The second segment, "Ring Around the Rosy", set to original music by André Previn, tells several romantic stories tied by the exchange of a gold bracelet. The bracelet is originally given by a husband (David Paltenghi) to his wife Daphne Dale. She gives it to a flirtatious artist (Youskevitch), at a party, infuriating the husband, who stalks off. The artist gives the bracelet to a model (Claude Bessy), who gives it to her boyfriend the Sharpie (Tommy Rall). He in turn gives it to the Femme Fatale (Belita), only to have her present it to a Crooner (Irving Davies) after his performance. When the Hatcheck Girl (Diana Adams) orders him to leave, the Crooner gives her the bracelet. She returns home to her boyfriend, a Marine (Kelly). When he sees the bracelet, he angrily takes it and storms out. Coming out of a bar, he encounters a Streetwalker (Tamara Toumanova) and dances with her, giving her the bracelet as pay before walking off again. The next person the woman meets is the Husband who bought the bracelet. He recognizes it, buys it back, and reunites with his wife, returning it to her.