Document:

SUBLEASE AGREEMENT

                      The parties agree as follows:

       Date of this
          Sublease:   August ______ 1997

    Parties to this   Overtenant:           Merchants T & F, Inc.
          Sublease:   Address for notices:  445 Fifth Avenue, New York, N.Y.
                                            10016

                      You, the Undertenant: Ciro International, Inc.
                      Address for notices:  445 Fifth Avenue, New York, N.Y.
                                            10016

                      If there are more than one  Overtenant  or  Undertenant,
                      the words  "Overtenant" and  "Undertenant"  used in this
                      Sublease includes them.

   Information from   Landlord:             Murray Wilson
        Over-Lease:   Address for notices:  445 Fifth Avenue, New York, N.Y.
                                            10016

                      Overtenant:           Merchants T & F, Inc.
                      Address for notices:  445 Fifth Avenue, New York, N.Y.
                                            10016
                      Date of Over-Lease:   January 1, 1992

                      Term: 10 Years from: January 1, 1992 to: December 31, 2001

              Term:   1.   Monthly          Beginning: August 1, 1997
                            ending:           19

   Premises rented:   2.   445 Fifth Avenue, New York, N.Y. 10016

   Use of premises:   3.   The premises may be used for commercial uses,  within
                           the  parameters  of the  Undertenant's  business plan
                           only.

              Rent:   4.   The rent is $ 2,000 per month.  You, the Undertenant,
                           will  pay  this  rent to the  Overtenant  in  monthly
                           payments  of $ 2,000.   Payments  shall  be  paid  in
                           advance  on the first day of each  month  during  the
                           Term.  This Lease may be terminated  upon the receipt
                           of Ninety days notice by the Overtenant.

          Security:   5.   The security for the  Undertenant's  performance is $
                           XXXXXXXXXXX.  Overtenant  states that  Overtenant has
                           received  it.  Overtenant  shall hold the security in
                           accordance with Paragraph _____ of the Over-Lease.

 Agreement to lease   6.   Overtenant   sublets  the   premises   to  you,   the
      and pay rent:        Undertenant,  for the Term. Overtenant states that it
                           has the  authority  to do so. You,  the  Undertenant,
                           agree to pay the Rent and other  charges as  required
                           in the Sublease.  You, the  Undertenant,  agree to do
                           everything required of you in the Sublease.

           Notices:   7.   All  notices  in  the  Sublease   shall  be  sent  by
                           certified mail, "return receipt requested".

        Subject to:   8.   The Sublease is subject to the Over-Lease. It is also
                           subject to any  agreement to which the  Over-Lease is
                           subject.  You, the  Undertenant,  state that you have
                           read  and  initialed  the  Over-Lease  and  will  not
                           violate it in any way.

Overtenant's duties:  9.   The Over-Lease  describes the Landlord's  duties. The
                           Overtenant is not obligated to perform the Landlord's
                           duties.  If the Landlord  fails to perform,  you, the
                           Undertenant,  must send the Overtenant a notice. Upon
                           receipt  of the  notice,  the  Overtenant  shall then
                           promptly  notify the  Landlord  and  demand  that the
                           Over-Lease  agreements be carried out. The Overtenant
                           shall   continue  the  demands   until  the  Landlord
                           performs.

           Consent:  10.   If  the   Landlord's   consent  to  the  Sublease  is
                           required,  this consent must be received within _____
                           days  from  the  date  of  this   Sublease.   If  the
                           Landlord's  consent is not received within this time,
                           the Sublease  will be void. In such event all parties
                           are automatically  released and all payments shall be
                           refunded to you, the Undertenant.

       Adopting the  11.   The  provisions  of the  Over-Lease  are part of this
     Over-Lease and        Sublease.   All  the  provisions  of  the  Over-Lease
        exceptions:        applying to the  Overtenant  are binding on you,  the
                           Undertenant, except these:

                               a) These numbered paragraphs of the Over-Lease
                                  shall not apply:

<PAGE>

      No authority:  12.   You, the Undertenant, have no authority to contact or
                           make  any  agreement  with  the  Landlord  about  the
                           premises or the Over-Lease. You the Undertenant,  may
                           not pay rent or other  charges to the  Landlord,  but
                           only to the Overtenant.

        Successors:  13.   Unless otherwise  stated,  the Sublease is binding on
                           all  parties  who  lawfully  succeed to the rights or
                           take  the  place  of  the   Overtenant  or  you,  the
                           Undertenant. Examples are an assign, heir, or a legal
                           representative  such as an  executor  of your will or
                           administrator of your estate.

           Changes:  14.   This  sublease can be changed only by an agreement in
                           writing signed by the parties to the Sublease.

        Signatures:                                OVERTENANT
                                                      /s/ [illegible]
                                                   ----------------------------

                                                   ----------------------------

                      Witness:                     You, the UNDERTENANT

                                                   ----------------------------
                      /s/ Laszlo Schwartz               /s/ [illegible]
                      --------------------------   ----------------------------

                GUARANTY OF PAYMENT WHICH IS PART OF THE SUBLEASE

  Date of Guaranty:              19

          Guarantor
       and address:

         Reason for   1.   I  know  that  the  Overtenant  would  not  rent  the
          Guaranty:        premises to the Undertenant unless I guarantee Under-
                           tenant's  performance.  I  have  also  requested  the
                           Overtenant  to  enter  into  the  Sublease  with  the
                           Undertenant.  I have a substantial interest in making
                           sure that the  Overtenant  rents the  premises to the
                           Undertenant.

