Document:

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                                                                    Exhibit 10.1

                             MAYOR'S JEWELERS, INC.

                            INDEMNIFICATION AGREEMENT

         THIS INDEMNIFICATION AGREEMENT (this "Agreement"), dated as of
__________________, is made by and between Mayor's Jewelers, Inc., a Delaware
corporation (the "Company"), and __________________________________ (the
"Indemnitee").

                                    RECITALS

         A. Section 145 of the General Corporation Law of Delaware, under which
the Company is organized ("Section 145"), empowers the Company to indemnify its
directors, officers, employees and agents by agreement and to indemnify persons
who serve, at the request of the Company, as the directors, officers, employees
or agents of other corporations or enterprises, and expressly provides that the
indemnification provided by Section 145 is not exclusive.

         B. The Company desires and has requested the Indemnitee to serve or
continue to serve as a director or officer of the Company free from undue
concern for claims for damages arising out of or related to such services to the
Company.

         C. The Indemnitee is willing to serve, or to continue to serve the
Company, provided that he is furnished the indemnity provided for herein.

                                    AGREEMENT

         NOW, THEREFORE, the parties, intending to be legally bound, agree as
follows:

         1. DEFINITIONS.

                  (a) EXPENSES. For purposes of this Agreement, "Expenses"
include all out-of-pocket costs of any type or nature whatsoever (including,
without limitation, all attorneys' fees and related disbursements and any
judgments, fines or amounts paid in settlement of a Proceeding (as defined
below)), actually and reasonably incurred by the Indemnitee in connection with
either the investigation, defense or appeal of a Proceeding or establishing or
enforcing a right to indemnification under this Agreement or Section 145 or
otherwise.

                  (b) PROCEEDING. For the purposes of this Agreement,
"Proceeding" means any threatened, pending or completed action, suit or other
proceeding, whether civil, criminal, administrative or investigative (other than
an action by or in the right of the Company).

         2. AGREEMENT TO SERVE. The Indemnitee agrees to serve as a director or
officer of the Company, so long as he is duly appointed or elected and qualified
in accordance with the

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applicable provisions of the By-laws of the Company or until such time as he
tenders his resignation in writing; provided, however, that nothing contained in
this Agreement is intended to create any right to continued employment by the
Indenmitee.

         3. LIABILITY INSURANCE.

                  (a) MAINTENANCE OF D&O INSURANCE. The Company covenants and
agrees that, so long as the Indemnitee shall continue to serve as a director or
officer of the Company and thereafter so long as the Indemnitee shall be subject
to any possible Proceeding by reason of the fact that the Indenmitee was a
director or officer of the Company, the Company, subject to Section 3(c), shall
promptly obtain and maintain in full force and effect directors' and officers'
liability insurance ("D&O Insurance") in reasonable amounts from established and
reputable insurers.

                  (b) RIGHTS AND BENEFITS. In all policies of D&O Insurance, the
Indemnitee shall be named as an insured in such a manner as to provide the
Indenmitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors and officers, if the Indemnitee is a director
or officer.

                  (c) LIMITATION ON REQUIRED MAINTENANCE OF D&O INSURANCE.
Notwithstanding the foregoing, the Company shall have no obligation to obtain or
maintain D&O Insurance if the Company determines in good faith that such
insurance is not reasonably available, the premium costs for such insurance are
disproportionate to the amount of coverage provided or the coverage provided by
such insurance is limited by exclusions so as to provide an insufficient
benefit. If the Company determines to discontinue D&O Insurance coverage, the
Company shall give prompt written notice to the Indemnitee.

         4. MANDATORY INDEMNIFICATION. Subject to Section 8 below, the Company
shall indemnify the Indemnitee as follows:

                  (a) SUCCESSFUL DEFENSE. To the extent the Indemnitee has been
successful on the merits or otherwise in defense of any Proceeding (including,
without limitation, an action by or in the right of the Company) to which the
Indemnitee was a party by reason of the fact that he is or was a director or
officer of the Company at any time, the Company shall indemnify the Indemnitee
against all Expenses of any type whatsoever actually and reasonably incurred by
the Indemnitee in connection with the investigation, defense or appeal of such
Proceeding.

