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Jewelcrafting is the most expensive profession of them all. The cheapest way is to collect the ore yourself and prospect them, when you reach the higher skill level its very easy because stones like jasper are on my server for 1-2g per piece. I used the professionbuddy profil for jewelcrafting 1-525 in Dalaran and lost about 8.000 Gold and then its very easy to level enchanting, so safe everything you create with jewelcrafting send it to and alt and then send it back when youre done with jewelcrafting so you can dischant them. The most fucked up part of enchanting was 200-300 and also the most expensive.
1 Day before I maxed jewelcrafting I farmed 2500 piece of elementium ore and prospected them all the result was more than 100 stones of each colour including 60 infernoruby's I sold the rubys for 13200 gold and made rings and necklaces out of the other's and dischanted them afterwards I had 500 hypnotic dust, 160 greater celestial essences and 110 heavenly shards. Afterwards there were still 200 hypnotic dusts, 85 essences and 80 shards from which I bought every recipe of the vendor.