Each item can have multiple qualities which affects base stats like resistances (for armors) and damage (for weapons).
Sockets - each item can have random amount of sockets which can be used to upgrade the item.
Its possible to place there:
shards - what grants us special abilities
runes - what grants us additional bonuses
Magic items - magic items are random generated ones with a prefix/suffix depending on bonuses item received.
Runic - those items contains engraved runewords on them, but because of time - runewords are damaged. We can fulfill the runeword by using right runes to complete it and unlock full item power.
Relict - the most rare items, connected to world's lore. Each relict item has it's own story and usually is attached to some historical person or event.