Menn þeir váru í Asía, er einn hét Álfrigg, annarr Dvalinn, þriði Berlingr, fjórði Grérr. Þeir áttu heima skammt frá höll konungs. Þeir váru menn svá hagir, at þeir lögðu á allt gerva hönd. Þess háttar menn, sem þeir váru, kölluðu menn dverga. Þeir byggðu einn stein. Þeir blönduðust þá meir við mannfólk en nú.

Óðinn unni mikit Freyju, enda var hún allra kvenna fegrst í þann tíma. Hún átti sér eina skemmu. Hún var, bæði fögr ok sterk, svá at þat segja menn, at ef hurðin var aftr ok læst, at engi maðr mætti koma í skemmmuna án vilja Freyju.

Þat var einn dag, er Freyju varð gengit til steinsins, hann var þá opinn. Dvergarnir váru at smíða eitt gullmen. Þat var þá mjök fullgert. Freyju leist vel á menit. Dvergunum leist ok vel á Freyju. Hún falaði menit at dvergunum, bauð í móti gull ok silfr ok aðra góða gripi. Þeir kváðust ekki féþurfi, sagðist hverr vilja sjálfr sinn part selja í meninu ok ekki annat fyrir vilja hafa en hún lægi sína nótt hjá hverjum þeira. Ok hvárt sem hún lét at þessu komast betr eða verr, þa keyptu þau þessu. Ok at liðnum fjórum náttum ok enduðum öllum skildaga, afhenda þeir Freyju menit. Fór hún heim í skemmu sína ok lét kyrrt yfir sér, sem ekki hefði í orðit.

There were four men in Asia called Álfrigg, Dvalin, Berlingr and Grérr, who dwelt not far from the King's hall, and who were so clever that they could turn their hands to anything. Men of this kind were called dwarfs. They dwelt in a rock, but at that time they mixed more with men than they do now. Óðinn loved Freyja very much, and she was the fairest of all women in her day. She had a bower of her own which was beautiful and strong, and it was said that if the door was closed and bolted, no-one could enter the bower against her will.

It chanced one day that Freyja went to the rock and found it open, and the dwarfs were forging a gold necklace, which was almost finished. Freyja was charmed with the necklace, and the dwarfs with Freyja. She asked them to sell it, offering gold and silver and other costly treasures in exchange for it. The dwarfs replied that they were not in need of money, but each one said that he would give up his share in the necklace [and they didn’t want anything else, but that she would lie by each of them for a night. And whether she agreed to this for better or worse they, Freyja and the dwarves, then agreed on it]. And at the end of four nights they handed it to Freyja. She went home to her bower and kept silence about it as if nothing had happened.