Prestigious Baubles can be used at the core of one of the nine Diplomatic Prestige Factions: Khal, Pankor Zhi/Hathor Zhi, Ahgram, Tanvu, Ca'ial Brael, Martok, Bordinar's Cleft, Leth Nurae, New Targonor.
It grants 10 prestige faction points for the current location when right-clicked.
These are rewarded from Bartender parleys, a few quests and from information turn ins.
These can also be used to make Crafted Diplomacy Gear and Player Crafted Cards.