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Items such as the Reserved Ioun Stone and Ring of Spell Storing state that:
The spell uses the slot level, spell save DC, spell attack bonus, and spellcasting ability of the original caster, but is otherwise treated as if you cast the spell.
There is no mention of not needing components, which suggests that components are needed twice for these items: once to cast the spell into it and again when casting a spell from them.
Is this correct?
DMG p141 (emphasis mine) indicates that the item's description would have to explicitly indicate it would require material components.
The spell is cast at the lowest possible spell level, doesn't expend any of the user's spell slots, and requires no components, unless the item's description says otherwise.
The passage within the Ioun Stone and Ring of Spell Storing refers solely to the power level of the spell coming out of the ring or stone as opposed to a set level such as that found on a wand or scroll.
Components (including material) would have been used at the time of casting the spell to be stored in the items in the first place. Double whammy would be counter to the spirit of the item as well as the logic behind them in my opinion.
Another way of thinking... One way to think about it that may help make sense with relation to the base spellcasting rule from the beginning of the chapter is that the item doesn't have innate spells until it is granted one. Think of it as a variable instead of a constant. In the case of a wand the spell Web would be a constant and has specific parameters built in when it is created. Here you instead have a variable that you can set. Once you cast, let's say, Revivify into the Ring of Spell Storing you are making the spell inherent to the item once all parameters are set on the fly when you insert it into the ring, ready for consumption like any other magical item.
Recently I was thinking about this late one night with sleep deprivation and I must say that you could consider certain spells to be exceptions to this rule. See my follow up question.
Read the description of the Ring of Spell Storing. The specific description overrides the general rules of items from which spells are cast.
While wearing this ring, you can cast any spell stored in it. The spell uses the slot level , spell save DC, spell attack bonus, and spellcasting ability of the original caster, but is otherwise treated as if you cast the spell.
So, RAW, other than "the slot level , spell save DC, spell attack bonus, and spellcasting ability of the original caster", the wearer of the ring is treated as having cast the spell. Thus they must provide material components, draw things, select parameters (such as teleport sigils/destination), etc. Now, RAW, this would mean material components must be expended twice. If DMed this, I would house-rule - I would only require one expenditure of the material components - things that are integral to the functioning of the spell - like a teleport destination sigil sequence in circle that is drawn on the ground - would have to be drawn by the user of the ring. Components merely consumed at the start of the spell - like the 300gp diamond for revivify - would be only required when the spell is stored into the ring.
The spell is cast at the lowest possible spell level, doesn't expend any of the user's spell slots, and requires no components, unless the item's description says otherwise.
Indeed, the description of the Ring of Spell Storing does say otherwise.
As quoted in the question, the magic items only utilize the slot level, save DC, attack bonus, and spellcasting ability of whomever cast into the item.
The magic items still make it:
as if you cast the spell.
This is not the magic item casting the spell via an action, but it is stating specifically as if you cast the spell and cites previously what IS brought over from the original casting (which is also very different than the general rule from the DMG on page 141).
In order to cast the spell out, whomever is doing it must provide any required components. For spells that include a costly component or a component that is used in the casting, it must be provided and used again.
These spells are not inherent to the magic item (and thus follow the general rules about magic item casting), but are specifically cast by another individual into the item to be recast by the user at another time (albeit with the aforementioned slot level, DC, attack, and spellcasting ability of the original caster.)
If no components are necessary at all, then there are neither verbal nor somatic components either, which seems at odds with as if you cast the spell.
The magic item is not being activated to cast via an action, you are still casting it.
author's note: I no longer agree with my logic here, but keeping this up as an example of the counterargument to the accepted answer.
