A character may have amongst his/her possessions items that are made from precious metals and/or have gems inset in them.
Most equipment is deemed to be made from steel, unless otherwise specified. It is possible to make items from other materials. Using other materials modifies the cost and weight of items as follows:
| Material | Cost per kg | Equipment weight modifier | Weapon/Armour modifier | Magical focus modifier | Smithing modifier |
| Steel | 4d | x 100% | +0 | -1 | +0 |
| Iron | 2d | x 125% | +0 | -2 | +1 |
| Bronze | 4s | x 100% | -1 | +0 | +2 |
| Copper | 4s | x 100% | -2 | +0 | +3 |
| Silvered steel | 20s | x 100% | +0 | +1 | -2 |
| Gilded steel | 200s | x 125% | +0 | +2 | -1 |
| Truesilvered steel | 2,000s | x 75% | +1 | +3 | -3 |
| Silver | 50s | x 100% | +0 | +2 | -1 |
| Gold | 400s | x 150% | -2 | +3 | +2 |
| Truesilver/mithril | 4,000s | x 50% | +2 | +4 | -4 |
| Meteoric steel | 400s | x 100% | +1 | -2 | +0 |
The weapon/armour modifier affects the attack modifier, parry modifier and damage modifier of a weapon, and the protection value of armour. The magical focus modifier affects enchanting the item subsequently. The smithing modifier shows how easy or difficult the material is to work, and affects smithing dice rolls to create the item in the first place.
For example, Urlik has a dagger made from silvered steel, in case he runs into a werewolf. A steel dagger normally weighs 0.3 kg; a silvered steel dagger weighs the same amount. The normal cost of a dagger is 2s, which includes the cost of the steel used to make it (0.3 kg x 4d/kg = 1d). The cost of the silvered steel necessary to make a dagger is 6s (0.3 kg x 20s/kg). So the cost of the silvered steel dagger is 2s -1d + 6s = 7s 11d. The silvered steel dagger has normal attack, parry and damage modifiers for a dagger.
The cost and weight of an uncut gemstone depends on its size and type.
| Size | Weight | Gemstone cost | Precious stone cost | Semi-precious stone cost | Ornamental stone cost |
| Tiny (i.e. several used on a ring) | 1g | £1 | 4s | 1s | 2d |
| Small (e.g. one on a ring) | 5g | £10 | £2 | 10s | 2s |
| Large (e.g. pendant) | 50g | £200 | £40 | £10 | £2 |
| Enormous (e.g. centre piece of a crown, orb or sceptre) | 400g | £2,000 | £400 | £100 | £20 |
For cut gemstones, the cost is then modified by the quality of the cut, as follows:
| Quality of cut | Cost modifier |
| Botched | x 10% |
| Poor | x 50% |
| Average | x 100% |
| Good | x 150% |
| Excellent | x 200% |
The following are examples of different types of gems and precious stones:
| Stone | Type | Description | Magical association |
| Sapphire | Gemstone | Translucent clear to medium blue corundum | Air, Truth and Enhancement magic |
| Star sapphire | Gemstone | Translucent sapphire with white 'star' centre | Air and Countering magic |
| Black sapphire | Gemstone | Lustrous black translucent with glowing highlights | Earth and Darkness magic |
| Diamond | Gemstone | Clear blue-white transparent | Light magic and protection against undead |
| Emerald | Gemstone | Deep bright green transparent | Water and Life magic |
| Opal | Gemstone | Pale blue translucent (green/gold mottling) | Earth, Air and Water magic |
| Fire opal | Gemstone | Fiery red translucent | Earth and Fire magic |
| Black opal | Gemstone | Dark green translucent (black/gold flecking) | Earth, Death and Darkness magic |
| Ruby | Gemstone | Crimson red transparent corundum | Fire and Light magic, also believed to aid good luck |
| Jacinth | Gemstone | Fiery orange transparent corundum | Aids travel, wards versus disease and protects versus fire |
| Amber | Precious stone | Watery to rich gold transparent | Illusion magic and wards versus disease |
| Amethyst | Precious stone | Deep purple transparent | Protects versus bad dreams, aids sleep, prevents drunkeness or drugging |
| Aquamarine | Precious stone | Pale blue-green transparent | Water magic |
| Beryl | Precious stone | Yellow-green transparent | Mental protection, detection of traps/enemies |
| Coral | Precious stone | Crimson to white opaque | Water breathing, weather calming, protects versus madness |
| Garnet | Precious stone | Red, brown-green or violet transparent | Earth magic |
| Jade | Precious stone | Deep green, pale green or white translucent | Water breathing, concealment, protection versus undead |
| Jet | Precious stone | Deep black opaque | Darkness and Death magic, particularly demonic magic |
| Pearl | Precious stone | Lustrous white or pale pink opaque | Water breathing and water divining |
| Black pearl | Precious stone | Dark black opaque | Darkness magic |
| Peridot | Precious stone | Rich olive green transparent (chrysolite) | Countering magic |
| Topaz | Precious stone | Golden yellow transparent | Illusion magic, protection against magic |
| Bloodstone | Semi-precious stone | Dark grey opaque with red flecks | Weather control, protection from bleeding, miscarriage and infection |
| Carnelian | Semi-precious stone | Orange to reddish brown opaque | Protection from evil, enhancing wisdom |
| Chalcedony | Semi-precious stone | White opaque | Warding off undead |
| Jasper | Semi-precious stone | Blue, black to brown opaque | Protecting against poison |
| Moonstone | Semi-precious stone | White translucent with pale blow glow | Magic involving the moon, tides and lycanthropy |
| Onyx | Semi-precious stone | Opaque banded black and white | Illusion magic, discord and dissension |
| Agate | Ornamental stone | Translucent striped or circled with blue, white or brown marks | Life magic |
| Haemetite | Ornamental stone | Grey-black opaque | Aids fighting and healing |
| Lapis Lazuli | Ornamental stone | Light and dark blue opaque with yellow flecks | Raises morale, willpower and courage |
| Malachite | Ornamental stone | Striated light and dark green opaque | Earth-based healing, protection from falls |
| Obsidian | Ornamental stone | Black glassy opaque | Darkness, Death and Earth magic |
| Turquoise | Ornamental stone | Light blue-green opaque | Aids magic involving horses |
The magical association of a stone shows whether its use will provide a bonus to a magic casting dice roll either as the material component of an enchantment or as the focus for a magical item.
An item of jewelry will typically be made from a precious metal and may have gems or other precious stones inset into the item. The basic cost of an item of jewelry is equal to the cost of the precious metal required to make the item plus the cost of any stones inset in it.
For example, a jeweler makes a gold ring weighing 50g, inset with two tiny averagely cut diamonds and a tiny averagely cut sapphire. The cost of the gold to make the ring is £1, and each gemstone is worth £1, making the basic cost of the ring £4.
The basic cost is then multiplied by a modifier for the quality of workmanship as follows:
| Quality of setting | Cost modifier |
| Botched | x 90% |
| Poor | x 95% |
| Average | x 100% |
| Good | x 110% |
| Excellent | x 125% |
For example, the jeweler makes the glod ring well (good quality), making the value of the ring equal to £4 8s (£4 x 110%).