- The film opens on what looks like historical footage of the Titanic leaving port. Then we simply get the title over dark ocean water.
- Some exploratory ocean craft are descending through the ocean with their search beams in full force.
- Back in the control room for the sea craft, a crew member is monitoring a search. The craft approach a ship.
- Whoa, we bet this is the wreck of the Titanic—wild guess, we know, given the title of the film.
- The craft go exploring the ship, and the dude leading this search is photographing his observations.
- They end up in the former bedroom of someone named Cal Hockley, and the crew leader has the man at the controls look under some debris.
- They find a safe, and everyone is very excited.
- "It's payday, boys," he says with a smile.
- Now we're up above on the ship's deck, where the crew of explorers has just lifted up the safe and are preparing to open it.
- Everyone is super-excited and in a celebratory mood.
- However, when the safe is opened, the search leader doesn't seem to find what he's looking for in all the gunky, watery mess inside the safe.
- "No diamonds," says one of the crewmembers.
- The crew head, Mr. Lovett, is talking to someone named Dave about his failure to find "It."
- In the background, some techs are washing the contents of the safe.
- Mr. Lovett stops when he sees one of the techs cleaning off a drawing of a nude woman featuring a large diamond necklace, which is similar to one in a photo that Lovett has up on the wall.
- Hmm, we guess this diamond is what he's looking for.
- An older woman and her daughter are having a peaceful day.
- The older woman hears Lovett on TV talking about the diamond, and she gets up from her pottery wheel to go look.
- She sees the drawing of the nude woman and it seems to mean something to her.