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Kelly - real name Colson Baker - made the bizarre revelation on his Instagram account, sharing a photograph of the aforementioned pendant, which is a circular piece of jewellery with a glass middle and what appears to be - and we'll have to trust him on this - a single droplet of blood on it.
The singer, who posted his location as 'My Bloody Valentine' because of the occasion, and in reference to either his own hit single with Blink-182's Travis Barker or - less likely - a previously undisclosed love for a particular Irish shoegaze band.
He wrote: "I wear your blood around my neck."
We have to assume that he's referring to Fox, as the couple celebrated their first Valentine's Day together yesterday.
For her part, Fox shared a photo collage of Kelly, with the caption: "There goes my heart/ manifest outside of my body/ draped in the towering silhouette of a most unusually handsome boy.
"Magical and haunted/ kinetic and tortured/ ethereal and dangerous/ cosmic lawless eternal creative genius/ the journey will likely be perilous/ but there is no destination without him.
"Happy valentine's day rehab barbie."
How sweet, I think.
Oddly enough, Kelly and Fox aren't the first celebrity couple who have been known to wear blood around their necks as a token of their love.
Famously, Billy Bob Thornton and Angelina Jolie used to wear necklaces with a droplet of blood contained within them as they walked down the red carpet.
Billy Bob later said that the whole thing was massively blown out of proportion, adding that they'd only smeared some blood on a bit of paper after jabbing themselves with a pen.
However, it quickly escalated in the press, leading Thornton to say: "But, by the time it came out in the press it sounded like we were wearing a bucket of blood around our necks."
That sounds not only incredibly bizarre, but also probably unhygienic. That s*** is going to attract some flies.
It's a busy time in the life of Machine Gun Kelly at the minute, as Deadline reports that he's about to continue forging his way forward into the world of films, as well as his musical career.
They report that the 30-year-old is joining the cast of One Way, which stars his 11-year-old daughter Casey, as well as Hollywood legend Kevin Bacon.
If the reports are to be believed, he'll play a criminal called Freddy who decides to rob the boss of his organised crime gang.
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