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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 G5fLwKXGwP7urt1SGwDETccGHfVZZ2jFUVoQUA6M7elJXwZQMcS6KwReKfe2QoBE
 63Ms5m3CkQtiCl/Tz/7LHQ==

<SEC-DOCUMENT>0001144204-04-011111.txt : 20040804
<SEC-HEADER>0001144204-04-011111.hdr.sgml : 20040804
<ACCEPTANCE-DATETIME>20040804203330
ACCESSION NUMBER:		0001144204-04-011111
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040802
FILED AS OF DATE:		20040804

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KROON RICHARD EDWARD
		CENTRAL INDEX KEY:			0001244861

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25716
		FILM NUMBER:		04952957

	MAIL ADDRESS:	
		STREET 1:		102 W RIVER RD
		CITY:			RUMSON
		STATE:			NJ
		ZIP:			07760

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FINLAY ENTERPRISES INC /DE
		CENTRAL INDEX KEY:			0000878731
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-JEWELRY STORES [5944]
		IRS NUMBER:				133492802
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0130

	BUSINESS ADDRESS:	
		STREET 1:		529 FIFTH AVE
		STREET 2:		5TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2123827400

	MAIL ADDRESS:	
		STREET 1:		529 5TH AVENUE
		STREET 2:		5TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>v05311_form4kroonex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-08-02</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000878731</issuerCik>
        <issuerName>FINLAY ENTERPRISES INC /DE</issuerName>
        <issuerTradingSymbol>FNLY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001244861</rptOwnerCik>
            <rptOwnerName>KROON RICHARD EDWARD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>102 W. RIVER ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>RUMSON</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07760</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-08-02</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>294</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>21.287</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>294</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1844</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-08-02</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>294</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>294</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1844</value>
                    <footnoteId id="F5"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Phantom stock units were credited to an account for the Reporting Person under the Issuer's Director Deferred Compensation
 and Stock Purchase Plan approved by stockholders in June 2003 (the &quot;Director Plan&quot;) in connection with the deferral of the
 Reporting Person's director fees. These units are fully vested at all times. Generally, in accordance with the Director
 Plan, the Reporting Person will receive one share of Common Stock for each such unit as soon as practicable following the
 earlier of: (i) termination of his directorship or (ii) the expiration of the three year deferral period elected by the
 Reporting Person (as such period may be amended).</footnote>
        <footnote id="F2">Phantom stock units were credited to an account for the Reporting Person, through matching by the Issuer, under the Director Plan. These matching units will generally vest on the one year anniversary of the transaction date. Generally, for each matching unit, the Reporting Person will receive one share of Common Stock as soon as practicable following the earlier of: (i) termination of his directorship or (ii) the expiration of the deferral period.</footnote>
        <footnote id="F3">Each phantom stock unit converts to common stock on a one-for-one basis.</footnote>
        <footnote id="F4">Includes 416 phantom stock units credited to an account for the Reporting Person under the Director Plan on August 4, 2003,
 400 phantom stock units credited to an account for the Reporting Person under the Director Plan on November 3, 2003, 413
 phantom stock units credited to an account for the Reporting Person under the Director Plan on February 2, 2004 and 321
 phantom stock units credited to an account for the Reporting Person under the Director Plan on May 3, 2004.</footnote>
        <footnote id="F5">Includes 416 phantom stock units credited to an account for the Reporting Person, through matching by the Issuer, under the
 Director Plan on August 4, 2003, 400 phantom stock units credited to an account for the Reporting Person, through matching
 by the Issuer, under the Director Plan on November 3, 2003, 413 phantom stock units credited to an account for the Reporting Person, through matching by the Issuer, under the Director Plan on February 2, 2004 and 321 phantom stock units credited to an account for the Reporting Person, through matching by the Issuer, under the Director Plan on May 3, 2004.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Bonni G. Davis, Esq., Attorney-in-Fact for Richard Edward Kroon</signatureName>
        <signatureDate>2004-08-04</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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