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Items such as the Ioun Stone of Reserve 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.
"As if" is more than just a 90's cool girl expression, it is actually the key to understanding how stored spells work.
To store a spell in the Ring (and the stone uses similar language):
This ring stores spells cast into it, holding them until the attuned wearer uses them...Any creature can cast a spell of 1st through 5th level into the ring by touching the ring as the spell is cast. The spell has no effect, other than to be stored in the ring.
Notice that there is no reduction in the requirements for casting the spell when storing it. The ring "stores spells cast into it", cast as normal, with all components and other requirements, but with the additional requirements of touching and being attuned to the ring, and the additional consequence of the spell not having any effect other than being stored.
In order to use the ring, you must be attuned to it - but unlike some magic items, there is no class requirement for attuning. Even creatures without the Spellcasting ability can cast spells from the ring, which is our first clue as to what "as if" means - the requirements of the stored spell are met by the power of the ring, not the caster.
Thus when releasing a spell, the casting requirements are greatly altered (emphases mine):
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. The spell cast from the ring is no longer stored in it, freeing up space.
It is not that 'the original caster supplies the DC etc. but you must supply the rest'. Rather, it is that 'the original caster supplies the DC etc. and you get to act as if you had supplied the rest.' What it is saying is that the ring will take the place of any spell requirements at the time of casting. You do cast the spell from the ring as if you actually could cast, or as if you were actually casting the spell - all components are part of the "otherwise" conditions supplied by the stored spell.
If the spell has component requirements, whether verbal, somatic, or material (expended or not), the power stored by the original casting of the spell (which did meet these requirements) allows you to now cast the spell as if the requirements had been met in this casting. They weren't actually met in this casting, but you are allowed to cast as if they were.
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.
