The Warband Valorstone Discount system, intended to provide cost savings when upgrading gear across your Warband, appears to be malfunctioning.
The way this discount mechanic is supposed to work is that once a player reaches a certain item level in a particular armor slot, any other Warband character can then upgrade that same slot to that same item level at a discounted Valorstone cost.

For example, if one Warband character has a 603 item level ring, the other Warband members should be able to upgrade their rings to 603 at a reduced Valorstone price.
However, players are currently reporting that this discount is not being applied as intended. When attempting to upgrade gear on other Warband characters, the Valorstones Discount window does not appear, and players are still charged the full, undiscounted price.
In personal testing, we confirmed this issue. When trying to upgrade a ring to match the 603 and 610 item levels that had been achieved on other Warband characters, there was no discount applied to the Valorstone costs.
This disconnect between the intended Warband Valorstone Discount system and its actual functionality is clearly causing frustration for players trying to efficiently gear up their entire Warband. It remains to be seen when Blizzard will address this problem and restore the expected cost savings.
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