          Guaranty:   2.   The  following  is my  Guaranty:  I guaranty the full
                           performance of the Sublease by the Undertenant.  This
                           Guaranty is absolute  and without any  condition.  It
                           includes,  but is not limited to, the payment of rent
                           and other money charges.

                      In addition, I agree to these other terms:

         Changes in   3.   This  Guaranty  will not be affected by any change in
      Sublease have        the Sublease,  whatsoever.  This includes, but is not
         no effect:        limited to, any extention  of time or  renewals.  The
                           Guaranty will be binding  even if I am not a party to
                           these changes.

  Waiver of notice:   4.   I do not have to be  informed  about any  failure  of
                           performance  by  Undertenant.  I waive notice of non-
                           payment or nonperformance.

       Performance:   5.   If  the  Undertenant   fails  to  perform  under  the
                           Sublease,  the  Overtenant  may require me to perform
                           without first demanding that the Undertenant perform.

Waiver of jury trial: 6.   I give up my  right  to  trial  by jury in any  claim
                           related to the Sublease or this Guaranty.

           Changes:   7.   This  Guaranty  of  payment  and  performance  can be
                           changed  only  by  written  agreement  signed  by all
                           parties to the Sublease and Guaranty.

        Signatures:
                                                   GUARANTOR:
                      WITNESS:

                                                   ----------------------------
                      /s/ Laszlo Schwartz              /s/ [illegible]
                      --------------------------   ----------------------------

--------------------------------------------------------------------------------

       EPA and HUD Lead Paint Regulations, Effective September 6, 1996(1)

Landlords must disclose known  lead-based  paint and lead-based paint hazards of
pre-1978 housing to tenants(2) Use the following  BLUMBERG LAW PRODUCTS (800 LAW
MART) to comply:

   3140 Lead Paint Information Booklet   3141 Lead Paint Lease Disclosure Form

     (1)  December 6, 1996 for owners of 1 to 4 residential dwellings.

     (2)  Leases  for  less  than  100  days,   0-bedroom  units,   elderly  and
          handicapped  housing (unless children live there) and housing found to
          be lead-free by a certified inspector are excluded.

--------------------------------------------------------------------------------TERMINATION OF EXCLUSIVE LICENSE AGREEMENT

     THIS  TERMINATION OF EXCLUSIVE  LICENSE  AGREEMENT  entered into as of this
19th day of March,  1997 by and among Ciro Jewelry,  Inc. and Merchants T&F Inc.
(henceforth  collectively  referred to as "Licensor")  and Hyman  License,  Inc.
("Licensee").

                                   WITNESSETH

     WHEREAS,  the Licensor entered into a License  Agreement dated May 19, 1995
as  amended  by  letter  agreements  dated  July 7,  1995 and  August  17,  1995
(henceforth  collectively  called  "License  Agreement")  with  Licensee for the
exclusive  right and license to operate Ciro retail  stores within the Territory
(as defined in the License Agreement); and

     WHEREAS,  Licensor and Licensee  desire to terminate the License  Agreement
effective as of the date hereof:

     NOW  THEREFORE,  in  consideration  of the sum of Ten Dollars  ($10.00) and
other good and valuable consideration,  the receipt and sufficiency of which are
hereby  acknowledged,  and  intending to be legally  bound  hereby,  the parties
hereto do  hereby  agree  that the  License  Agreement  shall be and the same is
hereby cancelled,  terminated and of no further force and effect, as of the date
hereof,  and each party is hereby relieved1  released and discharged of and from
any and all past, present and future liabilities and obligations which any party
had to another party under the License Agreement or otherwise.

     Notwithstanding the foregoing, it shall be expressly understood that;

     1)   Licensee shall be responsible  for any Royalty" (as defined within The
          Agreement) due under the terms of The Agreement and not paid as of the
          date hereof.

     2)   Licensee  shall be permitted to continue  operating  those  stores it
          presently  operates under the name Ciro as Ciro stores and accordingly
          shall be  responsible  for any Royalty due Licensor for any such store
          after the date  hereof as if The  License  Agreement  remained In full
          force and effect;

<PAGE>

     3)   Licensee  shall  have the  right but not the  obligation,  in its sole
          discretion,  to open up to four (4)  additional  Ciro stores after the
          date hereof.  Should  Licensee open any or all such stores said stores
          shall be subject to the same terms and  conditions as if they had been
          opened with the License Agreement in full force and effect.

The parties  hereto have duly  executed this Agreement as of the day and year
first  above  written.

                                                 Ciro Jewelry, Inc.
Witness

/s/ [ILLEGIBLE]
----------------------------                     By: /s/ [ILLEGIBLE]
                                                    --------------------------
                                                     President

/s/ [ILLEGIBLE]                                   Merchants T&F Inc.
----------------------------

                                                 By: /s/ [ILLEGIBLE]
                                                    --------------------------
/s/ [ILLEGIBLE]
----------------------------                     Hyman License, Inc.

                                                 By: /s/ [ILLEGIBLE]
                                                    --------------------------

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