My understanding of how elemental damage works is it's a damage that just ignores armor although mobs can have a resistance to a certain type of element. As for the Blood set specifically the weapon and it's conversion to nature dmg I think it's best to have as much pure stat as possible. If you do 1m dmg 650k is normal 350k is nature. The nature can then ignore armor and you get the +5-10% some blood items have to boost the 350k base nature.
If you went pure nature jewels you would lose a lot of the base dmg so you wouldn't start at 1m dmg and everything else would be lower as well.
It applies across arlor but it's use would be only on high hp bosses so probably not worth going that route.
As stated at the start this is my understanding if someone knows more pls share
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