Rare mobs in Tier 1 zones drop "Faded Snowbound Armor", which are two slot containers. Purchase an "Emblem of the ABC" to match your class and a Snowbound Refined Velium (21,000 plat) from Sandrice Gemheart in Crystal Caverns. Combine the Emblem and Velium in the Snowbound to create the armor.

Tier 2 is the exact same except "Icebound Refined Velium" instead "Snowbound Refined Velium" and it costs 26,000 instead. There is no cheap way to go from Tier 1 to Tier 2.

Rare mobs in Tier 2 can drop Crystalized Velium Ore. To create armor from it first you need 1-4 Velium Transmogrifant Patch depending on slot (1 Wrist/Hand, 2 Feet/Head/Arm, 3 Leg, 4 Chest). This requires 1 Velium Infused Pelt, 2 Raw Velium Ore, and 8 Velium Infused Spider Silk each and a few subcombines:

• Velium Chainmail Rings - Water Flask, Pliers, Raw Velium Ore - Smithing 423
• Velium Sheet - Water Flask, Velium Smithy Hammer, Raw Velium Ore - Smithing 423
• Velium Heavy Cloth - Sewing Needle, Spool of Simple Thread, 8 Velium Infused Spider Silk - Tailoring 423
• Velium Infused Leather - Sewing Needle, Tanning Chemicals, Velium Infused Pelt - Tailoring 423
• Filament Silk Thread
• Sewing Needle
• Velium Smithy Hammer
• Pliers

Take your 1-4 Patches, a Sewing Needle, and a Silk Template in a sewing kit (Tailoring 510) or with a Velium Smithy Hammer and Template Mold in a forge (Smithing 510) to create an Faded Velium xyz Armor, a container. In that combine the Emblem that matches your class, a Velium infusion Medium (26,000 plat), and the Crystalized Velium Ore to create your armor.