Max Ophüls' masterpiece stars Danielle Darrieux as the titular Madame Louise de..., who in the film's opening scenes is forced to discreetly sell a pair of earrings, a gift from her military officer husband Andre (Charles Boyer), in order to make good on her debts. After she claims the earrings to be lost, the story of their possible theft hits the newspapers, prompting the jeweler who bought them (Jean Debucourt) to secretly sell them back to Andre, who then gives him to his mistress Lola (Lia Di Leo) as she prepares to leave for a holiday in Constantinople. There, the earrings again change hands as Lola pawns them to cover her gambling losses. They are then purchased by Donati, an Italian diplomat (Vittorio de Sica) on his way to France to meet with Andre. Of course, the earrings soon find their way back to Louise.
~ Jason Ankeny, All Movie Guide