                  (b) THIRD PARTY ACTIONS. If the Indemnitee is a person who was
or is a party or is threatened to be made a party to any Proceeding (other than
an action by or in the right of the Company) by reason of the fact that the
Indemnitee is or was a director or officer of the Company, or by reason of
anything done or not done by the Indemnitee in any such capacity, then the
Company shall indemnify the Indemnitee against any and all Expenses and
liabilities of any type whatsoever actually and reasonably incurred by the
Indemnitee in connection with the investigation, defense, settlement or appeal
of such Proceeding; PROVIDED that the Indemnitee acted in good faith and in a
manner the Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company and its stockholders, and, with respect to any criminal
action or Proceeding, had no reasonable cause to believe his conduct was
unlawful.

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                  (c) DERIVATIVE ACTIONS. If the Indemnitee is a person who was
or is a party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the Company by reason of the fact
that the Indemnitee is or was a director or officer of the Company, or by reason
of anything done or not done by the Indemnitee in any such capacity, then the
Company shall indemnify the Indemnitee against all expenses (including
attorneys' fees) actually and reasonably incurred by the Indemnitee in
connection with the investigation, defense, settlement, or appeal of such
Proceeding, PROVIDED that the Indemnitee acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Company
and its stockholders; except that no indemnification under this Section 4(c)
shall be made in respect to any claim, issue or matter as to which the
Indemnitee shall have been finally adjudged to be liable to the Company by a
court of competent jurisdiction unless and only to the extent that the court in
which such Proceeding was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case,
the Indemnitee is fairly and reasonably entitled to indemnity for such amounts
which the court shall deem proper.

                  (d) ACTIONS WHERE THE INDEMNITEE IS DECEASED. If the
Indemnitee is a person who was or is a party or is threatened to be made a party
to any Proceeding by reason of the fact that the Indemnitee is or was a director
or officer of the Company, or by reason of anything done or not done by the
Indemnitee in any such capacity, and if prior to, during the pendency of, or
after completion of, such Proceeding the Indemnitee becomes deceased, then the
Company shall indemnify the Indemnitee's heirs, executors and administrators
against any and all Expenses and liabilities of any type whatsoever actually and
reasonably incurred to the extent the Indemnitee would have been entitled to
indemnification pursuant to Sections 4(a), 4(b) or 4(c) above were the
Indemnitee still alive.

Notwithstanding the foregoing, the Company shall not be obligated to indemnify
the Indemnitee for Expenses or liabilities of any type whatsoever for which
payment is actually made to or on behalf of the Indemnitee under a valid and
collectible insurance policy of D&O insurance, or under a valid and enforceable
indemnity clause, bylaw or agreement.

         5. PARTIAL INDEMNIFICATION. If the Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for some or a
portion of any Expenses or liabilities of any type whatsoever incurred by the
Indemnitee in the investigation, defense, settlement or appeal of a Proceeding,
but not entitled, however, to indemnification for all of the total amount
thereof, then the Company shall nevertheless indemnify the Indemnitee for such
total amount except as to the portion thereof to which the Indemnitee is not
entitled.

         6. MANDATORY ADVANCEMENT OF EXPENSES. Subject to Section 8(a) below,
the Company shall advance all expenses (including, for purposes of this Section
6 only, all attorneys' fees and related disbursements, but not any judgments,
fines, ERISA excise taxes or penalties, or amounts paid in settlement of a
proceeding) incurred by the Indemnitee in connection with the investigation,
defense, settlement or appeal of any Proceeding to which the Indemnitee is a
party or is threatened to be made a party by reason of the fact that the
Indemnitee is or was a director or officer of the Company. The Indemnitee
undertakes to repay such amounts advanced only if, and to the extent that, it
shall be determined finally by a court of competent jurisdiction that the

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Indemnitee is not entitled to be indemnified by the Company as unauthorized
hereby. The advances to be made hereunder shall be paid by the Company to the
Indemnitee within five (5) days following delivery of a written request by the
Indemnitee to the Company.

         7. NOTICE AND OTHER INDEMNIFICATION PROCEDURES.

                  (a) Promptly after receipt by the Indemnitee of notice of the
commencement of or the threat of commencement of any Proceeding, the Indemnitee
shall, if the Indemnitee reasonably believes that indemnification with respect
thereto may be sought from the Company under this Agreement, notify the Company
of the commencement or threat of commencement thereof.

