I'd rather not give the full plan, as the door is not necessarily forever closed. But in broad strokes
Gemcutting would have been used to prepare stones to be used in jewelcrafting and/or to increase their value before selling them to NPCs. Jewelcrafting would have produced rings, amulets and belt buckles. Gilding metals would be the main components, with cut gems as the optional secondary components.
Properties ranging from ST bonuses, to skill bonuses, and maybe even spell charges.