MICHAEL ANTHONY JEWELERS INC
SC 13G, 1997-08-11
JEWELRY, PRECIOUS METAL
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<PAGE>
 
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
 
 
                                 SCHEDULE 13G
                   Under the Securities Exchange Act of 1934
 
 
 
 
                        Michael Anthony Jewelers, Inc.
                   ----------------------------------------
                               (Name of Issuer)
 
 
 
                         Common Stock, $.001 par value
                   ----------------------------------------
                        (Title of Class of Securities)
 
 
 
 
                                   594060105
                       -------------------------------- 
                                (CUSIP Number)

                               Page 1 of 10 Pages
<PAGE>
 
- ----------------  
CUSIP NO.
594060105
- ----------------
- ------------------------------------------------------------------------------
1.      Name of Reporting Person
        S.S. or I.R.S. Identification No. of Above Person
 
          Goldman, Sachs & Co.
- ------------------------------------------------------------------------------
2.      Check the Appropriate Box if a Member of a Group
 
                                                                (a)
                                                                   --- 
                                                                (b) 
                                                                   ---  
- ------------------------------------------------------------------------------  
3.      SEC Use Only
 
- ------------------------------------------------------------------------------ 
4.      Citizenship or place of Organization
 
               New York
- ------------------------------------------------------------------------------
Number of                    5. Sole Voting Power
Shares
Beneficially                            0
                           -----------------------------------------
Owned By                     6. Shared Voting Power
Each
Reporting                             605,000
                           -----------------------------------------
Person With                  7. Sole Dispositive Power
 
                                        0
                           -----------------------------------------
                             8. Shared Dispositive Power
 
                                     605,000
                           -----------------------------------------
9.      Aggregate Amount Beneficially Owned by Each Reporting Person
 
               837,200
- ------------------------------------------------------------------------------
10.     Check if the Aggregate Amount in Row (9) Excludes Certain Shares
 
- ------------------------------------------------------------------------------
 
11.     Percent of Class Represented by Amount in Row (9)
 
               10.9%
- ------------------------------------------------------------------------------
12.     Type of Reporting Person
 
                BD-PN-IA
- ------------------------------------------------------------------------------

                               Page 2 of 10 Pages
<PAGE>
 
- ----------------
CUSIP NO.
594060105
- ----------------
- ------------------------------------------------------------------------------
1.      Name of Reporting Person
        S.S. or I.R.S. Identification No. of Above Person
 
        The Goldman Sachs Group, L.P.
- ------------------------------------------------------------------------------ 
2.      Check the Appropriate Box if a Member of a Group
 
                                                                (a)
                                                                   --- 
                                                                (b) 
                                                                   ---  
- ------------------------------------------------------------------------------  
3.      SEC Use Only
 
- ------------------------------------------------------------------------------
4.      Citizenship or place of Organization
 
               Delaware
- ------------------------------------------------------------------------------
Number of                    5. Sole Voting Power
Shares
Beneficially                            0
                           -----------------------------------------
Owned By                     6. Shared Voting Power
Each
Reporting                            605,000
                           -----------------------------------------
Person With                  7. Sole Dispositive Power
 
                                        0
                           -----------------------------------------
                             8.       Shared Dispositive Power
 
                                     605,000
                           -----------------------------------------
- ------------------------------------------------------------------------------ 
9.      Aggregate Amount Beneficially Owned by Each Reporting Person
 
               837,200
- ------------------------------------------------------------------------------ 
10.     Check if the Aggregate Amount in Row (9) Excludes Certain Shares
 
- ------------------------------------------------------------------------------
11.     Percent of Class Represented by Amount in Row (9)
 
               10.9%
- ------------------------------------------------------------------------------
12.     Type of Reporting Person
 
                HC-PN
- ------------------------------------------------------------------------------

                               Page 3 of 10 Pages
<PAGE>
 
Item 1(a).       Name of Issuer:
                 Michael Anthony Jewelers, Inc.
                 
Item 1(b).       Address of Issuer's Principal Executive Offices:
                 115 South Macquesten Parkway
                 Mount Vernon, N.Y.  10550
                 
Item 2(a).       Name of Persons Filing:
                 Goldman, Sachs & Co. and The Goldman Sachs
                 Group, L.P.
                 
Item 2(b).       Address of Principal Business Office or, if
                 None, Residence:
                 85 Broad Street
                 New York, NY  10004
                 
Item 2(c).       Citizenship:
                 Goldman, Sachs & Co. - New York
                 The Goldman Sachs Group, L.P. - Delaware
                 
Item 2(d).       Title and Class of Securities:
                 Common Stock, $.001 par value
                 
Item 2(e).       CUSIP Number:
                 594060105
                 
Item 3.          If this statement is filed pursuant to Rules
                 13d-1(b), or 13d-2(b), check  whether the person
                 filing is a :
                 
          (a).X  Broker or dealer registered under Section 15 of
                 the Act,
                 Goldman, Sachs & Co.
                 
          (b).   Bank as defined in Section 3(a)(6) of the Act,
                 
          (c).   Insurance Company as defined in Section 3(a)(19)
                 of the Act,
                 
          (d).   Investment Company registered under Section 8 of
                 the Investment
                 Company Act,
                 
          (e).X  Investment Adviser registered under Section 203
                 of the Investment Advisers Act of 1940,
                 Goldman, Sachs & Co.
                 
