Minecraft Dungeons 2 is a fantastic sequel to the first, however, one thing that didn't make it into the game for some reason, is gear stats. However, these are in the files of the game, and thanks to No-Vermicelli-461 on Reddit, these have been explained.
TL;DR - Weapons have real damage, and every weapon has set damage for each hit of the combo, alongside reach and stagger. For example, a Sword does 14/16/22 per combo, and Double Daggers do 6/6/9. Armor does NOT have health or defense stats, which is why HP does not change when you swap armor.
Armor in Minecraft Dungeons 2 is simply the Item Power + its effects. Light/Medium/Heavy is purely a label. Rarity also does NOT affect stats, only the effects and values of those effects. Uniques are also not guaranteed to be better, most Uniques have identical base stats as the normal version, and some are even weaker (eg. Unique Gauntlets do about 40% less damage).
Basically, weapon types set the base damage, Item Power scales it, and the effects added affect the rest. The exact Item Power formula is in the code of the game instead of the data files.
The reddit post can be found here.




