Transmute: Dreadstone

The following gems can be transmuted by an Alchemist without a cooldown. The link is to a blue post confirming what Alchemists on the PTR are experiencing. I have xmuted dozens in a row and the lack of CD is not a bug. So, expect the epic gems to come more into a reasonable line as far as prices go after a few weeks of the patch.

(6/30/09) Build 10048: The 20 hour CD has been placed on epic xmutes and significant changes have been made to the materials required. The information below has been updated as of the stated build.

(8/6/08) Live Patch 3.2.0: Changed the Eye of Zul requirements to reflect the state which the patch was taken live.

Transmutable gems in 3.2.0 and the required materials:

1. 
   
2. Cardinal Ruby: 1 Scarlet Ruby and 1 Eternal Fire instead of 3 Eye of Zul
3. 
   
4. Majestic Zircon: 1 Sky Sapphire and 1 Eternal Air instead of 3 Sky Sapphire
5. 
   
6. King's Amber: 1 Autumn's Glow and 1 Eternal Life instead of 1 Majestic Zircon and 2 Eternal Life
7. 
   
8. Dreadstone: 1 Twilight Opal and 1 Eternal Shadow instead of 3 Twilight Opal
9. 
   
10. Eye of Zul:3 Forest Emerald
11. 
    
12. Ametrine: 1 Monarch Topaz and 1 Eternal Shadow instead of 1 Majestic Zircon and 2 Eternal Shadow
13. 
    

There is a seems to be a bug in 4.01 (or maybe an intentional change to cripple alchemy), which means that the high-level transmutation recipes are currently unavailable. numerous posts on the blizzard-us forums are unanswered.

As of patch 4.0.1, the cooldown for epic gem transmutes resets at midnight, server time, regardless of when you perform the spell. This effectively makes the CD a static 24 hours, but allows you to perform it anytime during your day.