When looking at the item, it does say "a Pokemon loves this item". It is a hint to give a Pokemon that item.
Well that Pokemon is a rhydon.
Give a rhydon that item to hold. Trade it and see what happens...
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rhypirior loves protector
In Pokemon Diamond and Pearl, a Protector can be found on Route 228. In Pokemon Platinum, a Protector can be found on Iron Island.
Trade it with the Protector on it
I believe that Rhydon loves the Protector, but I only found that out by trading it with the Protector on
catch a rhydon, give it the protector and trade it it will evolve into rhyperior and you will lose your protector