Document:

EXECUTION COPY

                                    AMENDMENT

            AMENDMENT (this "Amendment") dated as of April 7, 2006 among FINLAY
FINE JEWELRY CORPORATION, a Delaware corporation ("Finlay" or "Borrower
Representative") and CARLYLE & CO. JEWELERS, a Delaware corporation ("Carlyle")
(Finlay and Carlyle are collectively referred to herein as the "Borrowers" and
individually as a "Borrower"), FINLAY ENTERPRISES, INC., a Delaware corporation
(the "Parent"), the lenders named herein and signatory hereto (the "Lenders")
and GENERAL ELECTRIC CAPITAL CORPORATION ("GE Capital"), individually and as
administrative agent for each of the Lenders hereunder (GE Capital, in such
capacity, being the "Agent").

                                   WITNESSETH:

            WHEREAS, the Parent, the Borrowers, the Lenders and the Agent are
parties to a Third Amended and Restated Credit Agreement dated as of May 19,
2005 (as heretofore and hereafter amended, modified or supplemented from time to
time in accordance with its terms, the "Credit Agreement");

            WHEREAS, subject to the terms and conditions contained herein the
parties hereto desire to amend certain provisions of the Credit Agreement;

            NOW, THEREFORE, for good and valuable consideration, the receipt of
which is hereby acknowledged, and subject to the fulfillment of the conditions
set forth below, the parties hereto agree as follows:

      Section 1. Defined Terms. Unless otherwise specifically defined herein,
all capitalized terms used herein shall have the respective meanings ascribed to
such terms in the Credit Agreement.

      Section 2. Amendments to the Credit Agreement.

      (a)   As of the Effective Date, Section 8.17(a) of the Credit Agreement is
hereby amended by deleting the ratio corresponding with the fiscal quarter
ending on or about January 31, 2007 and replacing it with "3.90".

      (b)   As of the Effective Date, Section 8.17(b) of the Credit Agreement is
hereby amended by:

            (i)   deleting the ratio corresponding with the fiscal quarter
ending on or about October 31, 2006 and replacing it with "1.50"; and

            (ii)  deleting the ratio corresponding with fiscal quarter ending on
or about January 31, 2007 and replacing it with "1.20".

      (c)   As of the Effective Date, Section 8.17(c) of the Credit Agreement is
hereby amended by deleting the chart in its entirety and replacing it with the
following:

                  -------------------------------------------
                  Four Fiscal Quarters
                   Ending On or About           Amount
                  -------------------------------------------

                  -------------------------------------------
                  April 30, 2005              $68,000,000
                  -------------------------------------------
                  July 31, 2005               $64,500,000
                  -------------------------------------------
                  October 31, 2005            $64,500,000
                  -------------------------------------------
                  January 31, 2006            $72,000,000
                  -------------------------------------------
                  April 30, 2006              $70,000,000
                  -------------------------------------------
                  July 31, 2006               $65,000,000
                  -------------------------------------------
                  October 31, 2006            $61,300,000
                  -------------------------------------------
                  January 31, 2007            $51,200,000
                  -------------------------------------------
                  April 30, 2007              $78,000,000
                  -------------------------------------------
                  July 31, 2007               $78,000,000
                  -------------------------------------------
                  October 31, 2007            $78,000,000
                  -------------------------------------------

      (d)   As of the Effective Date, Section 8.22(a) of the Credit Agreement is
hereby amended by adding the following to the end of the final sentence thereto:

            "and a Blocked Account Agreement shall no longer be necessary over
such deposit account."

      (e)   As of the Effective Date, Section 8.27 of the Credit Agreement is
hereby amended by adding the following proviso to the end of the second sentence
thereto:

            "; provided that, if the Agent chooses to exclude any Borrower's
Eligible Inventory from the applicable Borrowing Base or subject such Borrower's
Eligible Inventory to reserves, any landlord or mortgagee agreement or bailee
letter relating to such location or warehouse space holding that portion of the
Borrower's Eligible Inventory shall no longer be required."

      Section 3. Representations and Warranties. Each of the Parent and the
Borrowers represents and warrants as follows (which representations and
warranties shall survive the execution and delivery of this Amendment):

      (a)   Each of the Parent and the Borrowers has taken all necessary action
to authorize the execution, delivery and performance of this Amendment.

