I got a skinning knife enchanted with +30 spell power and using it to level a priest. Unfortunately I have noticed that it is not affecting my wand damage. Whilst the tooltip in the character pane clearly shows the damage increase, when I actually use the wand to hit enemies it still does the base damage of the wand.
When I unequip the skinning knife and use my wand it does the exact same damage as with the enchanted weapon.