The neclace is just that: a plain, normal, non-magical necklace without any rare gems in it. Not all that special (except that almost every other neclace you come across is shiny and/or magical)
EDIT: Oh look. I'm a drizzt
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The last arrow of Legolas kindled in the air as it flew,
and plunged burning into the heart of a great wolf-chieftain.
All the others fled. -J.R.R. Tolkien, The Lord of the Rings
[This message has been edited by Legolas the Elven Archer (edited 10-22-2001).]