      (b)   This Amendment has been duly executed and delivered by the Parent
and the Borrowers. This Amendment and the Credit Agreement as amended hereby
constitute the legal, valid and binding obligation of the Parent and the
Borrowers, enforceable against them in accordance with their respective terms,
subject to applicable bankruptcy, reorganization, insolvency, moratorium and
similar laws affecting the enforcement of creditors' rights generally and by
general equity principles.

      (c)   No consent or approval of any person, firm, corporation or entity,
and no consent, license, approval or authorization of any governmental authority
is or will be required in connection with the execution, delivery, performance,
validity or enforcement of this Amendment

                                      - 2 -

other than any such consent, approval, license or authorization which has been
obtained and remains in full force and effect or where the failure to obtain
such consent, license, approval or authorization would not result in a Material
Adverse Effect.

      (d)   After giving effect to this Amendment, each of the Borrowers and the
Parent is in compliance with all of the various covenants and agreements set
forth in the Credit Agreement and each of the other Loan Documents.

      (e)   After giving effect to this Amendment, no event has occurred and is
continuing which constitutes a Default or an Event of Default.

      (f)   All representations and warranties contained in the Credit Agreement
and each of the other Loan Documents are true and correct in all material
respects as of the date hereof, except to the extent that any representation or
warranty relates to a specified date, in which case such are true and correct in
all material respects as of the specific date to which such representations and
warranties relate.

      Section 4. Effective Date. The amendments to the Credit Agreement
contained herein shall become effective as of April 7, 2006 (the "Effective
Date") only at such time as this Amendment has been duly executed by the
Borrowers, the Parent and the Majority Lenders.

      Section 5. Gold Consignment Agreement. The Majority Lenders hereby consent
to the execution and delivery by the Parent, the Borrowers and eFinlay of an
amendment to the Gold Consignment Agreement (and any ancillary documents
thereto) consistent with the terms of this Amendment.

      Section 6. Expenses. The Borrowers agrees to pay on demand all costs and
expenses, including reasonable attorneys' fees, of the Agent incurred in
connection with this Amendment.

      Section 7. Continued Effectiveness. The term "Agreement", "hereof",
"herein" and similar terms as used in the Credit Agreement, and references in
the other Loan Documents to the Credit Agreement, shall mean and refer to, from
and after the Effective Date, the Credit Agreement as amended by this Amendment.
Each of the Borrowers and the Parent hereby agrees that all of the covenants and
agreements contained in the Credit Agreement and the Loan Documents are hereby
ratified and confirmed in all respects.

      Section 8. Counterparts. This Amendment may be executed in counterparts,
each of which shall be an original, and all of which, taken together, shall
constitute a single instrument. Delivery of an executed counterpart of a
signature page to this Amendment by telecopier shall be effective as delivery of
a manually executed counterpart of this Amendment.

      Section 9. Governing Law. This Amendment shall be governed by, and
construed in accordance with, the laws of the State of New York without giving
effect to the conflict of laws provisions thereof.

                            [SIGNATURE PAGES FOLLOW]

                                      - 3 -

            IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed by their respective officers as of the date first written
above.

                                        FINLAY FINE JEWELRY CORPORATION

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

                                        CARLYLE & CO. JEWELERS

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

                                        FINLAY ENTERPRISES, INC.

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

                                        GENERAL ELECTRIC CAPITAL CORPORATION,
                                        as U.S. Administrative Agent and Lender

                                        By: /s/Charles Chiodo
                                            -----------------------------------
                                            Name: Charles Chiodo
                                            Title: Duly Authorized Signatory

                                        BANK OF AMERICA, N.A.
                                        as Lender and Documentation Agent

                                        By: /s/Sally A. Sheehan
                                            -----------------------------------
                                            Name: Sally A. Sheehan
                                            Title: Managing Director

                                        BANK LEUMI USA,
                                        as Lender

                                        By: /s/S. Mosseri
                                            -----------------------------------
                                            Name: S. Mosseri
                                            Title: Senior Vice President

                                        By: /s/David Selove
                                            -----------------------------------
                                            Name: David Selove
                                            Title: Vice President

                                        JP MORGAN CHASE BANK, NATIONAL
                                        ASSOCIATION, as Lender

                                        By: /s/Frank Apollo
                                            -----------------------------------
                                            Name: Frank Apollo
                                            Title: Vice President

                                        WELLS FARGO FOOTHILL, LLC,
                                        as Lender

                                        By: /s/Yelena Kravchuk
                                            -----------------------------------
                                            Name: Yelena Kravchuk
                                            Title: Assistant Vice President

