To take full advantage of this, you'll need to make sure you've stockpiled money for leveling and purchase of some recipes. It'll feel painful to pay all that money, but if you're one of only two or three people on your server with a popular recipe for the first couple days, you'll make it all back as people flock to you for cuts.
With Mist of Pandaria coming out soon I wouldn't drop Jewelcrafting. At the beginning of the expansion and probably for most of its ilfespan, JC will bring you excellent profits. Until very recently there was high demand (on my server) at least for cut gems. And you need to have the popular blue-quality cuts as well, people rarely buy green quality gems. But I wouldn't drop it just because you aren't making money right now.