Needing pounds not pence, steals jewellery items (7)

I believe the answer is:

lockets

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'jewellery items' is the definition.

'needing pounds not pence steals' is the wordplay.
'needing pounds' becomes 'l' (I can't explain this - if you can you should believe this answer much more).
'not' is a deletion indicator.
'pence' becomes 'p'.
'steals' becomes 'pockets' (pocketing is a kind of stealing).
'pockets' with 'p' removed is 'ockets'.
'l'+'ockets'='LOCKETS'

Can you help me to learn more?

(Another definition for lockets that I've seen is " Ornamental cases worn around the neck".)

I've seen this clue in The Telegraph.

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