                  (b) If, at the time of the receipt of a notice of the
commencement of a Proceeding pursuant to Section 7(a) the Company has D&O
Insurance in effect, then the Company shall give prompt notice of the
commencement of such Proceeding to the insurers in accordance with the
procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf
of the Indemnitee, all amounts payable as a result of such Proceeding in
accordance with the terms of such policies.

                  (c) If the Company is obligated to pay any Expenses of any
Proceeding against the Indemnitee, then the Company, if appropriate, shall be
entitled to assume the defense of such Proceeding, with counsel reasonably
approved by the Indemnitee, upon the delivery to the Indemnitee of written
notice of its election so to do. After delivery of such notice, approval of such
counsel by the Indemnitee and the retention of such counsel by the Company, the
Company will not be liable to the Indemnitee under this Agreement for any fees
of counsel subsequently incurred by the Indemnitee with respect to the same
Proceeding, PROVIDED that: (i) the Indemnitee shall have the right to employ the
Indemnitee's counsel in any such Proceeding at the Indemnitee's expense; and
(ii) if (A) the employment of counsel by the Indemnitee has been previously
authorized in writing by the Company, (B) the Indemnitee shall have reasonably
concluded that there may be a conflict of interest between the Company and the
Indemnitee in the conduct of any such defense or (C) the Company shall not, in
fact, have employed counsel to assume the defense of such Proceeding, then the
fees and expenses of the Indemnitee's counsel shall be at the expense of the
Company.

                  (d) The Indemnitee may elect to have the right to
indemnification or reimbursement or advancement of Expenses interpreted on the
basis of the applicable law in effect at the time of the occurrence of the event
or events giving rise to the applicable Proceeding, to the extent permitted by
law, or on the basis of the applicable law in effect at the time such
indemnification or reimbursement or advancement of Expenses is sought. Such
election shall be made by a notice in writing to the Company at the time
indemnification or reimbursement or advancement of Expenses is sought; PROVIDED,
HOWEVER, that if no such notice is given, and if the General Corporation Law of
Delaware is amended, or other Delaware law is enacted, to permit further
indemnification of the directors or officers, then the directors and officers of
the Company shall be indemnified to the fullest extent permitted under the
General Corporation Law, as so amended, or by such other Delaware law, as so
enacted. Any repeal or modification of the

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foregoing provision shall not adversely affect any right or protection of a
director or officer of the Company existing at the time of such repeal or
modification.

         8. EXCEPTIONS. Any other provision to the contrary notwithstanding, the
Company shall not be obligated pursuant to the terms of this Agreement:

                  (a) CLAIMS INITIATED BY THE INDEMNITEE. To indemnify or
advance Expenses to the Indemnitee with respect to Proceedings or claims
initiated or brought voluntarily by the Indemnitee and not by way of defense,
unless (i) such indemnification is expressly required to be made by law, (ii)
the Proceeding was authorized by the Board of Directors of the Company, (iii)
such indemnification is provided by the Company, in its sole discretion,
pursuant to the powers vested in the Company under the General Corporation Law
of Delaware or (iv) the Proceeding is brought to establish or enforce a right to
indemnification under this Agreement or any other statute or law or otherwise as
required under Section 145;

                  (b) LACK OF GOOD FAITH. To indemnify the Indemnitee for any
Expenses incurred by the Indemnitee with respect to any Proceeding instituted by
the Indemnitee to enforce or interpret this Agreement, if a court of competent
jurisdiction determines that each of the material assertions made by the
Indemnitee in such Proceeding was not made in good faith or was frivolous; or

                  (c) UNAUTHORIZED SETTLEMENTS. To indemnify the Indemnitee
under this Agreement for any amounts paid in settlement of a Proceeding unless
the Company consents to such settlement, which consent shall not be unreasonably
withheld or delayed.

