The Pink Panther

The Pink Panther. 1963 United Artists & The Mirisch Company, distributed to DVD by MGM.
Starring: David Niven, Peter Sellers, Robert Wagner, Capucine, Claudia Cardinale
Music: Henry Mancini
Director: Blake Edwards
Currently only available as part of the Pink Panther Film Collection, or the substantially more expensive Pink Panther Ultimate Collection from Amazon.

Not to be confused with the equally famous cartoon character, the Pink Panther is the largest diamond in the world, with an unusual flaw: if somebody stares into the stone long enough, one can see what appears to be the image of a leaping panther, which coincidentally only comes alive for the title sequences and end credits. As a child, Princess Dala receives the pink gem as a gift from her father, the Shah of Lugash. When Dala (Cardinale) grows up, rebels seize control of Lugash, and demands possession of the jewel, but the exiled princess (on holiday at a skiing resort in Cortina d'Ampezzo, Italy) refuses to surrender it.

Also at the resort is Sir Charles Lytton (Niven), who has a secret identity as a jewel thief known as "The Phantom", and he has his eyes on the Pink Panther. His American playboy nephew George (Wagner) follows him to the resort, hoping to steal the diamond himself, and pin the blame on The Phantom, unaware that he's his uncle. The Phantom is also being trailed by French police inspector Jacque Clouseau (Sellers). Clouseau's wife Simone (Capucine) is secretly assisting the Phantom in his thefts. Clouseau is so incompetent that when several attempted heists of the Pink Panther go down as a party, he looks everywhere but the right place. Simone has her hands full in trying to dodge her husband, help Sir Charles' plans, and avoiding George, who is enamoured of her.

Clouseau somehow manages to arrest Lytton and his associates, but they ensure that the inspector snatches defeat from the jaws of victory at the worst possible moment, and he goes to prison, framed for the theft of the Pink Panther. Not to worry, he'll be back in time for 1964's A Shot in the Dark.

Highly recommended. Too bad I didn't see The Ant and the Aardvark make an appearance...