Prevents item loss caused by dying, but breaks upon dying. Since update 8.41 buying all blessings gives the same functionality as wearing the Amulet of Loss. However, Amulet of Loss does not protect against experience and skill loss, which full blessings do. If you die in PVP with the Twist of Fate blessing and wearing an Amulet of Loss, you will only lose Twist of Fate.
It does not work on Red Skulled and Black Skulled players. In this case it breaks and is not lootable.
Premium players can sell them to Free Account players who can not get all five blessings, for a higher price, because only Eremo sells them. They can be bought and looted on Hardcore PvP game worlds since Update 8.53.
This amulet replaced the Amulet of Life, which would shield both skills and items from loss. It was also possible to obtain in a Red Surprise Bag during Tibia's 10th Anniversary and Tibia's 15th Anniversary celebrations.