         9. NON-EXCLUSIVITY. The provisions for indemnification and advancement
of Expenses set forth in this Agreement shall not be deemed exclusive of any
other rights which the Indemnitee may have under any provision of law, the
Company's Certificate of Incorporation or By-laws, the vote of the Company's
stockholders or disinterested directors, other agreements, or otherwise, both as
to action in his official capacity and to action in another capacity while
occupying the Indemnitee's position as a director or officer of the Company, and
the Indemnitee's rights hereunder shall continue after the Indemnitee has ceased
acting as a director or officer of the Company and shall inure to the benefit of
the heirs, executors and administrators of the Indemnitee.

         10. ENFORCEMENT. Any right to indemnification or advances granted by
this Agreement to the Indenmitee shall be enforceable by or on behalf of the
Indemnitee if (i) the claim for indemnification or advances is denied, in whole
or in part or (ii) no disposition of such claim is made within ninety (90) days
of request therefor. The Indemnitee, in such enforcement action, if successful
in whole or in part, shall be entitled to be paid also the expense of
prosecuting the Indemnitee's claim. It shall be a defense to any action for
which a claim for indemnification is made under this Agreement (other than an
action brought to enforce a claim for expenses pursuant to Section 6, PROVIDED
that the required undertaking has been tendered to the Company) that the
Indemnitee is not entitled to indemnification because of the limitations set
forth in Sections 4 and 8. Neither the failure of the Company (including its
Board of Directors or its stockholders) to have made a determination prior to
the commencement of such enforcement action that indemnification of the
Indemnitee is proper in the circumstances, nor an actual determination by the
Company

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(including its Board of Directors or its stockholders) that such indemnification
is improper, shall be a defense to the action or create a presumption that the
Indenmitee is not entitled to indemnification under this Agreement or otherwise.

         11. SUBROGATION. In the event of payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights
of recovery of the Indemnitee, who shall execute all documents required and
shall do all acts that may be necessary to secure such rights and to enable the
Company effectively to bring suit to enforce such rights.

         12. SURVIVAL OF RIGHTS.

                  (a) All agreements and obligations of the Company contained
herein shall continue during the period the Indemnitee is a director or officer
of the Company and shall continue thereafter so long as the Indemnitee shall be
subject to any possible claim or threatened, pending or completed action, suit
or proceeding, whether civil, criminal, arbitrational, administrative or
investigative, by reason of the fact that the Indemnitee was serving in the
capacity referred to herein.

                  (b) The Company shall require any successor to the Company
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business or assets of the Company, expressly to
assume and agree in writing to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform if no such
succession had taken place.

         13. INTERPRETATION OF AGREEMENT. It is understood that the parties
intend this Agreement to be interpreted and enforced so as to provide
indemnification to the Indemnitee to the fullest extent permitted by law
including those circumstances in which indemnification would otherwise be
discretionary.

         14. SEVERABILITY. If any provision or provisions of this Agreement
shall be held to be invalid, illegal or unenforceable for any reason, then (i)
the validity, legality and enforceability of the remaining provisions of the
Agreement (including without limitation, all portions of any paragraphs of this
Agreement containing any such provision held to be invalid, illegal or
unenforceable, that are not themselves invalid, illegal or unenforceable) shall
not in any way be affected or impaired thereby, and (ii) to the fullest extent
possible, the provisions of this Agreement (including, without limitation, all
portions of any paragraph of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that are not themselves invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal or unenforceable and to give
effect to Section 13.

         15. MODIFICATION AND WAIVER. No supplement, modification or amendment
of this Agreement shall be binding unless executed in writing by both parties.
No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provisions (whether or not similar) nor shall
such waiver constitute a continuing waiver.

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         16. NOTICE. Any notice by either party shall be given by personal
delivery or by sending such notice by certified mail, return-receipt requested,
or by overnight delivery with a reputable courier service, or telecopied,
addressed or telecopied, as the case may be, to the other party at its address
set forth below or at such other address designated by notice in the manner
provided in this section. Such notice shall be deemed to have been received upon
the date of actual delivery if personally delivered or, in the case of mailing,
two (2) days after deposit with the U.S. mail, or if by overnight delivery, the
date of delivery or, in the case of facsimile transmission, when confirmed by
the facsimile machine report.