          (f).   Employee Benefit Plan, Pension Fund which is
                 subject to the provisions of the Employee
                 Retirement Income Security Act of 1974 or
                 Endowment Fund; see 13d-1(b)(1)(ii)(F),

                               Page 4 of 10 Pages
<PAGE>
 
          (g).X  Parent Holding Company, in accordance with Rule
                 13d-1(b)(ii)(G); see  Item 7,
                 The Goldman Sachs Group, L.P.
                 
          (h).   Group, in accordance with Rule 13d-1(b)(ii)(H).
 
 
Item 4.          Ownership.*
 
          (a).   Amount beneficially owned:
                 See the response(s) to Item 9 on the attached
                 cover page(s).
                 
          (b).   Percent of Class:
                 See the response(s) to Item 11 on the attached cover page(s).
                 
          (c).   Number of shares as to which such person has:
                 
                 (i).   Sole power to vote or to direct the vote:
                             See the response(s) to Item 5 on the attached
                                cover page(s).
                 
                 (ii).  Shared power to vote or to direct the vote:
                             See the response(s) to Item 6 on the attached
                                cover page(s).
                 
                 (iii). Sole power to dispose or to direct the disposition of:
                             See the response(s) to Item 7 on the attached
                                cover page(s).
                 
                 (iv).  Shared power to dispose or to direct the disposition of:
                                See the response(s) to Item 8 on the attached
                 cover page(s).
                 
Item 5.          Ownership of Five Percent or Less of a Class.
                 Not Applicable
                 
Item 6.          Ownership of More than Five Percent on Behalf of
                 Another Person.
                 Not Applicable
                 
Item 7.          Identification and Classification of the
                 Subsidiary Which Acquired the  Security Being
                 Reported on by the Parent Holding Company.
                 See Exhibit (99.2)
                 
Item 8.          Identification and Classification of Members of the Group.
                        Not Applicable

- ----------
*   The Goldman Sachs Group, L.P. ("GS Group") and Goldman, Sachs & Co.
("Goldman Sachs") each disclaim beneficial ownership of the Common Stock
beneficially owned by (i) managed accounts and (ii) certain investment limited
partnerships, of which a subsidiary of GS Group or Goldman Sachs is the general
partner or managing general partner, to the extent partnership interests is such
partnerships are held by persons other than GS Group, Goldman Sachs or their
affiliates.

                               Page 5 of 10 Pages
<PAGE>
 
Item  9.         Notice of Dissolution of Group.
                        Not Applicable

Item 10.         Certification.
 
                 By signing below I certify that, to the best of
                 my knowledge and belief, the securities referred
                 to above were acquired in the ordinary course of
                 business and were not acquired for the purpose
                 of and do not have the effect of changing or
                 influencing the control of the issuer of such
                 securities and were not acquired in connection
                 with or as a participant in any transaction
                 having such purpose or effect.
 

                               Page 6 of 10 Pages
<PAGE>
 
                                   SIGNATURE
 

        After reasonable inquiry and to the best of my knowledge and belief, I
        certify that the information set forth in this statement is true,
        complete and correct.
 
 
Date:  August 10, 1997
 
 
                             THE GOLDMAN SACHS GROUP, L.P.
                             By:  The Goldman Sachs Corporation,
                                  its general partner
 
 
                             By: /s/ David B. Ford
                                 -------------------------------
                             Name:   David B. Ford
                             Title:  Executive Vice President
 
 
 
                             GOLDMAN, SACHS & CO.
 
 
                             By: /s/ David B. Ford
                                 -------------------------------
                             Name:   David B. Ford
                             Title:  Managing Director
 

                               Page 7 of 10 Pages
<PAGE>
 
                               INDEX TO EXHIBITS
 
 
 
 
Exhibit No.       Exhibit
- -----------       -------
                 
     99.1         Joint Filing Agreement, dated August 10, 1997,
                  between The Goldman Sachs Group, L.P. and Goldman,
                  Sachs & Co.
                 
     99.2         Item 7 Information
 
                              Page 8 of 10 Pages

<PAGE>
 
                                                                  EXHIBIT (99.1)
 
 
 
                             JOINT FILING AGREEMENT
 
 
 

        In accordance with Rule 13d-1(f) promulgated under the Securities
Exchange Act of 1934, the undersigned agree to the joint filing of a Statement
on Schedule 13G (including any and all amendments thereto) with respect to the
shares of common stock, $.001 par value of Michael Anthony Jewelers, Inc., and
further agree to the filing of this agreement as an Exhibit thereto. In
addition, each party to this Agreement expressly authorizes each other party to
this Agreement to file on its behalf any and all amendments to such Statement on
Schedule 13G.
 
 
 
Date:  August 10, 1997
 
 
                             THE GOLDMAN SACHS GROUP, L.P.
                             By:  The Goldman Sachs Corporation,
                                  its general partner
 
 
                             By:  /s/ David B. Ford
                                  -------------------------------
                             Name:   David B. Ford
                             Title:  Executive Vice President
 
 
 
                             GOLDMAN, SACHS & CO.
 
 
                             By:   /s/ David B. Ford
                                   -------------------------------
                             Name:   David B. Ford
                             Title:  Managing Director
 
 
 
                              Page 9 of 10 Pages 

<PAGE>
 
                                                                  EXHIBIT (99.2)
 
 
 
                              ITEM 7 INFORMATION
 
 
 
        Goldman, Sachs & Co. is a broker or dealer registered under Section 15
of the Act and an investment adviser registered under Section 203 of the
Investment Advisers Act of 1940.
 
 
 
 
                             Page 10 of 10 Pages  


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