Enchanting is a Crafting Skill unique to the Wizard with the power to refine the base materials that form Oberin into their magical essence, and then use that energy to create items imbued with magical abilities. Using this power wizards can create a variety of magical charms and essences, some of which grant power in their own right, some of which may be used by master crafters to create powerful weapons. The number of Etherite needed seems to be 10 times the item level.
Check the Crafting Skill page for Success granted and time to level up. Also check the Etherite page for production estimates as this varies by skill level and if Black Ferrite is used.