In Warlords of Draenor, this item will be added to the new Toy Box feature and no longer take up a bag slot. You will be able to "use" the item straight from the Toy Box interface.
The Toy Box will be account-wide and therefore so will this item.
Jaina's Locket is one of the five items that are (a smidge indirectly) awarded from completing Shadowmourne's quest line.
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