The end of an Era has come. Magic is broken. New Heroes are needed to face the challenges of the new Age!
The identify spell requires a 100gc pearl that you drink with each casting.Emitx says, if you have the coin, it won't be difficult to get a sufficient gem to cast the spell at a shop.
It doesn't matter that much too me. I really interested in the bracers so they might be worth identifying first especially if they give you a better ability to shoot with ranged weapons.