"Max Ophuls's swirling camera and lush romantic atmosphere imbues this witty and wry roundelay concerning a pair of earrings that change hands from lover to lover. The film begins as Countess Louise de ... (Danielle Darrireux) is rummaging through her belongings, looking for something to sell to pay off gambling debts. She comes across a pair of earrings given to her as a wedding present by her husband, General Andre de ... (Charles Boyer), and sells them to a jeweler (Jean Debucourt). She then tells General Andre that the earrings have been stolen, causing newspapers to print loud stories about the theft. The jeweler, wary about the transaction, secretly sells the earrings back to Andre, who then gives them to his mistress Lola (Lia de Leo). Lola incurs her own gambling debts to Baron Donati (Vittorio De Sica), who takes the rings as payment. When Baron Donati returns to Paris, planning to meet with Andre, he casts his eyes on the Countess Louise and instantly falls in love. The Baron is so enamored of the Countess he feels he must express his affection to her, and the best way he knows how is to give the Countess a token of his esteem ... a pair of earrings he has just acquired."