As a quest objective Edit
This item is an objective of N  .
Looks like a red fan-shell. The magister's are the ones channeling energy from the crystal where you carry out the L70 daily quest . They drop after the magister has finished siphoning, but is still glowing red.
When used near a gem, it gives a buff that increases spell damage and healing by 5% for 60 seconds. Use is at a cost of 20% of your mana. It has a 3 minute cooldown.
If you are Aldor, or have complete the quest, you can sell this item to a vendor or auction it.