Guild Wars 2

I equipped it to my weapon and realized my crit rate on the character panel does not increase. Does it actually increase and just now show it there?

If you have a 50% critical hit rate from Precision, you’ll have a 52.5% after you equip it. Easily tested with the Fury boon when you get +20% Critical Hit rate. Also, it should show up in Green text as your effective critical hit rate.