The crafting does not cost any gold, all you need is the items you use as materials for crafting and you can craft them straight away.
They start out weaker then mid grade, but have better lvl up stats so once maxed out they are stronger.
But you do the High grade equp. gacha to see if you`ll get lucky and get an item with "EX" in its name. those give one of 4 (I believe) passive bonuses like Bonus crit damage, bonus def when Guarding, and something else.