No, no, no. It was never in the ocean. She had it all the time and threw it INTO the ocean at the end of the movie.
Oh wait, I'm thinking of something else...
That was the dumbest scene in the whole silly movie. Don't we all throw expensive jewels into the ocean 50-60 years after a tragic event for symbolic reasons? It made me hope some salvage operation would find it and take it home since the old lady didn't have any further use for it, and was too silly to leave it to her heirs.
I know, you don't have to say it, I need a life.
:)