You can get all kinds o items from the imps, such as ball of wool, Imphide and ash. You can level up the forging by using Ash. Therefore, always remember collect these valuable items. If there is not enough space in the backpack, just deposit them in the bank. Speak to Wizard Mizagog in Wizard’s Tower after you collect the items, and you will get 875 Magic, Amulet of accuracy (+4 to all forms of attack) 2x Squeal spins and Quest points 2 QP as awards.
As mentioned above, item fallen from Wizard Grayzag’s imps is worth a lot, so you must attack it at the first time, otherwise it will go away, and you cannot find it any more. In addition, you need to collect beads in a quest called Imp Catcher. Red, yellow, white and black beads are needed to be collected. These imps often appear in such places as the Karamja volcano, the farm south of Falador, around the city of Varrock and the city of Lumbridge. When fight them, you must be patient, because imps are crafty, they often avoid attack by turning into smog.
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I was going to the grand exchange to see if my gears were sold out or not yesterday, on the way to the grand exchange I ran across Wizard Grayzag’s imps. Then I fought it and picked up the black bead and Imphide. I was happy to find that the Imphide was sold after I got to grand exchange. To my surprise, the black bead fallen from Wizard Grayzag’s imps is worth over 3280 gp. Therefore, I put it in the grand exchange to seek for exchange without hesitation. Note, if you meet the Wizard Grayzag’s imps, take your time to fight it, or it will disappear soon.