Document:

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                                                               Exhibit 10.19 (d)

                               THIRD AMENDMENT TO
                              AMENDED AND RESTATED
                           GOLD CONSIGNMENT AGREEMENT
                           DATED AS OF MARCH 30, 2001
                           --------------------------

         THIS THIRD AMENDMENT is made as of the 4th day of April, 2003, among
SOVEREIGN BANK (formerly known as Rhode Island Hospital Trust National Bank), a
Federal Savings Bank with an office at 15 Westminster Street, Providence, Rhode
Island 02903, as a bank ("Sovereign" and together with the other lending
institutions from time to time collectively, the "Institutions"), SOVEREIGN
PRECIOUS METALS, LLC, a Pennsylvania limited liability company ("LLC"), FINLAY
FINE JEWELRY CORPORATION, a Delaware corporation ("Finlay"), and EFINLAY, INC. a
Delaware corporation ("eFinlay").

                         W I T N E S S E T H  T H A T:
                         - - - - - - - - - -  - - - -

         WHEREAS, Sovereign, Finlay and eFinlay are parties to a certain Amended
and Restated Gold Consignment Agreement dated as of March 30, 2001, as amended
by a First Amendment to Amended and Restated Gold Consignment Agreement dated as
of December 31, 2001 and as further amended by a Second Amendment to Amended and
Restated Gold Consignment Agreement dated as of September 30, 2002 (as amended,
the "Consignment Agreement"), relating to the consignment by the Institutions to
Finlay;

         WHEREAS, Sovereign, Finlay and eFinlay desire to further amend and
modify the Consignment Agreement in certain respects;

         NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

         1. Section 8.3 of the Consignment Agreement is hereby amended by
deleting Section 8.3.1 in its entirety and replacing it with the following:

         "Consolidated EBITDA to Consolidated Periodic Financial Obligations.
Consignee will and where applicable, each Consignee will cause its Subsidiaries
on a consolidated basis to maintain as of the end of each period of four
consecutive fiscal quarters the ratio of (a) the excess, if any, of (i)
Consolidated EBITDA of the Parent and its Subsidiaries for such period less (x)
the amount of cash applied by the Parent to the payment of income taxes of the
Parent and its Subsidiaries in respect of such period, whether directly or
pursuant to the Tax Allocation

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Agreement less (y) the amount of Capital Expenditures made by the Parent and its
Subsidiaries during such period to (b) the amount of Consolidated Periodic
Financial Obligations (inclusive of interest and cash dividend payments) of the
Parent and its Subsidiaries of not less than the ratio opposite such date in
such table:

              For Fiscal Quarter
              Ending on or About:                    Ratio:
              ------------------                     -----
                    4/30/03                         1.44:1.00
                    7/31/03                         1.44:1.00
                   10/31/03                         1.44:1.00
                    1/31/04                         1.53:1.00
                    4/30/04                         1.49:1.00
                    7/31/04                         1.49:1.00
                   10/31/04                         1.49:1.00
                    1/31/05                         1.53:1.00
                    4/30/05                         1.49:1.00
                    7/31/05                         1.49:1.00."

         2. Section 8.3 of the Consignment Agreement is hereby further amended
by deleting Section 8.3.2 in its entirety and replacing it with the following:

         "8.3.2. Indebtedness to EBITDA. No Consignee will and where applicable,
         each Consignee will not permit its Subsidiaries to, permit the ratio of
         (i) the aggregate principal amount of all Indebtedness for Borrowed
         Money of the Parent and its Subsidiaries on a consolidated basis as of
         any fiscal quarter ending date set forth in the table below to (ii)
         Consolidated EBITDA of the Parent and its Subsidiaries for the period
         of four consecutive fiscal quarters ending on such fiscal quarter
         ending date in such table, to exceed the ratio set forth opposite such
         date in such table:

                Fiscal Quarter
                 Ending Date:                        Ratio:
                 -----------                         -----
                    4/30/03                         4.78:1.00
                    7/31/03                         4.78:1.00
                   10/31/03                         4.78:1.00
                    1/31/04                         3.39:1.00
                    4/30/04                         4.44:1.00
                    7/31/04                         4.44:1.00
                   10/31/04                         4.44:1.00
                    1/31/05                         3.17:1.00
                    4/30/05                         4.11:1.00
                    7/31/05                         4.11:1.00."

