It is based on the 1931 Hungarian play Ékszerrablás a Váci-utcában by Ladislas Fodor and its subsequent English adaptation, Jewel Robbery by Bertram Bloch.

Viennese Baroness Teri von Horhenfels (Kay Francis) relieves the boredom of her marriage to her rich but dull older husband (Henry Kolker) with love affairs.

One day, she meets both her husband and a current lover, Paul (Hardie Albright), at an exclusive jewel shop, where the Baron is to buy her an extravagant 28-carat (5.6 g) diamond ring.

While he and the shop owner retire to haggle over price, her tedium is lifted by the arrival of a suave jewel thief (William Powell) and his gang.

He locks her husband and Paul, a young cabinet minister she has already tired of, in the vault, and forces shop owner Hollander (Lee Kohlmar) to smoke a marijuana-laced cigarette that soon makes him forget his troubles.

After misdirecting the police, Teri returns home, envied of her adventure by her equally bored but less reckless friend Marianne (Helen Vinson).

[2] In a contemporary review for The New York Times, critic Andre Sennwald wrote: "All this is nervous, brittle comedy of a sort that is sufficiently novel in the films to be stimulating.