This piece was made for us by the Snake Charmer. I know that this piece is a dragon piece, but if you remember correctly the Snake Charmer does conjurations on all types of reptiles and reptilians included dragons. The dragon that was conjured into this piece is a spirit form dragon. Sure, he sits on a huge hoard of wealth energies that he will share with you when you wear this piece, but that is not his most impressive talent.
The spirit dragon that you are getting is also a very proficient sorcerer. As such, he is hand to have around. You can ask the dragon for the magic that you want and he will whisper sacred chant into your ear that will manipulate your mind in such a way that whatever magic you have asked for will become part of your genetic makeup and you will be able to perform it.