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American jewel dealer Walter Chandler buys the Omar diamond, which once belonged to Czar Nicholas, for $300,000 from a Paris jeweler and plans to transport it back to New York the next day on an ocean liner. After reading about the sale in the newspaper, Victor Morell, supposedly a millionaire rancher from Argentina, learns from visiting American Valerie Barton, whom he has been dating for the past three weeks, that her aunt Cynthia has decided that they must sail home the next day. At a farewell dinner that night, Valerie hears a woman call Victor "Tony." On the ship the next day, after Valerie reads about the robbery of a diamond pendant at the dinner club they attended, she is annoyed to find in a package from Victor the stolen pendant which the woman who recognized Victor was wearing. Victor unexpectedly then sits down at Valerie's lunch table, and she accuses him of stealing the pendant and coming on the boat to steal the Omar diamond. Victor tries to defend himself by saying that he is only following her to America. Valerie secretly breaks the ship's fire alarm and then observes as Chandler rushes to his room. Valerie, who with Cynthia is actually trying to steal the diamond, deduces that it must be in Chandler's room. During a masquerade ball that night, Valerie sneaks into Chandler's room and discovers the diamond in a hairbrush. Chandler returns and finds her with it, and as he is about to call an officer, Victor, who has followed Valerie, pulls out a gun and shoots Chandler. Valerie is unnerved, having never been mixed up in murder before, but Victor takes charge and frames two thugs, who are also after the diamond, with Chandler's murder. Although Valerie now wants to quit the racket, Cynthia reminds her that their gang has invested too much to let them return without the diamond. To get the jewel off the ship, Victor devises an idea whereby Cynthia feigns a sprained ankle, and they hide the diamond in her bandages. The plan works, and Cynthia and Valerie, after giving Victor an address where they can meet later, go through customs with no problems. Victor, whose real name is Tony, then meets with Mr. Roberts, the head of the Jewelers' Protective Association, the port collector and Chandler, who was only acting as if he had been shot, and reveals that their plan to capture the ring of jewel thieves whom they have been after for three years is going well. When Victor, who is a bit troubled about Valerie, finds that the address Cynthia and Valerie gave them is a vacant lot, he tells the police that he let them smuggle in an imitation and assures them that the thieves will now contact him. When the leader of the gang, Julien Stevens discovers the imitation, he sends Valerie to get the real jewel. Valerie visits Victor, and he says that Chandler must have made the switch. She is relieved, she says, because she wants to quit, and she pleas with Victor to run away with her. Victor says that it isn't possible until he finishes the job he has to do, and when she says she that she must return to the gang, he offers to accompany her to convince them that he did not try to double-cross them. At the gang's hideout, Stevens pulls a gun on them when Valerie says she wants to quit. During a shoot-out with police and Roberts' men, Valerie is wounded, but Stevens and his gang are captured. Valerie receives a suspended sentence, and sometime later, she and Victor, now married, take a moonlight cruise together, as the terms of her probation are such that he can't let her out of his sight.