Yeah this would be much more useful if you could equip it in either the charm or range slots the way you can in EQ1. This was never a neck item anyway.
This item can also be used as a furniture item that looks pretty cool. Also no worries if you didnt meant to make it furniture, just examine again and take off mount. If you like to wear it but like it for furniture, then when you merchant just take it off till you want to go adventuring again. Or just find a better necklace.