Helen decides to try for the grand prize in an art contest and chooses Margy as her model. Margy wears a lovely white gown selected by Helen and an inexpensive imitation emerald necklace that Helen purchased on sale.
Everything is perfect, except that Margy hates the necklace. Oddly, all of the girls' friends think the necklace is real, and Margy feels a strange sense of foreboding. Meanwhile, the young people learn of a couple of children who live in a nearby apartment who might be abused by their father. In a strange twist, the children are connected to the true story of the necklace, and it is through them that a great mystery is solved.