The dwarves set to work examining the stones.
The bloodstone is of good quality and can be sold for 50gp. The two blue stones are quite different; the first is a piece of blue quartz, a mere 10gp. The second, however, is a high-quality sapphire, and would fetch around 1,000 gp on the market.
Looking over the remaining items, the scroll case carried by your unfortunate classmate is carved from ivory, and was in fine condition; it could be sold for 60gp itself.
The armband has held up exceptionally well, for having been buried for a few thousand years. The velvet pile is still in excellent condition, and gold thread has been sewn along it in a lightning pattern. Of particular interest is that the lightning emanates from two settings, where a gem might lie. Sarge and Brim can confirm that the sapphire and quartz fit perfectly into the settings, and the fully restored armband with stones attached could probably be sold for an additional 500gp than the stones alone.
The blue coloring and lightning motifs, though, indicate that the armor and armband are old items from someone representing The Beloved, a deity dedicated to fertility, beauty, youth, and freedom. In fact, once restored, the armband could be used as a holy symbol to The Beloved.