At a lower level the jewelcrafting profession is mostly focused on the creation of necklaces and rings, which only a few other professions can make. They can be made and used by you or sold to your colleagues or sold at an auction house. They aren't soul-bound and don't require any knowledge of jewelcrafting to wear them as some of the WoW cataclysm Gold items in engineering have. Some of them are exclusive but when you find a particular band that you like and decide to make 2 of it, you'll likely only be only able to wear one at the same time.
A Cautionary Note
The first thing to be aware of if contemplating adopting Jewelcrafting as a talent for your character's new creation is that learning this ability in Azeroth is available only in the two capital cities: Exodar or Silvermoon. People who don't belong to Draenei and Blood Elves can still become jewelcrafters, but will need to endure a long journey to one of these cities before they are able to take the class.
The Exodar is gorgeous however, it's a good distance from the majority of the world's civilization.
The problem, however, is that once you leave the areas that are used as starting points of these events, you'll not be able to master new recipes until you return. This is especially problematic for Draenei who may go to the area surrounding Stormwind to complete the Deadmines after having left Azuremyst Isle. If you'd like to go back to Exodar to train, you'll need return to Ironforge or take a flight through Menethil Harbor, then take several boat rides to get to Exodar. It's quite an uphill hike just to master the ability, especially in the event that you need to do several times before your recipes no longer give you guaranteed increases in skill. For the most part, Blood Elves have a bit more of a cinch in this regard, as they can teleport themselves to Silvermoon via the Undercity however it will be a long trek away from Barrens as well as Stranglethorn Vale.
The Jewelcrafting class can be obtained in the Outland at the level of 58 and at that stage the issue becomes less of a problem, but nonetheless frustrating! If you're not willing to take on a lot of lengthy trips that slow your learning curve or even your progress, you might prefer to utilize mining to level up your character. Stockpile ore you Cataclysm Classic Gold for sale gather as a mule and use skinning as a secondary occupation to make money from the leather and earn some money. If you have about six or seven stacks of every type of stone and ore you'll be able switch from skinning to jewelcrafting before reaching the Outland and will be on up to 300 skills without the need of collecting additional. It's an enormous amount of work to get the same outcome however if you focus on worrying about gaining experience, not returning to Exodar every couple of levels, and it'll likely be the best option.