Hey Pao - you CAN craft the dragon items (helm, armor) into vanities in BSM without the pet. They then become non-trade-able items. You can wear them whether they are crafted as vanity or not if you just want the "look." But, in order to get the L60 equivalent Ring of the: Green Dragon, Blue Dragon, Gold Dragon, Red Dragon, etc., you will need to have the appropriate color dragon pet and equip him along with the crafted vanities. Once you do that, you will earn the achievement and be granted the ring of that dragon (when equipped, it will increase your stats).
TIP: most people probably know this, but just in case...when you buy the recipe at the dragon NPC, make sure you first unequip your uncrafted dragon items before trying to craft or it won't do it.
PS. The sets don't "glow" per se, but they do provide the little "sparkles" that flow upwards from your character/toon. But that only works, I believe, when the ring is obtained and equipped using the crafted set plus the pet. It sort of looks like the sparkles that come from the 2pc and 3pc rings.
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