It's a vibrator. A diamond-encrusted vibrator.
Little Steel Tonight features an eternity band of 28 round-cut black diamonds and is adorned with the lyrics of Dave's song, "Let's Do It Again." And it sells for about $1,500. (No, that's not a typo.) But don't trouble yourself ordering one because it's apparently sold out.
From the description:
The ultimate backstage pass, the vibrator comes with a leather cord threaded through the cap so it can be worn around the neck and taken out on the town. Also on the strap is a custom guitar pick just in case a serenade or solo is in order.
Naturally, there's a video for it.