Quan Chi still has it.
That would be a cool idea for what Rayden will do in hus MK6 ending and going back to beening an Elder God.

I kinda like to think Drahmin took it after he fought Quan Chi- maybe that's what transformed him and maybe he could use it to his own advantage (ie. releasing a bunch of Oni from the Netherealm?)

i think we all know what changed drahmin. the inner sactum(doesn't it sound perverted?)

anyway, the amulet is not sauron's ring

although, now that it controls the DK's armies, many people will be after it.

but it doesn't corrupt people, everyone that got their hands on it were jerks already.

and what would raiden do with it?
give it to the elder gods? the same gods that refused to help Earth? in a world where Shinnok, once a great elder god, can become evil, i doubt other elder gods will keep the amulet safe. anyone of them can become the next shinnok.

i think the best place for the amulet is with Quan chi(MK's best villian ever!) he can use it for more evil and give it chances to show off more powers.

i do wish the amulet corrupted people, i want Scorpion to get his hands on it, so he can use the powers to hunt down Quan chi and kill him in a cool way.

or, we can bring back older subby and let him steal the dragon amulet and shinnok's amulet, and whatever amulets show up.

Ariel (the new charater) got it from Cronos at Quan-Chi's end.