Runecraft

Runecraft is the original magical art used by the dwarves long before the introduction of Rank Magic.

Background
Two hundred years ago, runecraft was the traditional art practiced by the dwarves of the Dwarf Kingdom. However, after the Demon God Unrest, the art had become nearly extinct. It furthered declined into oblivion when younger generations of dwarves began abandoning its use in favor of the more practical and effective Rank Magic.

Mechanics
Runes apparently were abandoned due to several disadvantages. Compared to Rank Magic, which could enchant an item in a near instant, runes required time, thus using it in full production was not cost-effective. However, runes possessed advantages not found in the Rank Magic system, such not consuming gold in order to craft magic items, a vital aspect in magic item crafting for Rank Magic.

Trivia

 * Some runes used by the dwarves are recognized to be the same as the runes from Satoru Suzuki's world.