                                        GE BUSINESS CAPITAL CORPORATION,
                                        as Lender

                                        By: /s/Charles Chiodo
                                            -----------------------------------
                                            Name: Charles Chiodo
                                            Title: Duly Authorized SignatoryNINTH AMENDMENT TO
                              AMENDED AND RESTATED
                           GOLD CONSIGNMENT AGREEMENT
                           DATED AS OF MARCH 30, 2001

      THIS NINTH AMENDMENT is made as of the 7th day of April, 2006, among
SOVEREIGN BANK (formerly known as Rhode Island Hospital Trust National Bank), a
Federal Savings Bank with an office at One Financial Plaza, 3rd Floor,
Providence, Rhode Island 02903, as agent ("Agent") and 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").

                                WITNESSETH THAT:

      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, as further amended by a Second Amendment to Amended and
Restated Gold Consignment Agreement dated as of September 30, 2002 as further
amended by a Third Amendment to Amended and Restated Gold Consignment Agreement
dated as of April 4, 2003, as further amended by a Fourth Amendment to Amended
and Restated Gold Consignment Agreement dated as of July 6, 2003, as further
amended by a Fifth Amendment to Amended and Restated Gold Consignment Agreement
dated as of May 27, 2004, as further amended by a Sixth Amendment to Amended and
Restated Gold Consignment Agreement dated August 20, 2004, as further amended by
a Seventh Amendment to Amended and Restated Gold Consignment Agreement dated as
of November 22, 2004, as further amended by a Consent and Amendment dated as of
May 19, 2005 and as further amended by an Eighth Amendment to Amended and
Restated Gold Consignment Agreement dated as of July 29, 2005 (as amended, the
"Consignment Agreement"), relating to the consignment by the Institutions to
Finlay;

      WHEREAS, the parties 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.    Article 1 of the Consignment Agreement is hereby amended by deleting
the defined term "Maturity Date" and replacing it with the following:

                  "Maturity Date: the earliest of (a) October 31, 2007;
            provided, however, if the Dollar Facility is extended through at
            least October 31, 2008 (on terms acceptable to the Institutions)
            such date in clause (a) should be October 31, 2008,

            (b) the maturity date from time to time in effect under the Dollar
            Facility, or (c) such other date on which all Obligations may become
            due and payable pursuant to the terms hereof."

      2.    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 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:
                  -------------------                   ---------
                        1/31/06                         1.53:1.00
                        4/30/06                         1.53:1.00
                        7/31/06                         1.53:1.00
                       10/31/06                         1.35:1.00
                        1/31/07                         1.08:1.00
                        4/30/07                         1.53:1.00
                        7/31/07                         1.53:1.00

      3.    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:
                  --------------                        ---------
                     1/31/06                            3.30:1.00
                     4/30/06                            4.18:1.00

                     7/31/06                            4.62:1.00
                     10/31/06                           4.95:1.00
                     1/31/07                            4.29:1.00
                     4/30/07                            3.85:1.00
                     7/31/07                            3.85:1.00

      4.    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:

      "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:
                     --------                          -----------
                     1/31/06                           $68,400,000
                     4/30/06                           $66,500,000
                     7/31/06                           $61,750,000
                     10/31/06                          $58,235,000
                     1/31/07                           $48,640,000
                     4/30/07                           $74,100,000
                     7/31/07                           $74,100,000

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

      6.    The effectiveness of the transactions described herein shall be
subject to delivery to LLC of this Ninth Amendment.

      7.    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 Ninth Amendment.

      8.    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.

                  [Remainder of page intentionally left blank]

      IN WITNESS WHEREOF, each of the parties hereto has caused this Ninth
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/Janice Stinchfield
                                            ---------------------
                                        Name: Janice Stinchfield
                                        Title: Vice President

                                        SOVEREIGN PRECIOUS METALS, LLC,
                                        as Agent and a Lender

                                        By: /s/Janice Stinchfield
                                            ---------------------
                                        Name: Janice Stinchfield
                                        Title: Vice President

                                        COMMERZBANK INTERNATIONAL S.A.

                                        By: /s/M. Jans
                                            ------------
                                        Name: M. Jahns
                                        Title: Vice President

                                        By: /s/E. Geister
                                            -------------
                                        Name: E. Geister
                                        Title: Vice President

                                        FINLAY FINE JEWELRY CORPORATION

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

                                        EFINLAY, INC.

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

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