Document:

CONSIGNMENT AGREEMENT

     This  Agreement is entered into by and between  Merchants  T&F, Inc., a New
York corporation ("Merchants"),  and Ciro Jewelery, Inc., a Delaware corporation
("Ciro").

                                    RECITALS:

     WHEREAS,  Merchants has acquired  certain  assets  pursuant to that certain
Asset  Purchase  Agreement  between  Alan Cohen,  as Chapter 11 Trustee for Ciro
Inc.,  Ciro of Bond  Street,  Inc.  and Ciro  Creations,  Inc.,  as seller,  and
Merchants T&F, Inc. as purchaser,  (hereinafter the "Asset Purchase Agreement"),
a portion of which assets were transferred to Ciro as a capital  contribution in
which Ciro became a wholly owned subsidiary of Merchants; and

     WHEREAS,  Merchants  wishes to place  with Ciro  certain  of the  remaining
assets  acquired  pursuant to the Asset Purchase  Agreement to sell on behalf of
Merchants for a commission as set forth in this Agreement;

     NOW,  THEREFORE,  in  consideration  of the mutual terms and conditions set
forth below, the parties hereto agree as follows:

     1.  Placement of Assets.  Merchants  agrees to place with Ciro from time to
time  certain  of the  assets  of  Merchants  purchased  in the  Asset  Purchase
Agreement.  Ciro  hereby  agrees to use its best  efforts  to sell the assets at
prices designated by Merchants.

     2.  Compensation.  Merchants  shall pay to Ciro a commission  of 90% of all
assets sold by Ciro pursuant to this Agreement.

     3. Return of Unsold  Items.  If Ciro is unable to sell a  particular  asset
within a reasonable time, Ciro shall return the asset to Merchants.

     4. Taxes and Other Liabilities.  Ciro acknowledges and agrees that it is an
independent  contractor  and  not  an  employee  of  Merchants.  As  such,  Ciro
acknowledges  that it is  responsible  for all  self-employment  and  other  tax
payable to any federal,  state, or local  authority and any other  obligation or
liabilities arising from its engagement and compensation hereunder.

     5. Effective Date of Agreement.  The effective date of this Agreement shall
be February 3, 1995,  and any and all actions  taken by the parties prior to the
execution and delivery of this agreement are hereby approved and ratified in all
respects.

     6. Term. The term of this  Agreement  shall be for a period of 2 years from
the effective date of this Agreement.

<PAGE>

     7. Waiver and Amendment.  Neither this  Agreement nor any provision  hereof
may be  changed,  waived,  terminated  or  discharged  orally,  but  only  by an
instrument  in  writing  signed by the party  against  whom  enforcement  of the
change, waiver, termination or discharge is sought.

     8.  Governing  Law. This Agreement and the rights and duties of the parties
hereto shall be construed  and  determined  in  accordance  with the laws of the
State of New York,  and any and all  actions to enforce the  provisions  of this
Agreement, shall be brought in a court of competent jurisdiction in the State of
New York and in no other place.

     9. Successors and Assigns. This Agreement shall be binding upon the parties
and their  successors  and  assigns  and shall inure to the benefit of the other
parties and successors and assigns.

     10.  Counterparts.  This  Agreement  may  be  executed  in  any  number  of
counterparts  and all  such  counterparts  taken  together  shall be  deemed  to
constitute one instrument.

     11. Entire Agreement.  This Agreement  constitutes the entire understanding
between  the  parties  hereto  with  respect to the  subject  matter  hereof and
supersedes all negotiations, representations, prior discussions, and preliminary
agreements  between the parties  hereto  relating to the subject  matter of this
Agreement.

     12. Headings.  The descriptive headings of the various Sections or parts of
this  Agreement  are for  convenience  only and shall not affect the  meaning or
construction of any of the provisions hereof.

     13.  Further  Assurances.  At any time,  and from  time to time,  after the
effective  date,  each party will execute such  additional  instruments and take
such  action as may be  reasonably  requested  by the other  party to confirm or
perfect title to any property  interests  transferred  hereunder or otherwise to
carry out the intent and purposes of this Agreement.

     IN WITNESS  WHEREOF,  the  undersigned  have  executed and  delivered  this
document the 10th day of November 1997.

                                        Merchants T&F, Inc.

                                        By /s/ Murray A. Wilson
                                           -------------------------------
                                           Murray A. Wilson, President

                                        Ciro Jewelery, Inc.

