Exhibit 1 to Schedule 13D Amendment No. 1 Finlay Enterprises, Inc.

                    Exhibit 1 to Schedule 13D Amendment No. 1
                            Finlay Enterprises, Inc.

                                    AGREEMENT

     Agreement  made this 7th day of November,  1997, by and between each of the
undersigned.

     WHEREAS,  each of the  undersigned  is required to file an  amendment  to a
Schedule  13D with respect to ownership  of  securities  in Finlay  Enterprises,
Inc.; and

     WHEREAS,  each of the  undersigned  is  individually  eligible  to use this
Amendment No. 1 to Schedule 13D;

     NOW,  THEREFORE,  the undersigned agree to file only one Amendment No. 1 to
Schedule 13D  reflecting  their combined  beneficial  ownership of securities in
Finlay Enterprises, Inc.

                                   ▇▇▇▇▇▇ ▇. ▇▇▇ EQUITY PARTNERS, L.P.
                                   By: THL Equity Advisors Limited Partnership,
                                       its General Partner
                                   By:  THL Equity Trust, its General Partner

                                   By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, ▇▇.
                                       Name:  ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, ▇▇.
                                       Title: Vice President

                                   ▇▇▇▇▇▇ ▇. ▇▇▇ EQUITY ADVISORS
                                   LIMITED PARTNERSHIP

                                   By:  THL Equity Trust, its General Partner

                                   By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, ▇▇.
                                       Name:  ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, ▇▇.
                                       Title:     Vice President

                                   THL EQUITY TRUST

                                   By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, ▇▇.
                                       Name:  ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, ▇▇.
                                       Title: Vice President


                                       /s/ ▇▇▇▇▇▇ ▇. ▇▇▇
                                       ▇▇▇▇▇▇ ▇. ▇▇▇