q.
          under the terms hereof shall be payable without notice or formal
          demand within the foregoing time limit, at G.Q.'s offices or at any
          other place which G.Q. may indicate to the Company in writing. G.Q.
          may claim from the Company, on any amount due, effective from
          maturity, interest calculated monthly, equal to the weekly variable
          rate prevailing at G.Q.

5.   ELECTRONIC DEBITS
     -----------------

     5.1  The Company hereby authorizes G.Q. to make, by manual or electronic
          debit from its bank account, any payment the Company must make to G.Q.
          in respect of the standby fees payable under the terms hereof and in
          respect of any amount G.Q. would have paid to the Lender in accordance
          with the Guarantee. To this effect, the Company hereby authorizes the
          bank or financial institution with which it deals to honour the debits
          made by G.Q.

     5.2  G.Q. shall send the Company a debit note in advance, containing all
          the information relating to the payments to be made by the Company.

     5.3  The Company undertakes to renew the authorization appearing above if
          it changes banks or financial institutions, as long as the Guarantee
          is in force, or as long as the Company may be indebted to G.Q. in
          respect of any payment made by G.Q. pursuant to the Guarantee and to
          inform G.Q. of this change by providing it with a cheque specimen from
          its new bank or financial institution marked "NIL" and containing all
          the necessary information.



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representative          representative

<PAGE>

2001-04-09                   OFFER OF LOAN GUARANTEE                 Page 4 of 9
                                  (TRANSLATION)

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     5.4  The Company accepts that payment of the standby fees owed hereunder
          shall be made by cheque if G.Q. deems this mode of payment preferable
          under the circumstances.

6.   REPAYMENT
     ---------

     6.1  The Company undertakes to repay G.Q., on demand, for any amount which
          the latter will be called upon to pay to the Lender pursuant to the
          Guarantee, both in principal and in interest, and to hold it harmless
          of any other loss, damage or expense which may result from G.Q.'s
          commitment to the Lender under the terms of the Guarantee.

7.   SECURITY
     --------

     7.1  The Company undertakes, for the duration of the Guarantee, to grant
          the Lender, to secure repayment of the Loan, the security prescribed
          in the Loan Agreement, which shall confer on the Lender in respect of
          the Loan the hypothecary rights resulting from:

          o    a movable hypothec on the universality of the movable property,
               corporeal and incorporeal, tangible and intangible, present and
               future, of Henry Birks & Sons Inc., in the amount of three
               million dollars ($3,000,000) ranking after the hypothecary rights
               already existing in favour of the lender in respect of the
               following credits granted pursuant to the Loan Agreement:

               --   GMAC credit LINE (maximum $50,000,000);

               --   GMAC term loan of seven hundred and fifty thousand dollars
                    ($750,000) (maximum balance of $262,500);

               --   GMAC term loan of four hundred thousand dollars (maximum
                    balance of $387,000);

               --   GMAC term loan of three million dollars ($3,000,000);

               --   GMAC terms loan of five million dollars ($5,000,000), G.Q.
                    file number D052950.

8.   OBLIGATIONS OF THE COMPANY
     --------------------------

     8.1  Effective from the date of acceptance of this offer, for the entire
          term of the Guarantee and until payment in full of any amount that may
          be owed to G.Q. by the Company hereunder or under the suretyship
          agreement, the Company undertakes to:

          8.1.1   furnish its audited annual financial statements, its audited
                  consolidated financial statements (where the Company must
                  prepare those according to the generally accepted accounting
                  practices of the Canadian Institute of Chartered Accountants)
                  within ninety (90) days of the end of any fiscal year and its
                  financial statements within ninety (90) days of the end of
                  each; also furnish, upon request, its semiannual financial
                  statements, the financial statements of its subsidiaries and,
                  if applicable, its consolidated financial statements or any
                  other financial statements required by G.Q. within the time
                  limit prescribed by G.Q.;



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representative          representative

<PAGE>

2001-04-09                   OFFER OF LOAN GUARANTEE                 Page 5 of 9
                                  (TRANSLATION)

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          8.1.2   furnish annual financial projections with the working
                  assumptions at the beginning of each fiscal year;

          8.1.3   furnish G.Q. annually with a copy of the renewal of its line
                  of credit;

          8.1.4   furnish G.Q., upon the latter's written request and within the
                  time limit provided in such request, with any and all
                  information and documents it will deem useful and relevant to
                  the application of the Guarantee and the Programme d'aide au
                  financement des enterprises (Business financing assistance
                  program);

          8.1.5   not amend its authorized and issued share capital at the date
                  hereof without G.Q.'s prior written agreement, except in
                  connection to stock options or deferred stock options granted
                  to the employees, directors or Executive officers of the
                  Company's affiliates;

