CONTACT:    Allan Corn
            Chief Financial Officer
            (914) 699-0000 Ext. 464

            FOR IMMEDIATE RELEASE

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             MICHAEL ANTHONY JEWELERS, INC. ANNOUNCES NEW PRESIDENT

     Mt. Vernon, NY - February 28, 2002. Michael Anthony Jewelers, Inc.
(ASE:MAJ), a leading marketer and manufacturer of gold jewelry, today announced
that it has named Claudia Hollingsworth President of the Company. The
appointment is effective immediately.

     Ms. Hollingsworth, 41, recently resigned as Chief Customer Officer of M.Z.
Berger & Co., Inc., a major distributor of watches under the names of Elgin,
Gruen and Benrus. Ms. Hollingsworth was previously with OroAmerica, a large gold
jewelry manufacturer where she had served for thirteen years in various
capacities. Ms. Hollingsworth was Senior Vice President of Sales. Prior to this
position, she served in many other positions, including Vice President of Sales,
Vice President of Merchandising and Product Development, and Merchandising
Manager. Ms. Hollingsworth remains a director of Michael Anthony Jewelers, a
position she has held since November 2001.

     Michael Paolercio, Chief Executive Officer stated, "Claudia is a well-know
and highly regarded merchandising and marketing expert with a long and
successful track record in the gold jewelry industry. We were happy to have her
join us as a Board member last November and we are even more excited today by
her decision to join us on a full-time basis. Her knowledge of our business and
her energy and enthusiasm will definitely be an asset to Michael Anthony."

     Anthony Paolercio, Chief Operating Officer stated, "Having Claudia join our
organization is a tremendous increase to our talent pool and will bring Michael
Anthony to the next level of growth and profitability."

     Michael Anthony Jewelers, Inc. is a leading designer, marketer and
manufacturer of affordable fine jewelry, whose customers include jewelry chain
stores, discount stores, department stores, television shopping networks,
catalogue retailers, and wholesalers.

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Except for historical information contained herein, the matters set forth in
this news release are forward-looking statements that involve certain risks and
uncertainties that could cause actual results to differ materially from those in
the forward-looking statements. These uncertainties include general economic
conditions, jewelry industry conditions, the effects of competition and the
success of new products and programs.