         3. Section 8.3 of the Consignment Agreement is hereby further amended
by deleting Section 8.3.3 in its entirety and replacing it with the following:

                                     - 2 -
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         "8.3.3. Minimum EBITDA. No Consignee will and where applicable, each
         Consignee will not permit its Subsidiaries to, permit Consolidated
         EBITDA of the Parent and its Subsidiaries for any period of four
         consecutive fiscal quarters ending on any date set forth in the table
         below to be less than the amount set forth opposite such date in such
         table:

                     Date:                          Amount:
                     -----                          -------
                    4/30/03                       $65,000,000
                    7/31/03                       $65,000,000
                   10/31/03                       $65,000,000
                    1/31/04                       $66,600,000
                    4/30/04                       $67,500,000
                    7/31/04                       $67,500,000
                   10/31/04                       $68,400,000
                    1/31/05                       $71,100,000
                    4/30/05                       $72,000,000
                    7/31/05                       $72,900,000."

         4. Finlay and eFinlay each hereby grant and reconfirm the security
interest granted to Agent pursuant to the Security Agreement.

         5. The effectiveness of the transactions described herein shall be
subject to (i) delivery to LLC of this Third Amendment and (ii) payment of all
outstanding legal fees due and owing to counsel to Sovereign and LLC.

         6. Each of Finlay and eFinlay and the Agent hereby agree that, except
as expressly provided herein, the terms and provisions of the Consignment
Agreement remain unchanged and the Consignment Agreement remains in full force
and effect in accordance with its terms. The term "Agreement" as used in the
Consignment Agreement and all references to the Consignment Agreement in any
other documents or agreements among any of the parties hereto which relate to
either Finlay or eFinlay shall refer, from and after the date hereof, to the
Consignment Agreement as amended and supplemented by this Third Amendment.

         7. Each of Finlay and eFinlay hereby ratifies and reaffirms that (i)
the representations and warranties contained in the Consignment Agreement, as
amended by the terms hereof, are true and correct as of the date hereof, except
that references to financial statements shall refer to the latest financial
statements furnished pursuant to the Consignment Agreement and (ii) no Event of
Default (as defined in the Consignment Agreement) nor any event which with
notice or the lapse of time, or both, would constitute an Event of Default
exists as of the date hereof.

         8. Each of Finlay and eFinlay and the Agent hereby agree that all
references in the Intercreditor Agreement (as defined in the Consignment
Agreement) as amended through the date hereof to Sovereign Bank, shall for
purposes therein refer to Sovereign Bank and Sovereign Precious Metals, LLC.

                                     - 3 -
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         IN WITNESS WHEREOF, each of the parties hereto has caused this
amendment to be executed in several counterparts, each of which shall be deemed
to be an original as of the day and year first above written.

                                        SOVEREIGN BANK, as Agent and a Lender

                                        By /s/ Elizabeth Sousa
                                           -------------------------------------
                                               Title Vice President
                                               ---------------------------------

                                        SOVEREIGN PRECIOUS METALS, LLC, as
                                               Agent and a Lender

                                        By /s/ Elizabeth Sousa
                                           -------------------------------------
                                               Title Vice President
                                               ---------------------------------

                                        COMMERZBANK INTERNATIONAL S.A.

                                        By /s/ Ralf Kreikenbaum
                                           -------------------------------------
                                               Title Senior Vice President

                                        By /s/ Manfred Jahns
                                           -------------------------------------
                                               Title Vice President

                                        FINLAY FINE JEWELRY CORPORATION

                                        By /s/ Bruce Zurlnick
                                           -------------------------------------
                                               Title Senior Vice President,
                                                     ---------------------------
                                                     Treasurer and Chief
                                                     ---------------------------
                                                     Financial Officer
                                                     ---------------------------

                                        EFINLAY, INC.

