I haven't heard of it, nor have my friends or family.
However, it sounds very similar to something I learned years ago, probably on Oprah.
You hold an object, and decide if a) it causes you stress or b) leaves you feeling good (joy I suppose).
Anything that makes you feel stressed at all (like keeping an old set of teacups my grandmother left me that I will never use or display) you will feel better if you get rid of. I'm still working on it. They have at least moved from my hutch to our garage. My feeling is, if they sit there for another year - then I can safely donate or biff them.
I do the same with clothes. If I haven't worn in a year, I likely will never so I do clean out my closet from time to time.