What source is Bloodlord's Vengeance converting?

This item.
I’m confused about the piercing + chaos —> fire part.

Thank you.

So if I understand this correctly, it count as any form of “on gear” conversion, notwithstanding the skill condition. Which would also include retribution damage and spell damage that is not converted first by a transmuter.

No need to respond anymore here unless I’m wrong, just speaking out loud what I think I understand, hehe.