There is little variety in what you are showing in the video, only 2 armor sets, not correctly reflecting the enormous potential of Terraria when it comes to looks with all the vanity, dye and other aesthetic variations. Not that it has anything to do with the actual gameplay, but if you want to make a showcase of a game as brief as a 3 minute video it is best to display the game in a more appealing, full potential.
I like what you intended to do though, I believe these little jewels are a nice retribution for your game experience and expand the player base.
(Wasn't there a contest for this some time ago?)