Enchanted armor is transparent in inventory

Enchanted armor on the player model in the inventory is transparent, and shows the game through the player's skin and the black background. Note the torch I placed showing behind the model.

Steps to Reproduce:

1. Go to Settings > Video and set the anti-aliasing to 2 or higher
2. Equip enchanted armor
3. Open the inventory
4. Look at the armor on the player

Observed Results:
The armor is transparent.

Expected Results:
The armor should not be transparent.