          8.1.6   not liquidate, wind up or dissolve itself without G.Q.'s prior
                  written agreement;

          8.1.7   not grant loans or advances to its shareholders, directors or
                  officers, except in the normal course of the Company's
                  business, or act as guarantor for its shareholders, directors
                  or officers;

          8.1.8   deal on a business basis at arm's length in its business
                  dealings with any person;

          8.1.9   obtain G.Q.'s prior written agreement before declaring or
                  paying any dividend to a class or classes of shareholders,
                  except as provided under 8.1.19 hereof;

          8.1.10  not grant loans, advances or any other form of financial
                  assistance to affiliated companies or subsidiaires, nor make
                  investments therein, nor grant them security, nor engage in
                  transactions with them outside the normal course of its
                  operations;

          8.1.11  ensure that there is no change in the control of the Company
                  or in the ultimate control of the Company, except with G.Q.'s
                  prior consent;

                  control means the holding of Shares carrying a sufficient
                  number of voting rights to allow the election of the majority
                  of the directors of the Company. Ultimate control means the
                  holding of the said Shares by a natural person or persons
                  giving control of the Company through a legal person or legal
                  persons holding shares in each other or in the Company. In the
                  event of the death of the shareholder who has ultimate control
                  of the Company, the transmission of the Shares of the deceased
                  shareholder to his heirs shall not be deemed to constitute a
                  change in ultimate control of the Company, on condition that
                  said control remains in the hands of the deceased
                  shareholder's legal heirs;

          8.1.12  not divest more than ten percent (10%) of its assets (as per
                  the last audited financial statements), except with G.Q.'s
                  prior consent;

          8.1.13  allow G.Q's. representatives or any external auditor
                  designated by G.Q., upon prior notice to the Company, to enter
                  the Company's premises during normal business hours and, at
                  G.Q.'s expense, examine the Company's books, physical



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representative          representative

<PAGE>

2001-04-09                   OFFER OF LOAN GUARANTEE                 Page 6 of 9
                                  (TRANSLATION)

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                  facilities and inventory, in the manner they deem appropriate,
                  and obtain a copy of any document;

          8.1.14  allow G.Q. or its responsible Minister to disclose publicly,
                  if they deem it appropriate, the highlights of the financial
                  intervention granted to the Company, including, inter alia and
                  without limitation, the Company's name, its type of operation,
                  its location, the nature and the amount of the financial
                  intervention stipulated herein and the number of employees in
                  the Company's service;

          8.1.15  give G.Q. fifteen (15) day prior notice, if the Company wishes
                  to announce its project officially or proceed with an official
                  inauguration, so as to enable G.Q. or its responsible Minister
                  to participate;

          8.1.16  settle all expenses pertaining to the preparation, execution
                  or registration, if applicable, of the documents necessary to
                  give effect to this offer or to any amendment thereto;

          8.1.17  maintain a minimum working capital ratio of one point fifteen
                  (1.15) and a long-term debt / net equity ratio of one point
                  five (1.5), net equity also including shareholders' advances
                  and deferred subsidies; G.Q. recognizes the seasonal nature of
                  the Company and accepts that this ratio may not be provided
                  from time to time within a given fiscal year;

          8.1.18  maintain the ratios indicated in the preceding paragraph
                  regarding the guarantee previously granted by G.Q. to the
                  Company under number D052950 of its files;

          8.1.19  not pay dividends except in the following cases:

                  --    the Company generates net earnings after income taxes at
                        the end of the fiscal year; however, the amount of the
                        dividend shall not exceed one third of the net earnings
                        generated, and the working capital ratio and the term
                        debt / equity ratio, pro forma upon payment of
                        dividends, shall be maintained. In the event that the
                        Company realizes net earnings and has to pay a dividend
                        greater than the one heretofore determined, it
                        undertakes to repay the loan in an equivalent amount,
                        provided that the said ratios are maintained. Finally,
                        if in the course of a given fiscal year, the Company
                        does not exercise the privilege of paying dividends,
                        this amount shall serve as a reserve to increase the
                        redistribution in subsequent years;

                  --    the Company is subject to a takeover bid; in which case,
                        the working capital ratio and the term debt / equity
                        ratios, pro forma upon payment of the dividend, shall be
                        maintained.

          8.1.20  not redeem share capital of Henry Birks & Sons Holding Inc.
                  (this company holds 98% of the share capital of Henry Birks &
                  Sons Inc., the balance being held by management and the
                  employees (share capital and stock options));

          8.1.21  not grant loans or advances to its shareholders, except for
                  the shareholder employees, for the purchase of share capital
                  of the Company, the cumulative



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representative          representative

<PAGE>

2001-04-09                   OFFER OF LOAN GUARANTEE                 Page 7 of 9
                                  (TRANSLATION)

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                  amount of loans or advances to its shareholders being limited
                  to $500,000 per fiscal year;

          8.1.22  maintain the number of permanent jobs in Quebec at the current
                  minimum level of three hundred (300).

