To create a crude umbral piece - blade, slayer, axe, chopper, mace, hammer, bow, crossbow, or spellbook -, bring Eruaran a Dream Matter and 20 Clusters of Solace. You can choose any weapon type, no matter your vocation. You won't lose your dream matter any longer if failing, just your clusters.
The improving step depends on the item you bring. Unlike the first step, no dream matter is required here. Only your crude umbral piece and 75 Clusters of Solace are required to improve your item to umbral state. The chance of failing is higher here, and if so you will lose either your crude piece and keep your cluster or keep your weapon but lose all the required clusters.
The transformation step is the most valuable one and will take some effort, but the outcome is tremendous. Bring your umbral equipment piece and 150 Clusters of Solace in order to transform them to master state. If you are unlucky the following things may occur: You lose your umbral item and keep all clusters or your umbral item is downgraded to a crude umbral item and you lose half amount of your cluster (75).