It appears to be a misbaha (Muslim prayer beads). Pretty much what you guessed, right?
Looks like Hindu or Yoga related
http://www.dollsofindia.com/product/japamala-and-rosary-beads/rudraksha-mala-wooden-beads-BJ76.html
Yeah? I thought it might be Buddhist because it looks like it says “Om” on the little medallion thingy. I knew a chick with that tattoo.
Cute sweater vest, though. Bet he’s a real hit on the South side of Chicago wearing that.