This is somewhat a continuation of my prior post on the Elementium Shuffle, but today I will be focusing on the relationship between Jewelcrafting and Enchanting.
All of these cuts are learned from the JC trainer. The Jasper Ring and Alicite Pendant give skill-ups until 485, while the Hessonite Band and the Nightstone Choker give skill-ups until 505. Note: you need 475 Enchanting to disenchant the last two jewelry listed above. Now, according to Wowhead the disenchanting percentages of the above jewelry is ~75% Lesser Celestial Essence and ~25% Hypnotic Dust. In my experience disenchanting however, the Jasper and Alicite jewelry broke down into Hypnotic Dust more readily than indicated. Carnelian Spikes is one recipe not mentioned above, as it takes Carnelian x3 plus three Jeweler's Settings when you could use those same three Carnelians (plus some Heartblossom) to transmute into an Inferno Ruby. Wowhead does indicate the fist weapon disenchants into 1-3 Hypnotic Dust ~84% of the time though, so if you do not have access to an Alchemist it may be the way to go with your extra red gems.
Some final thoughts:
1) Although I am calling this the Elementium Shuffle, Obsidium Ore works just as well. Until more people hit the endgame, the uncut rare gems will not be improving your prospecting haul anytime soon, so pick the cheaper ore.
2) Make sure you are checking your AH for situations like this (click for full size):
A lot of people are putting the level 78 Cataclysm greens up on the AH for pennies on the dollar (copper on the gold?) - in the above case, they were selling an item that disenchanted into Hypnotic Dust x2 (80g) for 12g buyout. Regardless of whether these items D/E into Hypnotic Dust or Celestial Essence, you can probably expect to make 40g per piece of enchanting material. Anything under 35g is an instant buy.
3) Leveling enchanting past 475 at this point is, well, somewhat pointless. You can disenchant everything at 475 skill and actually have access to your Cataclysm ring enchants at that same level. Practically no one is going to buy enchants for their sub-85 gear, and we all know these Enchanting mats prices are unsustainable in the long term anyway - selling a stack of Hypnotic Dust for 1000g is simply absurd. Ergo, I am recommending you sell all the Enchanting mats you end up with right now before they become cheap later. There will still an scroll market later, trust me.