Jewelcrafting

Jewelcrafting depends on your economy of the server you are on.
In my specific case on a high population server. I managed to make over 100 thousand gold from jewelcrafting in about 5 months.

It takes a lot of initial gold before you start to see a steady flow of gold filling your wallets. I did this with about 1-2 hours in Ironforge everyday Buying ore and uncut gems, prospecting and cutting blue
and green gems.

Average Chances:

• 
  
• Ballpark of 18%-20% chance to get a Blue Gem per prospect
• 
  
• (4 prospects per Stack of ore)
• 
  
• 150% Chance to get a Green gem
• 
  
• (1.5 per prospect)
• 
  
• 100% Chance to get 1 Adamantite power per prospect
• 
  

Some Tips:

1. 
   
2. Always cut and sell uncommon (green) quality gems.
3. 
   
4. Never Assume you'll always get a Blue Gems per Stack of ore. The Chance is random, you may have one day of getting a blue gem every prospect and one day of hardly any. It all evens out in the end
5. 
   
6. Advertise in trade chat as you cut/prospect to cut gems for tips, free money never hurts
7. 
   
8. If you manually farm a lot of ore, Invest in some blue Ring/Necklace recipies. Create some of the more desirable rings/necklaces
9. 
   
10. The prospecting rate on fel iron ore is really low, do not buy this ore for prospecting.
11. 
    
12. Always calculate your profit margin in the long term after factoring in the sell prices of green plus blue gems and vendored adamantite power. I always shoot between 15-40% profit margin
13. 
    
14. Match the buyout price of the lowest gem auction, set the bid price lower, and set the auction for the least amount of time you can manage. If someone has listed gems way under the average gem price, buy out the gems and relist them. You'll make more money in the long term.
15. 
    
16. List only a few blue quality gems per type at a time, i usually list 2-3 at a time and list 1-2 more every few hours as i get undercut. For green gems, feel free to list 10-15 at ta time, they'll pile up over time, if you can't manage to sell them after 1-3 tries in the auction house i usually vendor them.
17. 
    

That's because you are Draenei, they have +5 jewelcrafting skill, thus your skill comes at 305.

Here is a list of all the JC trainers, sorted by faction: http://www.wowhead.com/?search=jewelcrafting+trainer#npcs:0+4+3+1

To get the JC skill, you need the Burning Crusade expansion. Start out at the following trainers and learn Apprentice Jewelcrafting, this will allow up to a max of 75:

Alliance:
Farii <Jewelcrafting Trainer>
Horde:
Kalinda <Jewelcrafting Trainer> or
Aleinia <Jewelcrafting Trainer>

You can learn all the way to Artisan at the trainers above to reach a max of 300.

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Once you get to at least 275, you will need to hit the Outlands trainers to learn Master Jewelcrafting and reach a max skill of 375:

Alliance:
Tatiana <Master Jewelcrafting Trainer>
Horde:
Kalaen <Master Jewelcrafting Trainer>
Both (in Shatt):
Hamanar <Master Jewelcrafting Trainer> (Note: If you have gained Scryer rep and have become I think hostile to the Aldors you will not be able to talk to this guy, and will have to hit the other two above for training)

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At 350, head to the Northrend trainers to reach a max skill of 450 (require the WoTLK xpac):

Alliance:
Alestos <Grand Master Jewelcrafting Trainer>
Horde:
Geba'li <Grand Master Jewelcrafting Trainer>
Both:
Timothy Jones <Grand Master Jewelcrafting Trainer>

If you have WoTLK you can train everything at the Northrend trainers but you're most likely going to need an AH to go broke buying all the mats you need, so it may not work out too well ;o).