The other item is a new gem cutting recipe, but for old world stuff. Conceptually I thought this was a great idea, take something that's currently crap-tastic and make it relevant. Unfortunately Blizz didn't manage a score with the "make relevant" part. This recipe cuts a black diamond (not the blue one, the green version) into a random red/yellow/blue cut gem from Burning Crusade:
I made about 20 of these on the Test Realm and got a number of Bold Blood Garnets, Golden Draenites, etc. This recipe might have actually been helpful at the beginning of the last expansion to use up old mats, but I don't think anyone bothers with these Outland gems anymore. The Northrend ones are so cheap and there's no level requirement on them, why would you use an Outland gem? A better implementation would have been to combine the diamond with some type of Northrend ingredient to make a random Northrend gem.
So color me not impressed with these two items - I don't think I would have wasted the Dev time on them.