If to the Indemnitee:

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

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

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

          Facsimile: ___________________

If to the Company:

         Richard W. Bowers
         General Counsel
         Mayor's Jewelers, Inc.
         14051 Northwest 14th Street
         Sunrise, Florida 33323
         Facsimile: (954) 835-3425

with a copy to:

         Robert Robison, Esq.
         Morgan Lewis & Bockius
         101 Park Avenue 45th floor
         New York, NY 10178
         Facsimile: (212) 309-6273

         17. GOVERNING LAW. This Agreement shall be governed exclusively by and
construed according to the laws of the State of Delaware as applied to contracts
between Delaware residents entered into and to be performed entirely within the
State of Delaware.

         18. CONSENT TO SUIT. In the case of any dispute under or in connection
with this Agreement, the Indenmitee may only bring suit against the Company in
the Court of Chancery of the State of Delaware. The Indenmitee hereby consents
to the jurisdiction and venue of the courts of the State of Delaware, and the
Indemnitee hereby waives any claim the Indemnitee may have at any time as to
FORUM NON CONVENIENS with respect to such venue. The Company shall have the
right to institute any legal action arising out of or relating to this Agreement
in any court of competent jurisdiction. Any judgment entered against either of
the parties in any proceeding may be entered and enforced by any court of
competent jurisdiction. If an action at law or in equity

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         is necessary to enforce or interpret the terms of this Agreement, then
         the prevailing party shall be entitled to recover, in addition to any
         other relief, reasonable attorneys' fees, costs and disbursements.

         19. ENTIRE AGREEMENT. This Agreement contains the entire agreement and
understanding of the parties relating to the subject matter hereof, and merges
and supersedes all prior and contemporaneous discussions, agreements and
understandings of every nature between the parties relating to the subject
matter hereof.

The parties have entered into this Agreement effective as of the date written
above.

                                       MAYOR'S JEWELERS, INC.

                                       By:
                                           -------------------------------------
                                       Name:
                                       Title:

                                       INDEMNITEE:

                                       -----------------------------------------
                                       Name

                                       8<PAGE>
                                                                  EXHIBIT 10.13

                                FIFTH AMENDMENT
                                       TO
                          LOAN AND SECURITY AGREEMENT

                  THIS AMENDMENT ("Amendment"), made as of April 30, 2002, by
and among the parties identified as "Lenders" on the signature pages to this
Amendment ("Lenders"), CITICORP USA, INC., as agent for the Lenders (herein, in
such capacity as agent, called "Agent"), and MAYOR'S JEWELERS, INC., formerly
known as JAN BELL MARKETING, INC., a Delaware corporation ("Jan Bell"),
individually and as "Borrowers' Agent", as defined in the "Loan Agreement"
referenced below, JBM RETAIL COMPANY, INC., a Delaware corporation ("JBM"), and
MAYOR'S JEWELERS, INC., a Florida corporation ("Mayor's") (Jan Bell, JBM and
Mayor's hereinafter referred to collectively as the "Borrowers" and each
individually as a "Borrower").

                                  WITNESSETH:

                  WHEREAS, Borrowers, Lenders and the Agent are parties to a
Loan and Security Agreement, dated as of July 28, 1998 (herein, as amended to
date, including, without limitation, pursuant to a Fourth Amendment to Loan and
Security Agreement, dated as of September 14, 2001 ("Fourth Amendment"), the
"Loan Agreement"), pursuant to which Lenders have agreed to extend certain
credit to Borrowers upon the terms and conditions contained therein; and

                  WHEREAS, pursuant to the Fourth Amendment, so long as
Borrowers remained in compliance with the requirements of Section 5.3(F) of the
Loan Agreement, Lenders agreed to waive temporarily, through April 30, 2002,
Events of Default resulting from Borrowers' failure to comply with the
requirements of Sections 5.03(B), (C) and (D) for the third Fiscal Quarter 2001
and/or the fourth Fiscal Quarter 2001; and

