Enchant Magic Item is a ritual that allows characters to create magic items. [PH:304] You touch a normal item and turn it into a magic item of your level or lower. The ritual's component cost is equal to the price of the magic item you create. Alternatively, you can use the ritual to upgrade a common, uncommon, or rare item to a more powerful version of the item that is 5 levels higher. The new version must be your level or lower, and the component cost equals the difference in gold piece value between the old version and the new.