It's not a 'held' object the person may release, it's a 'worn' object that probably requires a willing or incapacitated subject to remove regularly, plus quite some fumbling. So no, basing it on a disarm action won't do. You could probably attempt to smash the thing or similar, but that needs GM's permission to do such with a power normally not suited for it.
EDIT: note also that allowing such shenanigans opens the window to the guy teleporting away somebody's armor, power ring, shirt, or helmet-of-doom. Yes, on such cases the wearer would get a reflex save to pull away, but it's still something you may not want to allow.