I'm sure many of you finished up the Cardinal Ruby quest this weekend, as did I. One thing we learned for those who are still working on it, is that Lizzy does not take your gems from you. This means you can transmute any gem you like, not just the cheap junk. The second thing we learned is that the quest is counting the act of transmutation, not the resulting product. As we've discussed in our comment area, Tranmute procs do not give you a leg up for this quest. No matter what happens, the quest will take five days to finish. We also learned that the quest is a tad buggy, so be sure all of your transmutes get counted. If you run into a problem, contact a GM asap!
Once you turn in your quest, you'll probably have to wait until the sixth day to make your first Cardinal Ruby. Bummer, right? That means yesterday was the first official day when the Auction House would start filling up with transmuted gems. I'm assuming by now that the Emblem/Honor action has died down, surely those who planned to buy gems that way have already done so. Which means that the main source of gems will now be Jewelcrafters and Alchemists.
Jewelcrafters cannot control which gems they get from prospecting (or icy prisms). If you want a guaranteed result, you'll need an Alchemist. I would not be surprised to see Alchemists start selling their gem transmutes much the way Miners sell their Titansteel CDs. I know I have zero intention of sharing my CD any time soon. But for someone who doesn't have a cabal of toons to upgrade, they might be willing to barter their services.
It will be interesting to see how all this plays out and we'll be keeping our eyes on the action. In a couple more weeks we'll see if we can come up with some new stats for our "Most Popular" page. Then we'll have an idea of how epic gems are affecting the overall gem market.