Cannot be a flashback, because in 206 the snaw necklace didnt existed, back then was still a keychain. Unless Neal put the swan neckale on the bug, she left SB without it, so in her memories, maybe she lost the pendant in prison, so cannot be a FB of the past year. I dont think neal had it with him, they left NY in a hurry to save rumple, back then he was supposed to marry tamara and thought emma doesnt want anything with him, i think he left it in his apartment for safety, i mean back then he didnt knew he would go to EF, then NVL and then back to EF, so he thought that in NY was the ideal place to keep it.
[adrotate group="5"]