I have been playing for a little over a month now and will soon be promoted to the rank after diamond. My issue is hower that i can barely defeat players, often encountering people with vastly better gear. I also no longer encounter a lot of the ingredients i am looking for for enchanting gear, and i suspect it does not show up at all at this rank.
I think this game is missing an organic way to lose arena rank. I suggest three different solutions:
1) Rank points lost at higher ranks could be decreased drastically, I'm talking -100 to -1000. This would make it more risky to fight if you want to keep your rank, but also make it easier to demote if you don't belong at a certain rank. Currently I lose 6 points, and i would have to loose hundreds of matches to get back to silver or bronze.
2) Online rating/ranking system, that gives and takes points when you defeat or get defeted another player. This would be similar to most mobil game ranking systems.
3) Reset arena ranks once in a while. This would give players a chance to try and race to the top of they wanted to or try and farm for materials before they promote again.
A fourth option could also be to make materials, keys and gems available elsewhere in game.
Otherwise i have enjoyed my experience so far, i love the variety in builds and items.