It's actually a little box but if you don't have all of the fonts installed on your PC it will look like a little double pointed arrow
but yes you need that little tidbit in there.
If you want some working links the following are actual item numbers that work:
00272D0000000000000000000000000000000003BEA06115A 9 %T Is an Emerald
00CDC200000000000000000000000000000000070520A3AA9 D %T Is a Mod Wand
000D6200000000000000000000000000000000033551D1C28 9 %T Is a Mod Rod
00B43A00000000000000000000000000000000038D197C51E 8 %T Is a Fairy Wing
You can also get the numbers for other items pretty easily. In game turn your log on, bring up the Item Display window for the item you want a code for type ;tell (click item icon) spam - then go to your log file and you will see the item code followed by part of the item name, like this one for the Weighted Hammer of Conviction:
[Thu Aug 16 20:48:55 2007] Could not find player 010DF700000000000000000000000000000000056F6A30870D Weighted