Is it possible to make gold with your Jeweler? Yes, but right now a lot of players are just giving their money away when combining the wrong gems. If you haven’t already, you need to level your jeweler. You can read my jewelcrafting leveling guide to see how much it will cost you and how much work it will take to open up the rare gem tiers.
The problem right now is that so many people are leveling and finding low tier gems and they are just dumping them on the auction house. This causing 3 chipped gems to be worth more than 1 flawed gem. This means that it’s simply not worth it to combine 3 chipped gems into 1 flawed gem. Why are the prices on the low end so high? Why are people even buying these shitty gems? Probably because they are idiots, but I don’t know. The prices of low level gems will drop all the way to their vendor prices and no one (except new players who have no clue) will combine them.
So don’t try to make gold combining low tier gems.
High tier gems
Since only the first 8 tiers are found in the game as drops, and at the time of this writing only really 6-7 are being found in Hell and Inferno, players are charging the proper amounts of gems over that tier, but there aren’t a lot of buyers because mats are so damn expensive. This is the only potential way to make gold with your Jeweler right now. Start by scanning and writing down the price of tiers 6 through 14, then see if the following tier is at least 3 times more expensive than the tier below it. If it isn’t then ignore it. You also need to add the cost of materials in, which include Pages of Jewelcrafting, Tomes of Jewelcrafting and Tomes of Secrets.
To make the above step easier you can use my gem calculator. You can take prices from the auction house and drop them into the fields and then enter the type of gem you want and the price the auction house is asking for it. There are more instructions on that page showing you how to use the calculator but it will help you calculate exactly how much to spend, or not to spend, on each gem.
Making gold with your Jeweler right now is possible only if you have a high level jeweler but it is rather costly to get one. Make sure you’re serious about making an attempt to make gold with Jewelcrafting before you spend a single gold at your Jeweler.
Important: Many of the strategies and tips I share here were originally inspired by the people at the Diablo 3 Gold Secrets Forum. If you're serious about making the big bucks in Diablo 3, or just being the best players, you need to signup ASAP.