The ritual begins appropriately, with a cue from the stage manager: "On stage for the Gypsy Robe." All members of the production - some already in make-up and costume - take a place forming a circle on the fringes of the stage. In the center of the circle stand two people; one is a representative of Actors' Equity, the other, a performer, an honored gypsy, from the previous musical that opened on Broadway. The Equity rep may begin by retelling a history of the ritual, while the performer holds the lavishly decorated robe, a mosaic comprised of sewn remembrances, perhaps recognizable logos, of musicals that have already opened on Broadway. Those on the fringe listen and watch; for some this is their first experience; for others, it is a ritual they have participated in many times before as they listen anxiously in the event they will be the night's honoree.

The robe is, in some ways, the performer's "amazing technicolor dreamcoat." The gypsy, although a breed of performer not easily categorized, is usually a chorus member known in part for his or her dedication, professionalism and seasoned performing career. The recipient of the robe is a member of the cast who embodies the qualities of the Broadway gypsy, and has appeared in the most Broadway shows (i.e., the most Broadway chorus credits). Everyone can guess at who the honoree will be, but no one knows until a name is announced by the former recipient.