Clara Velde is a successful fashion writer in New York City and the star of the story. The book's title refers to the disappearance of Clara's prized emerald ring. Clara associates the ring with her love for the Washington, D.C. politico Ithiel and with her own professional and personal power. The ring's apparent theft leads Clara into a series of psychological crises and forces her to confront a long-buried complex of interpersonal issues.