                                        By /s/ Bruce Zurlnick
                                           -------------------------------------
                                               Title Senior Vice President,
                                                     ---------------------------
                                                     Treasurer and Chief
                                                     ---------------------------
                                                     Financial Officer
                                                     ---------------------------

                                     - 4 -<PAGE>

                                                                   EXHIBIT 10.23

                           THOMAS H. LEE PARTNERS, LP
                                 75 STATE STREET
                           BOSTON, MASSACHUSETTS 02109
                             TELEPHONE 617-227-1050
                                FAX 617-227-3514

                                  July 12, 2002

Mr. Arthur E. Reiner
Chairman of the Board
Finlay Enterprises, Inc.
529 Fifth Avenue
New York, New York 10017

         Re: Sale of Shares of Common Stock of Finlay Enterprises, Inc.
             ----------------------------------------------------------

Dear Mr. Reiner:

         This letter confirms the agreement of Thomas H. Lee Equity Partners,
L.P. ("Equity Partners") and the persons and entities listed on the attached
Schedule A (collectively with Equity Partners the "THL Group") to sell to Finlay
Enterprises, Inc. (the "Company") an aggregate of 50,000 shares (the "Shares")
of the common stock of the Company, on the terms set forth herein.

         1) Simultaneously with the execution and delivery of this Letter
Agreement, (i) the Company shall purchase from the THL Group, and the THL Group
shall sell to the Company, the Shares at a price of $14.25 per share, or an
aggregate price of $712,500 (the "Purchase Price"), and (ii) the Company shall
deliver to the THL Group the Purchase Price by wire transfers to accounts
designated by the THL Group, and the THL Group shall deliver to the Company
stock certificates representing the Shares, with stock powers duly endorsed in
blank attached thereto.

         2) Each member of the THL Group represents and warrants to the Company
as to the Shares that such member is presenting to the Company that (a) such
member's Shares are owned by such member, (b) such member's Shares are being
sold free and clear of all encumbrances and liens of any kind whatsoever
("Encumbrances"), other than the restrictions imposed by Federal and state
securities law, (c) such member is authorized to enter into this Letter
Agreement and consummate the transactions contemplated hereby and (d) such
member is fully familiar with the financial condition of the Company and has had
adequate opportunity to ask and have answered questions regarding the financial
and business condition of the Company.

         3) The Company represents that all necessary corporate actions have
been taken and approved, including by the board of directors, to authorize the
transaction contemplated herein.

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         4) This Letter Agreement shall be governed by the laws of the State of
New York and may not be modified except by a writing executed by the parties
hereto.

         Please confirm your agreement to the foregoing by executing the
enclosed copy of this Letter Agreement where indicated.

                                      Very truly yours,

                                      Thomas H. Lee Equity Partners, L.P.
                                      By Thomas H. Lee Equity Advisors, L.P.,
                                      its General Partner

                                      By: /s/ Thomas H. Lee
                                          --------------------------------------
                                          Name: Thomas H. Lee
                                          Title:

                                      1989 Thomas H. Lee Nominee Trust
                                      John W. Childs
                                      David V. Harkins
                                      Thomas R. Shepherd
                                      Scott A. Schoen
                                      C. Hunter Boll
                                      Steven G. Segal
                                      SGS Family L.P.
                                      Anthony J. DiNovi
                                      Thomas M. Hagerty
                                      Warren C. Smith
                                      Glenn A. Hopkins
                                      Charles W. Robins
                                      James Westra
                                      Adam Suttin
                                      Kent R. Weldon
                                      Terrence M. Mullen
                                      Todd M. Abbrecht

                                      By: /s/ Todd M. Abbrecht
                                          --------------------------------------
                                      Todd M. Abbrecht, as Attorney in Fact for
                                      the persons and entities listed above

Agreed and Accepted
Finlay Enterprises, Inc.

By: /s/ Arthur E. Reiner
    ---------------------------------
        Name: Arthur E. Reiner
        Title: Chairman & CEO

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