The main characters are Madam Loisel and Forestier, and the party takes place in Paris, France.
Madam Loisel wants a necklace, so she goes to her rich friend Madam Forestier for one. But later on in the story she loses it.
Madame Loisel acquired the jewel from her wealthy friend, and when she gets to the ball she is the most beautiful woman there. And everyone has their eyes on her. This is a time where she felt special.
When Madame Loisel gets home from the ball, she tells her husband that she has lost the necklace.
The Loisel's couldn't find it and had to go and buy a new one. That they spent 10 years trying to save up for another one.
When the Madame Loisel finally gave her friend the jewel that they paid for, Madame Forestier tells her that the original jewel was less money than the one Madame and Monsieur Loisel saved up for.