As you leave the starting area during Timerunning you're introduced to two new abilities which will be very useful in your journey: the ability to extract gems and to scrap unwanted items!
Gems will be one of the main customization paths of the Timerunning event and able to be added to a plethora of items. Every gem added to items can be removed with the new Extract Gem ability. You gain it as you leave the introduction quest area. To use it all you need to do is use the spell and click on the item you want the gems removed from.
While playing with your timerunner you'll run across many different items. While you can upgrade any item you want to the max level, there will be plenty of them you just won't use. For those, you can use the new second ability you gain, Unraveling Sands. This ability will summon an Unraveling Sands that you can interact with to Scrap items for Bronze, a process similar to the one used in BFA with gear to get raw materials, if you played that expansion.