Hi there,
Thank you for bringing this to our attention.
To confirm, are you seeing the Map Pin/Icon for the Treasured Item in the middle of the ocean when looking at the Map, or are you seeing the shimmer VFX on the item in-world as out in the ocean?
If possible, can you please attach a screenshot to the thread so we can better understand what may be causing the issue?
Hello, I am having the same issue.
After swimming out to confirm- there is no visible item or shimmer VFX out there (although it could be on the bottom of the ocean, I cannot confirm).
No indicator showed on the Compass on the HUD when in proximity.
The 'Near and Dear' quest to collect the items is listed as complete in my Journal.
Hope this helps!