                  WHEREAS, Borrowers have requested that Lenders extend such
waiver through May 31, 2002 and expand such temporary waiver to include a
temporary waiver, through May 31, 2002, of (i) Events of Default resulting from
Borrowers' failure to comply with the requirements of Sections 5.3 (B), (C) and
(D) of the Loan Agreement for the first Fiscal Quarter 2002, (ii) the Event of
Default resulting from Borrowers' failure to deliver to the Agent Borrowers'
audited financial statements for their Fiscal Year ending on or about January
31, 2002 within ninety (90) days after such Fiscal Year end as required
pursuant to Section 5.1(H)(i) of the Loan Agreement, accompanied by the
gemological report required to be delivered pursuant to Section 5.1(K) of the
Loan Agreement, and (iii) the Event of Default resulting from Borrowers'
failure to deliver to the Agent Borrowers' unaudited interim financial
statements for their Fiscal Month ending on or about February 28, 2003 as
required pursuant to Section 5.1(H)(iii) of the Loan Agreement; and

                  WHEREAS, subject to the terms and conditions set forth herein
Lenders are willing to extend and expand their temporary waiver in the manner
described hereinabove; and

                  WHEREAS, Borrowers, Lenders and the Agent desire to enter
into this Amendment in order to evidence their mutual agreement in regard to
such extension and expansion and certain other matters;

                  NOW, THEREFORE, in consideration of the foregoing premises,
Borrowers, the Agent and Lenders agree as follows:

         1.       Definitions. Unless otherwise expressly provided herein, all
capitalized terms used herein (without definition) shall have the meanings
given to such terms in the Loan Agreement.

         2.       Amendment to Definition of Borrowing Availability.

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                  (a)      Effective during the period commencing on May 1,
         2002 and ending on May 30, 2002, clause (ii) of the first sentence of
         the definition of Borrowing Availability (as previously amended
         pursuant to the Fourth Amendment) is hereby amended to read as
         follows:

                           (ii)     up to 61.795%, during the period from May
                  1, 2002 through May 10, 2002, 61.250%, during the period from
                  May 11, 2002 through May 20, 2002, and 60.500%, during the
                  period from May 21, 2002 through May 30, 2002, of the value
                  of Eligible Inventory of Borrowers at such date, calculated
                  on the basis of the lower of cost or market value, with cost
                  calculated on a first in, first out basis, and with the exact
                  percentages within such range applicable to various types of
                  Eligible Inventory of each Borrower to be determined by the
                  Agent from time to time (as to which indicative percentages
                  are specified below in this definition);

                  (b)      Effective during the period commencing on May 1,
         2002 and ending on May 30, 2002 the phrase "Up to 65%" set forth
         opposite the description "Eligible Inventory (exclusive of jewelry
         parts and watch parts)" in the table included in the definition of
         Borrowing Availability shall be amended to incorporate the advance
         percentages set forth in paragraph (a) above.

                  (c)      Effective on May 31, 2002, the amendments set forth
         herein shall be rescinded and the definition of "Borrowing
         Availability" shall once again read as set forth in the Loan
         Agreement, after giving effect to the Fourth Amendment thereto.

         3.       Amendment to Section 3.1. Section 3.1 of the Loan Agreement
is hereby amended by deleting subsection (B) thereof in its entirety and
substituting in lieu thereof the following revised subsection (B):

                           (B)      Commitment Fee. Borrowers, jointly and
                  severally, agree to pay to Agent for the account of Lenders
                  (each to receive a Pro Rata Share thereof) an amount equal to
                  (i) the maximum amount of the Revolver Facility less the
                  average daily balance of the sum of all Revolver Loans and
                  all outstanding Letters of Credit during the preceding month,
                  multiplied by (ii) .375% per annum, monthly in arrears on the
                  first day of each month.

         4.       Amendment to Section 5.3. Section 5.3 of the Loan Agreement
is hereby amended by deleting the paragraph added to Section 5.3 after
subsection (F) thereof pursuant to Section 6(b) of the Fourth Amendment and
substituting in lieu thereof the following paragraph immediately after
subsection (F) thereof:

