if you open the altar of rites benefit of reducing all items to level 1 then you cannot forge a level 70 ring or amulet and hence cannot meet the objective to create on in chapter 2 which means that you cannot get the set benefit for the season!
No !
You’re confusing item level with character level.
The game shows you character level – the level your character needs to be to equip the item.
The item level is something different and is not affected by the Altar.
Search a bit here… there’s got a be a gazillion posts on this… at least !!
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Here we go again. This is NOT a bug.
This 5 minute video is from Season 28, Patch 2.7.5:
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Craft a “sovereign” grade ring or ammie–those are the level 70 rare items, even though they appear as level 1. Happy hunting, Nephalem, and may the RNG gods bless you. 
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Just for the record: The cost of crafting Rings & Amulets includes Gems. If you craft Follower Specials at the Blacksmith it’s less expensive. (No Gems necessary). And Follower Specials are considered a “special” type of Amulet for them.
Your Follower will “thank you” for it. And, you can upgrade them for one of their Legendary versions, which will give you credit for another Season Journey Objective. 
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