9.   EVENT OF DEFAULT
     ----------------

     9.1  Notwithstanding any other provision in this offer and even if the
          conditions are fulfilled, G.Q. reserves the right to cancel any
          portion not in force of the Guarantee or to defer its coming into
          force, at its discretion, and the Company undertakes to repay the loan
          on demand with interest, fees and incidentals, in the following cases
          which constitute cases of default:

          9.1.1   if the Company, without G.Q.'s prior written consent, moves
                  out of Quebec a substantial portion of the assets it holds in
                  Quebec, except in the normal course of the Company's business;

          9.1.2   if the Company assigns its property, is under a receivership
                  order pursuant to the Bankruptcy and Insolvency Act (R.S.C.
                  (1985) c. B-3), makes a proposal to its creditors or commits
                  an act of bankruptcy under the said Act, or if it is under a
                  winding-up order under the Winding-up Act (R.S.Q., c. L-4) or
                  any other Act to the same effect, or if it is insolvent or on
                  the verge of insolvency, or if its financial position
                  deteriorates so as to imperil its survival;

          9.1.3   if the Company avails itself of the provisions of the
                  Corporate Creditors' Arrangements Act (R.S.C. (1985) c. C-36);

          9.1.4   if the Company suspends or threatens to suspend the normal
                  operation of a substantial part of its business;

          9.1.5   if, in the opinion of G.Q. and without its consent, a material
                  change occurs in the nature of the Company's operations or in
                  the Company's level of financial or economic risk;

          9.1.6   if, at any time, the Company is part to a dispute or
                  proceedings before a court of law or a tribunal, or a
                  government commission or agency, without having disclosed it
                  to G.Q., and the said dispute has a material impact on the
                  Company's operations;

          9.1.7   in the event of fraud, misstatement or falsification of
                  documents submitted to G.Q. or the Lender by the Company or
                  its representatives;

          9.1.8   if the Company is in default of repayment to G.Q. of any sum
                  which may become due under the terms hereof;

          9.1.9   if the Company does not allocate the proceeds of the Loan to
                  the project submitted in the application for financing;



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representative          representative

<PAGE>

2001-04-09                   OFFER OF LOAN GUARANTEE                 Page 8 of 9
                                  (TRANSLATION)

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          9.1.10  if the Company fails to perform any of the clauses and
                  conditions of this offer, the loan contract to be entered into
                  between the Lender and the Company, any other document
                  incidental to the Loan and any amendment thereto, as
                  applicable, and in general, any agreement in respect of its
                  borrowing.

10.  NON-TRANSFERABILITY
     -------------------

     10.1 The Company may not assign or transfer the rights conferred upon it
          under the terms of this offer.

11.  REPRESENTATION
     --------------

     11.1 By its acceptance of this offer, the Company represents that all the
          information provided to G.Q. during the period of the negotiations
          which led to this offer is true and accurate.

12.  INTERPRETATION
     --------------

     12.1 This Guarantee is subject to the application of the terms and
          conditions set out in the Act respecting Investissement-Quebec and
          Garantie-Quebec and its regulations.

     12.2 Only the French version hereof shall be considered official and, in
          any event, it shall prevail over any translation which might accompany
          it.

GARANTIE QUEBEC

Per: _____________________________________  Date: 2001/04/09
                 Signature                        ----------


       Biagio Carangelo, Portfolio Manager
       -----------------------------------
        Name of authorized representative


Per: _____________________________________  Date: 2001/04/09
                 Signature                        ----------


     Jean-Charles Vincent, Regional Manager
     --------------------------------------
        Name of authorized representative


ACCEPTANCE BY THE COMPANY

Having read the terms and conditions set out in this offer, we accept this offer
of loan guarantee and attach a cheque for thirty thousand dollars ($30,000) in
payment of the Commitment Fee amounting to thirty thousand dollars ($30,000).

This cheque contains all the necessary information to allow G.Q., if applicable,
to repay any amount due under the Guarantee, by electronic debit.



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representative          representative

<PAGE>

2001-04-09                   OFFER OF LOAN GUARANTEE                 Page 9 of 9
                                  (TRANSLATION)

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HENRY BIRKS & SONS HOLDING INC.


Per:  ____________________________________  Date:  April 12, 2001
                 Signature                         --------------


          Marco Pasteris    John Ball
       ---------------------------------
       Name of authorized representative



HENRY BIRKS & SONS INC.


Per:  ____________________________________  Date:  April 12, 2001
                 Signature                         --------------


          Marco Pasteris    John Ball
       ---------------------------------
       Name of authorized representative




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Initials of G.Q.'s      Initials of the Company's
representative          representative