crrob's answer was spot on.
1 - 0.999^50 = 4.87%
1 - 0.999^693 = 50%
You also asked, "how often i should expect an item to be made", which is a different question than asking when the chance is 50%. You shouldn't *expect* the item to be made in 693 attempts.
The answer to that question is 1000 attempts (hence the chances of it are 1 in 1000). 1000 attempts gives you a 63.23% chance, which might seem like a random number but it's really not, there is a fundamental reason for it which I won't go into here (if you care that much, message me).
Another thing: you said "I wish to make sure I understand that when I add: 1:1000 + 1:1000 + ...".
Adding isn't the right way to think about it in this situation. Adding only works when you're talking about different possibilities of a SINGLE event, not multiple events. For instance, when rolling a die, the probability of rolling a 1 or a 2 is 1/6 + 1/6. But when flipping a coin twice, the probability of it landing on heads at least once is NOT 1/2 + 1/2. Rolling the die once is a single event; flipping the coin twice is two separate events. Each attempt at making an item is a separate event.
*Edit*
Lol, why are so many people still answering the question, and saying the same exact thing me and pdq and crrob said?