Just some details for those looking here:
To me "summoned" is a little misleading. While I may not be technically correct, to me summoned is what mages for example do, they make something out of mana. This item tho is to me "enchanted" just like the name states. But in order not to argue we could say that for a chanter to summon this they would need the "component" Velium bar.
Which is my larger point you need a 262pp bar from Thurgadin (Talem Tucter, inside the jewelery shop, faction applies). Unlike Palladium, Velium sells back for much of it's cost to Merchants once crafted. So for those who are trying to make sense of pricing for Trio items SOE mis-concocted over time this line as well, but the above details will help you place your own value, and at least be able to get the sense that the pricing is driven by multiple factors not just supply and demand and/or cost to produce. (IE: why is a Palladium fire wedding ring selling for 100p when you never see a lesser stats Velium version for under 250p, why do the higher level dwerium trio's only cost the theorecticaly richer players one fifth of what the Palladium ones do etc.)
Have fun using your brain to figure out our still wonderfully quirky game =)