I think the earring just needs to be upped its stats are way too low for that difficulty. Lillu had it correct these mobs are not easy to find, not like your instance where you can clear it every 24 hours or so. If we start comparing the world boss loots to instanced zones and reducing/nerfing every item them then the world bosses have no purpose at all other than being tradable. Why go look for a rare spawn if you can get the same loot in your easily camped instance?
Taladome