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The amulet is used as blackmail leverage, as it represents Raerek's worship of Talos. Being the uncle and steward of Jarl Igmund of Markarth, this could ruin Raerek's reputation as well as destroy the Jarl's family name. Because they were to renounce their belief in Talos per the Thalmor as part of the agreement to return to Markarth and the throne, this is indeed a particularly compromising piece of evidence.