                           Lenders hereby agree that during the period
                  commencing on the date of the Fifth Amendment to Loan and
                  Security Agreement, among Borrowers, Lenders and the Agent,
                  and ending on May 31, 2002 ("Waiver End Date"), so long as
                  Jan Bell and its Subsidiaries are in compliance with the
                  requirements of the preceding subsection (F), none of (i) the
                  failure of Jan Bell and its Subsidiaries to comply (or to
                  have complied) with the requirements of the preceding
                  subsections (B), (C) and (D) for the third Fiscal Quarter
                  2001, the fourth Fiscal Quarter 2001 and/or the first Fiscal
                  Quarter 2002, (ii) the failure of Borrowers to have delivered
                  to the Agent their audited financial statements for their
                  Fiscal Year ending on or about January 31, 2002 within ninety
                  (90) days after such Fiscal Year end as required pursuant to
                  Section 5.1(H)(i), accompanied by the gemological review
                  required pursuant to Section 5.1(K), or (iii) the failure of
                  Borrowers to have delivered to the Agent their unaudited
                  interim financial statements for their Fiscal Month ending on
                  or about February 28, 2002 within thirty (30) days after such
                  Fiscal Month end as required pursuant to Section 5.1(H)(iii)
                  shall constitute Events of Default; provided, however, that
                  on the Waiver End Date, such failures of Borrowers to have
                  complied with such provisions shall constitute Events of
                  Default.

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         5.       Conditions Precedent. The amendments set forth herein shall
not become effective unless and until:

                  (a)      Borrowers have delivered to the Agent unaudited
         interim financial statements for Jan Bell and its Subsidiaries for the
         Fiscal Month ending on or about February 28, 2002, prepared in the
         manner required pursuant to Section 5.1(H)(iii) of the Loan Agreement
         and certified by an Authorized Officer in the manner required pursuant
         to such Section 5.1(H)(iii).

                  (b)      Borrowers have delivered to the Agent internally
         prepared financial statements for Jan Bell and its Subsidiaries for
         the Fiscal Year ending on or about January 31, 2002, prepared on a
         consolidated basis and on a consolidating basis by line of business,
         certified by an Authorized Officer as prepared in accordance with GAAP
         and fairly presenting the consolidated financial position and result
         of operations of Jan Bell and its Subsidiaries for such Fiscal Year
         subject only to audit adjustments.

                  (c)      Borrowers have delivered to the Agent projections of
         Excess Collateral Availability demonstrating Borrowers' ability to
         comply with the requirements of Section 5.3(F) through the Waiver End
         Date.

                  (d)      Borrowers have paid to the Agent, for the account of
         Lenders, the sum of $25,053 which constitutes additional commitment
         fees payable pursuant to Section 3.1(B) of the Loan Agreement for the
         period from February, 2001 through January, 2002, after giving effect
         to the increase in the fee multiplier from .25% per annum to .375% per
         annum for such period pursuant to such Section 3.1(B).

         6.       Additional Covenant. Borrowers will not hereafter pay (a)
severance payments to any terminated officers of Borrowers or (ii) settlement
payments, termination payments or any other similar payments to the landlords
of Borrowers under real estate leases in connection with the abandonment or
termination of any such leases. Any failure of Borrowers to comply with the
foregoing covenant shall constitute an Event of Default as to which there shall
be no cure right.

         7.       Miscellaneous.

                  (a)      Effect of Amendment. Except as set forth expressly
         herein, all terms of the Loan Agreement, as amended hereby, shall be
         and remain in full force and effect and shall constitute the legal,
         valid, binding and enforceable obligations of Borrowers to the Agent
         and Lenders. To the extent any terms and conditions in any of the Loan
         Documents shall contradict or be in conflict with any terms or
         conditions of the Loan Agreement, after giving effect to this
         Amendment, such terms and conditions are hereby deemed modified and
         amended accordingly to reflect the terms and conditions of the Loan
         Agreement as modified and amended hereby. This Amendment may be signed
         in multiple counterparts, all of which shall constitute one and the
         same agreement.

                  (b)      Ratification. Borrowers hereby restate, ratify and
         reaffirm each and every term and condition set forth in the Loan
         Agreement, as amended hereby, and the Loan Documents, effective as of
         the date hereof.

                  (c)      Estoppel. To induce the Agent and Lenders to enter
         into this Amendment, Borrowers hereby acknowledge and agree that, as
         of the date hereof, after giving effect to this Amendment, no Default
         or Event of Default has occurred and is continuing and, in addition,
         there exists no right of offset, defense, counterclaim or objection in
         favor of Borrowers with respect to any Obligations.