                                        By /s/ Laszlo Schwartz
                                           -------------------------------
                                           Laszlo Schwartz, Vice-President

                                       -2-CONSULTING AGREEMENT

     This  Agreement is entered into by and between  Merchants  T&F, Inc., a New
York corporation ("Merchants"),  and Ciro Jewelery, Inc., a Delaware corporation
("Ciro").

                                    RECITALS:

     WHEREAS,   Ciro  desires  to  obtain   assistance  in  the  management  and
organization of its ongoing business interests; and

     WHEREAS,  Merchants  is  willing  to assist  Ciro in its  ongoing  business
interests;

     NOW,  THEREFORE,  in  consideration  of the mutual terms and conditions set
forth below, the parties hereto agree as follows:

     1.   Duties and Involvement.

     Ciro hereby  engages  Merchants  for the purpose of  assisting  Ciro in the
management and  organization of the ongoing business of Ciro, such assistance to
be used in the  expansion of the  business of Ciro or for any other  purposes as
Ciro so desires.

     Merchants  acknowledges  that it is not an agent or  employee of Ciro's and
that it will not commit or bind Ciro to any action.  Any and all arrangements or
agreements  that  Merchants may negotiate for Ciro will be subject to acceptance
by Ciro, to be evidenced by the execution by an authorized officer of Ciro.

     Merchants shall devote such of its time and effort to the duties  hereunder
and shall use its best efforts to fulfill its  obligations  hereunder;  however,
Ciro  acknowledges  that Merchants is engaged in other  business  activities and
that such activities will continue during the term of this Agreement.

     2.  Compensation.  As full  compensation for Merchants'  advisory  services
hereunder,  Ciro shall pay to Merchants a monthly cash payment of the greater of
five  thousand  dollars  ($5,000) or twenty  percent  (20%) of the gross royalty
income generated by Ciro.

     3. Taxes and Other Liabilities.  Merchants  acknowledges and agrees that it
is an  independent  contractor  and not an employee of Ciro. As such,  Merchants
acknowledges  that it is  responsible  for all  self-employment  and  other  tax
payable to any federal,  state, or local  authority and any other  obligation or
liabilities arising from its engagement and compensation hereunder.

<PAGE>

     4. Effective Date of Agreement.  The effective date of this Agreement shall
be August 1, 1997,  and any and all actions  taken by the  parties  prior to the
execution and delivery of this agreement are hereby approved and ratified in all
respects.

     5. Term. The term of this Agreement  shall be for a period of one year from
the effective date of this Agreement.

     6. Waiver and Amendment.  Neither this  Agreement nor any provision  hereof
may be  changed,  waived,  terminated  or  discharged  orally,  but  only  by an
instrument  in  writing  signed by the party  against  whom  enforcement  of the
change, waiver, termination or discharge is sought.

     7.  Governing  Law. This Agreement and the rights and duties of the parties
hereto shall be construed  and  determined  in  accordance  with the laws of the
State of New York,  and any and all  actions to enforce the  provisions  of this
Agreement, shall be brought in a court of competent jurisdiction in the State of
New York and in no other place.

     8. Successors and Assigns. This Agreement shall be binding upon the parties
and their  successors  and  assigns  and shall inure to the benefit of the other
parties and successors and assigns.

     9.  Counterparts.   This  Agreement  may  be  executed  in  any  number  of
counterparts  and all  such  counterparts  taken  together  shall be  deemed  to
constitute one instrument.

     10. Entire Agreement.  This Agreement  constitutes the entire understanding
between  the  parties  hereto  with  respect to the  subject  matter  hereof and
supersedes all negotiations, representations, prior discussions, and preliminary
agreements  between the parties  hereto  relating to the subject  matter of this
Agreement.

     11. Headings.  The descriptive headings of the various Sections or parts of
this  Agreement  are for  convenience  only and shall not affect the  meaning or
construction of any of the provisions hereof.

     12.  Further  Assurances.  At any time,  and from  time to time,  after the
effective  date,  each party will execute such  additional  instruments and take
such  action as may be  reasonably  requested  by the other  party to confirm or
perfect title to any property  interests  transferred  hereunder or otherwise to
carry out the intent and purposes of this Agreement.

     IN WITNESS  WHEREOF,  the  undersigned  have  executed and  delivered  this
document the 10th day of November 1997.

                                     Merchants T&F, Inc.

                                        By /s/ Murray A. Wilson
                                           -------------------------------
                                           Murray A. Wilson, President

                                      -2-

<PAGE>

                                        Ciro Jewelery, Inc.

                                        By /s/ Laszlo Schwartz
                                           -------------------------------
                                           Laszlo Schwartz, Vice-President

                                       -3-

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