The detail that grabbed me first is how the spike is held: the top of it is simply bent over the ring itself. No separate loop, no added hardware, just the metal folded down to lock everything together. For a piece this small, that seems like a very clean way to solve the hanging problem.
The build itself is a thick metal ring carrying a tapered, four-sided spike. The spike carries a decorative twist down its length and wears a dark, textured surface treatment. A thin black cord attaches at the top of the ring with a lark's head knot, which keeps the connection neat and easy to re-tie if the cord ever needs replacing.
Two working habits stand out to me. The maker matches where the inside points finish on both sides, so the geometry stays even rather than drifting as the piece develops. And after the shaping is done, the metal gets worked on the colder side to sharpen the edges. My guess is that costs some extra effort at the anvil, but the crisp result on a four-sided form seems worth it. The maker is clearly happy with how it came out, and rightly so in my view.
One open thread: the maker reportedly has around three of these pendants and is making more, so it will be interesting to see whether the design stays identical or picks up small changes batch to batch.