In the film the necklace was purchased by Pittsburgh steel tycoon Caledon Hockley, played by Billy Zane, a week before he sailed on the ill-fated ocean liner RMS Titanic. The necklace was meant to be given as an engagement present to his fiancée Rose DeWitt Bukater, played by Kate Winslet and Gloria Stuart. It is believed that the necklace went down with the sinking of the ship, leading some treasure salvagers to believe the necklace lies somewhere within the wreck of the Titanic.