One of the best professions out there is and always has been the Jewelcrafting, and while many people are diverted back by the strong opposition and the fact their gems are usually undercut in less then 10 minutes but that doesn't have to be the case. What i mean with this is that if you don't want to face the giant head on then kneel down and bite his balls.
Ok just so we are clear, the biting balls part was merely a comparison and no real biting is going to be required on your part. Now that we got that out of the way i'll actually get down to the real gold making facts, and those facts are quite simple, the forgotten market of the WOTLK gems.
So before you get down with the idea of doing this whole thing you need to be aware that if you are serious about making gold with this way you will need to have the patterns for the gems or if you don't have the pattern that will require some old daily running so that you can acquire the patterns.
Ok so right about now you are thinking that this can't be true and that the old gems market is as dead as it can get but that's why you would be dead wrong and i will give you a few pointers on how to do it properly and in the process make a killing on these gems.
First thing you need to know is that these gems are contrary to common belief in very high demand among leveling up players and twinks, and the higher the population of a server is the greater the demand is and in return the greater the profit is.
Now there are few things you need to understand about this market before you get into doing it and that is the fact that the supply of the raw gems is extremely limited nowadays due to everyone depleting their WOTLK stock and no one actually going out to farm saronite ore for the prospecting needs, but still there is a low flow of gems getting up on the AH from players leveling up their jewelcrafting and those players not caring about pricing their gems properly due to them wanting to offload them as soon as possible, but even that low supply is more then enough to fill your coffers to the brim with gold.
Another thing you need to be aware about this is that you should be prepared to invest some gold into acquiring some starting gems be it from buying them straight from the AH as gems or buying some Saronite Ore.
So like we said the higher the demand is the lower the supply is going to be due to the limited influx of raw gems to the market but even with that there's a good space for profits here, and even if you don't have the actual cut patterns there's a way to get around it and profit from it, though not as much as if you had the actual pattern and if you are wondering how keep reading.
Ok so if you are still reading up i will take it for granted that you are interested in how to do this whole thing properly and get those great profits i'm talking about.
Before you get down to evaluating the gems and starting to buy raw gems check out the old gems scene on your server and you are more then likely to see that someone has posted some old cut gems for 10-20g each or even epic ones for as low as 30-50g, if you see those buy them out every single time and the reason behind this is that i have made the prices for the blue ones at 95g while i'm selling the epic ones for 195g but have sold them for 295g as well but they are moving slower at this pace. (this is for me personally but you can choose your own prices be it higher or lower)
Now that you have set your "mind" to the price ranges being 95g and 195g you need to get some gold and invest it in buying out any gems that are up there for anything lower then your target prices and posting them back up for your preffered price. Now this step is that usually deters people from getting in this market due to them having to invest 5, 10 or even more thousands of gold just to buy out the gems and instead of them looking at it as i'm paying 100g for this gem, you should be thinking i am going to be profiting 95g by simply reselling this gem on the AH.
As you can see on the image ( crappy cropping job on my side due to people sending me chat messages in the My Sales reports ) the gems sell quite well, well at about 3-8k per day, the high points being weekends.
From my experience the best sales come from the red gems, no surprise there and from the King's Amber (yellow epic ones) due to the fact that one of the cuts is the +crit and +res one.
So as a recap of this post, as a start you need to be doing the Dalaran daily JC quests if you don't have the patterns for the cuts, then you need to be on a constant look out for cheap raw gems on the AH so you can cut them for profit, and if you don't have the patterns or hell even if you don't have jewelcrafting and you see someone putting cheap cut gems out there keep buying them out because in the long run you will always profit due to that one person posting cheap gems is going to run out of stock very fast.
One last thing before we close the book on this thing would be to check out the AH for Frozen Orbs as well as the 3 gems required for crafting the Icy Prism, this used to be a 24h cooldown craft but it was changed with the launch of Cataclysm and if you take into account that it can contain up to 3 rare gems an epic and even a dragon's eye this little guy can rake up some serious profit where one simple Prism can have up to the equivalent of 600g and it's cost could be as low as 30g so that's definitely something to keep your eyes on.
So there, we are taking up a market that has a fairly good requirement and usually a low to none suppliers for it, and with that in mind we embark on a voyage of epic gold gathering cruise.
So like always keep your eyes peeled for good opportunities out there.