Masterwork chromatic dragon leather is an item used in the crafting process of masterwork ranged armour. It is made by combining 1 hard leather, 1 masterwork thread, and 8 of each of green, blue, and red dragon leather, which requires level 110 Crafting (this is done anywhere by selecting 'Craft' on any of the constituent items). Masterwork chromatic dragon leather is used directly in the crafting of masterwork ranged armour: 1 is needed to make a complete set of armour, and an additional 1 can be used to make the cosmetic masterwork ranged cape.
Making each piece of leather requires 250 progress steps of 4 ticks (2.4s) each (600 total seconds), where each step awards 10 Crafting XP. During crafting it is an unfinished chromatic dragon leather.