I think the biggest issue on every Jewelcrafter's mind this week is which recipes to buy. My toon is a few days behind the power-leveling crowd, which puts me at a bigger disadvantage in the market. So I was very motivated to find a way to carve out a workable niche for myself. I know I shared a tweet/post with you guys about steering clear of the red gems. The competition is so fierce there that prices are already falling to WotLK levels on gems that many players can't even socket yet! I consider this quite unappealing for items that we just unlocked mere days ago.
In my other Jewelcrafting posts I've advocated going off the beaten path and purchasing less obvious gem recipes. Obviously I'm not suggesting anyone buy a crappo cut that has zero market. But you can pick gems that have lower competition and hopefully make more money by not competing with so many sellers. You can do some preliminary searches on your auction house to see which cuts are missing from the supply and purchase accordingly. Or just pick up something that has very few sellers and still lists at a good price. Use your judgment to pick cuts that still have good stats, just not the most popular versions. I think combo gems with Haste or Hit are a good option. You might also consider gems with Mastery, although I'm still unclear on which classes strongly value Mastery as a stat.
A good case in point is my own situation. I needed to pick up a meta gem recipe and saw that there were already a number of other players posting them for sale. The two cuts that everyone seems to be buying are Austere (tank) and Chaotic (dps). No healer meta gems in sight, so I bought the healer meta that I thought was most likely to be the top choice. Now my JC Rogue clearly doesn't need this gem, but I saw an opening and I took it. While everyone else is driving the price of their cut gems down to the value of the uncut gem, I'm able to name my price on the gems I list. Every single one of my meta gems has sold for 600-800g, while the other sellers are fighting it out in the 450-500 range. I could probably set the price even higher, but I don't want to price myself out of buyer's pocketbooks :)
You can take this idea one step further by putting in a bit of research. To this end I set out to identify which cuts had NOT been purchased on my realm. I used the Undermine Journal to look up all the new gems, then clicked on each cut to see how many sellers had listed it. I found six different gem cuts that had zero sellers and 4 others that had just one seller. This gives me ten different recipes I can purchase that would have little or no competition. Lest you think I'm talking about obscure and useless gems, some of the cuts in this group were Deft Ember Topaz (+agility & +haste) and Etched Demonseye (+strength & +hit). I wouldn't consider either of these crappy gems, they are hybrid gems with good stats.
This may be more work than the average player wants to spend on their professions, but I think it's well worth it to those of us who are serious about maximizing our crafting skills :)
I want to thank the folks at the Undermine Journal for providing a valuable resource to the community. I wish you luck in your efforts to keep the site running with Blizzard's blessing!