Here's a link to a pw forum post about what effect different shards have on equipment
http://pwi-forum.perfectworld.com/showthread.php?t=66371&highlight=glow (this one shows pics - although i think some of the names are the Malaysian version it shows the Grade #)
also found these descriptions:
Originally Posted by senovit
For armors only:
2 grade 5 hp stones = purple glow
2 grade 5 phys stones = orange/reddish glow
2 grade 5 mag stones = white glow
2 grade 5 mana stones = blue glow
2 grade 5 dodge stones = yellow glow
2 grade 5 elemental stones = green glow
2 grade 5 mixed stones = sparkles.
4 grade 8 hp stones = lightning effect
4 grade 8 mana stones = blue crystal effect
4 Elemental 8s: Strong green glow with sparkles
4 Pdef 8s: Burning fire
4 Mdef 8s: Strong white mist
4 Evasion 8s: Bigger/stronger yellow glow with sparkles.
The following weapons glow:
-Three-star (purple name) : Blue glow.
Obtained at lvl 20 from a quest, or rarely from weapon manufacturing.
-Legendary (gold name) : Gold glow.
Obtained by using materials and a mold (dropped from dungeon bosses) at a Legendary weapon forge in Archosaur.
-Twilight (green name) : Green glow.
Obtained by using Twilight Temple materials at a Twilight Weapon forge in Archosaur.
-All fists