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The Precious Locket is a key item in Dead Rising 3.
It is the key item required during the mission Blood Barter. The locket, which has now been sold by Troy Glover, once belonged to his now deceased daughter. He will ask Nick to retrieve it from a man he sold it to after being swindled.
Kent DeMare can be found inside of Speedy's G Spot in possession of the locket. He must be defeated before the locket can be picked up from his corpse. Returning the locket to Troy will finish the side quest.