Step 1: Conceptual Understanding:
Equivalent mass = $\frac{\text{mass of metal}}{\text{mass of hydrogen displaced}} \times 1$.
Step 2: Explanation in Detail:
At STP, $0.7$ L of $\mathrm{H_2} = \frac{0.7}{22.4} = 0.03125$ mol $\mathrm{H_2}$. Mass of $\mathrm{H_2} = 0.03125 \times 2 = 0.0625$ g. Equivalent mass of metal = $28 = \frac{m}{0.0625} \Rightarrow m = 1.75$ g.
Step 3: Therefore, Stating the Final Answer
The mass of the element is $1.75$ g.