That item was originally designed as a tailoring item, but was never implemented in the game. I watch all new added items closely and mail Blizzard about interesting twink items. They replied on this one saying they would not (yet) release this.
EDIT: this item has been in the database for at least 6 months. It is in my notebook with July 24th as date.
EDIT2: interesting to see this is a BoP item but I got the reply that it was a tailoring item. Blizzard has future plans of releasing BoP gear for other professions than engineering at low level? Would be cool.