What Is This?

[Dannyalcatraz]

It is an Elvish Military Award, the Pluck'd Eye of Grummsh, given for exemplary service on the Orcishn Frontier.

(Essentially, awarded to aces of the bow.)

 

[Greenfield]

Anyone ever heard of "Mad-Eye Moody"?

 

[Olgar Shiverstone]

Chastity Belt of X-ray Vision.

 

[Ironhead]

It's a Ring of Communication (Beholder) that allows the wearer to understand the alien imagery of a beholder's thoughts. The rings were originally developed by mages seeking knowledge of outsider and abomination society.

 

[Alan Shutko]

Eye of Exact Enumeration

Dragons are renowned for being able to detect the slightest loss from their horde in a glance. Many is the thief who thought "With all these riches, surely this small bauble would not be missed!" This belt, crafted from a dragon's eye, is used to inventory and manage the treasure for the palace.

The belt can be made with anything from a young dragon's eye to a great wyrm. The larger the treasure to be managed, the older the dragon you must obtain, both to handle the larger horde and to encompass the waist of the larger exchequer.

 

[I'm A Banana]

I think it was the ancient Plane of Seibyrspacz.

Seibyrspacz. Isn't that the Elemental Plane of Naked People? I could see why you'd want images that an eye had seen there.

 

[LostSoul]

First thought:

Belt of Assassins, lets you see in the dark when you're trying to kill someone.

Now, let me roll on my tables...

Belt of Stability created by dwarves to deal with sadness or depression from a lack of direction or meaning.

Which makes me that it could let you see what some kind of stone could become if worked, and it grants you great craftsmanship to work it into that shape. A random table would work well, there - or perhaps something using google images. Or maybe both: roll on the table to see what you have to google.