                  (d)      Governing Law. This Amendment shall be governed by,
         and construed in accordance with, the internal laws (and not the laws
         of conflicts) of the State of New York.

                  (e)      Costs and Expenses. Borrowers agree to pay on demand
         all costs and expenses of the Agent in connection with the
         preparation, execution, delivery and enforcement of this Amendment and
         all other Loan Documents executed in connection herewith, the closing
         hereof, and any other transactions contemplated hereby, including the
         fees and out-of-pocket expenses of the Agent's counsel.

                                      59
<PAGE>

                  IN WITNESS WHEREOF, this Amendment has been duly executed by
the parties hereto as of the date first above written.

                                    "BORROWER"

                                    MAYOR'S JEWELERS, INC., formerly known as
                                    Jan Bell Marketing, Inc.

                                    By:
                                       ----------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

                                    MAYOR'S JEWELERS, INC.

                                    By:
                                       ----------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

                                    JBM RETAIL COMPANY, INC.

                                    By:
                                       ----------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

                                      60
<PAGE>

                                    "AGENT"

                                    CITICORP USA, INC.

                                    By:
                                       ----------------------------------------
                                       Name: Miles D. McManus
                                       Title: Director

                                      61
<PAGE>

                                    "LENDERS"

                                    CITICORP USA, INC.

                                    By:
                                       ----------------------------------------
                                       Name:    Miles D. McManus
                                       Title:   Director

                                    FLEET RETAIL FINANCE INC., f/k/a
                                    BankBoston Retail Finance, Inc.

                                    By:
                                       ----------------------------------------
                                       Name:    Keith Vercauteren
                                       Title:   Vice President

                                    FOOTHILL CAPITAL CORPORATION

                                    By:
                                       ----------------------------------------
                                    Name:    Michael Baranowski
                                    Title:   Vice President

                                    FIRST UNION NATIONAL BANK

                                    By:
                                       ----------------------------------------
                                       Name:    Richard Preskenis
                                       Title:   Vice President

                                    NATIONAL CITY COMMERCIAL FINANCE, INC.

                                    By:
                                       ----------------------------------------
                                       Name:    Dennis Hatvany
                                       Title:   Vice President

                                      62
<PAGE>

                          ACKNOWLEDGMENT OF GUARANTORS

         Each of the undersigned, being a guarantor, pursuant to certain
Corporate Guaranty and Security Agreement, dated as of July 28, 1998
(collectively, the "Guaranty"), of the obligations of Jan Bell Marketing, Inc.,
JBM Retail Company, Inc. and Mayor's Jewelers, Inc. (collectively, "Borrowers")
under the "Loan Agreement" referenced in the within and foregoing Fifth
Amendment to Loan and Security Agreement among the lenders named therein,
Citicorp USA, Inc., as agent for such lenders, and Borrowers (the "Fifth
Amendment") hereby (a) acknowledges its receipt of a copy of, and consents to
the Fifth Amendment, (b) agrees to be bound thereby and (c) acknowledges and
agrees that the Guaranty shall continue in full force and effect from and after
the execution and delivery of the Fifth Amendment without modification,
diminution or impairment.

         IN WITNESS WHEREOF, the undersigned have set their hands as of the
_____ day of April, 2002.

                                    JBM VENTURE CO., INC.

                                    By:
                                       ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
                                          -------------------------------------

                                    ULTIMATE FINE JEWELRY INTERNATIONAL, INC.

                                    By:
                                       ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
                                          -------------------------------------

                                    JBM INTERNATIONAL, INC.

                                    By:
                                       ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
                                          -------------------------------------

                                    MAIER & BERKELE, INC.

                                    By:
                                       ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
                                          -------------------------------------

                                    MAYOR'S JEWELERS INTELLECTUAL PROPERTY
                                    HOLDING COMPANY

                                    By:
                                       ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
                                          -------------------------------------

                                    MAYOR'S JEWELERS RECEIVABLES HOLDING
                                    COMPANY

                                    By:
                                       ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
                                          -------------------------------------

                                    AMERICAN HOROGICAL CORPORATION

                                    By:
                                       ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
                                          -------------------------------------

                                    JAN BELL MARKETING/PUERTO RICO, INC.

                                    By:
                                       ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
                                          -------------------------------------

                                      63

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