Colored Pencil Supplies
Colored Pencils: Many fine art stores will offer a variety of colored pencils to choose from. For my classes I recommend Faber-Castell Polychromos (oil-based pencils), and/or Caran d’Ache Luminance (wax-based pencils). Lately, I’ve also been recommending the Derwent Lightfast pencils (oil-based pencils). A good pencil line for soft, more opaque applications (like your final layers) I recommend the Derwent Drawing set.
If you're wanting a less expensive brand you could use Prismacolor Colored pencil sets, they're acceptable when just starting out.
Paper: Heavyweight art paper in medium or smooth finish (tooth). I prefer Stonehenge paper. For the non-absorbent surfaces: UART PastelPaper (800 grit mounted on a board), and Clairfontaine Pastelmat.
Pencil Sharpeners: Hand held or electric should do the job. My preference is the Super Point made by Derwent.
Tape: low tack, artist Masking Tape or any type of low tack tape.
Erasers: One kneaded eraser, and some type of plastic or vinyl eraser. You can also use a battery operated eraser.
Solvents: To apply a more painterly look to your work and/or speed up some of the rendering, I use Gamsol by Gamblin. You can use any inexpensive, stiff bristle brush for applying Gamsol. Gamsol is an odorless mineral spirit.
Air Rocket: Giottos Air Rocket for removing dust and eraser crumbles from the drawing surface. You could also use a brush.
Clipboard: Any type of clipboard that is larger than the paper you are drawing on.