MICHAEL ANTHONY JEWELERS INC
SC 13G/A, 1998-02-17
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
                                 Amendment No. 1



                         Michael Anthony Jewelers, Inc.
- ------------------------------------------------------------------------------
                                (Name of Issuer)



                          Common Stock, $.001 par value
- ------------------------------------------------------------------------------
                         (Title of Class of Securities)




                                    594060105
                  --------------------------------------------
                                 (CUSIP Number)



                               Page 1 of 5 pages
<PAGE>
 
- -----------------------                                  
  CUSIP NO. 594060105                   13G              
- -----------------------                                  
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

      Goldman, Sach & Co.

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
      New York  

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5   
     NUMBER OF            0
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6
                          591,300
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7    
    REPORTING             0
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8
                          818,500
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9  
      818,500

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
      10.6%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
      BD-PN-IA

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 2 of 5 pages

<PAGE>
 
- -----------------------                                  
  CUSIP NO. 594060105                   13G              
- -----------------------                                  
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

      The Goldman Sachs Group, L.P.

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
      Delaware

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5   
     NUMBER OF            0
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6
                          591,300
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7    
    REPORTING             0
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8
                          818,500
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9  
      818,500

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
      10.6%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
      HC-PN 

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 3 of 5 pages

<PAGE>
 
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 7.            Identification and Classification of the Subsidiary Which
                   Acquired the Security Being Reported on by the Parent Holding
                   Company.
                             See Exhibit (99.2) as previously reported.

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.

- -----------------
* 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 in such
partnerships are held by persons other than GS Group, Goldman Sachs or their
affiliates.


                               Page 4 of 5 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:  February 14, 1998


                               THE GOLDMAN SACHS GROUP, L.P.


                               By: /s/ Hans L. Reich
                                   ----------------------------------------
                               Name: Hans L. Reich
                               Title:  Attorney-in-fact



                               GOLDMAN, SACHS & CO.


                               By: /s/ Hans L. Reich
                                   ----------------------------------------
                               Name: Hans L. Reich
                               Title:  Attorney-in-fact


                               Page 5 of 5 pages



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