If you do decide to pick up Jewelcrafting, one of the biggest money makers for this profession is through Prospecting. Once your Jewelcrafting skill reaches 275, you will then be able to prospect Fel Iron Ore. When you prospect this ore, you will have an excellent chance to receive gems such as Blood Garnet and Azure Moonstone. In addition to these gems, you also have a chance to obtain a rare gem such as Star of Elune and Noble Topaz. Both of these rare gems can sell for as much as 50 Gold each in the Auction House! Also, it's not uncommon to receive mutiple gems while prospecting a single stack. With Fel Iron Ore, you will receive Fel Iron Powder every time. This item is worthless to you but stacks of these sell pretty good to vendors.
You can do the same with the Adamantite Ore. The difference between this and Fel Iron Ore is that the % chance of receiving gems increases quite a bit. Last night when I was doing this, I got a Dawnstone, Golden Draenite, and a Blood Garnet from a single stack. I turned around and sold all of these items for about 65 gold at the Auction House. With Admantite Ore you will receive Adamantite Powder each time. Unlike the Fel Iron Powder, this item is needed by Alchemists to create Mercurial Adamantite which sells for about 12 Gold each at the Auction House. If you decided to take up Jewelcrafting, I hope you paired it with Mining because this will supply almost all materials needed for Prospecting. Even if you don't have stacks of this ore lying around, you can find a lot of great deals on Fel Iron and Adamantite at the Auction House. It is definitely worth the investment if you decide to purchase the ore because you can in turn prospect and sell the gems you discover for a profit. What's nice about this approach is that you never have to leave your main city if you don't want to. You can just keep buying the ore and prospecting the gems and then turn right around and sell for a quick and easy profit. This is one of those gold making strategies that can literally make you THOUSANDS of gold every single week!
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