The thirty key chest holds a legendary weapon called the Avenger. The Avenger is a weapon that a man sold his soul for. A group of demonic creatures killed his family and he traded his soul to Skorm for a sword capable of destroying the creatures that killed his family. The whole in the center of the blade is where the mans heart permanently melted into the metal.
The chest also contains one of every gem.
The armor is actually found in the Necropolis, in the twenty-five key chest, and it's Arkon's battle armor. The armor was made from the last titanium troll to walk the land and its armor is the strongest material known to man.
The twenty key chest in the Guild contains the Murren Greathammer. The Murren Greathammer is actually part of two, the other weapon is the Murren Greataxe. The axe is found in the silver key chest on top of the lighthouse in Hook Coast, the two weapons are said to have been forged by the god's own will. They are both relatively powerful, the hammer goes well with evil suits, the axe goes well with good suits.
There are many powerful people in this world. Few of them are responsible.