Sure enough, the chest wasn't opening. For an excellent reason...
I didn't have the right key!! <img src="/ubbthreads/images/graemlins/disagree.gif" alt="" /> I was using the one I picked up from the cupboard next to the chest. Nope! The correct sapphire key is on the chest at the north wall.
Pfffft So I succeeded in opening the chest and found a... TADA
spiked belt!
heh
Sorry for the stupidity, Raze. I'm sure it won't be the last time I goof.