Hello everyone, long time reader, first time poster (and real sorry if this has already been posted, my searching skills isn't as pro as some of you people :-P) but ya, here is what you do!
First off, you gotta have access to a Enchant / Jewel Crafter, this is kinda like making those Stoneguard Rings back in WotLK.
Buy up Carnelian (on my server they run from about 17-23g, personally I stop at around 23g and just keep searching throughout the day )
Once you have a decent number, and right now we will say 90, then you go to the Jewel Craft Vendor and buy 90 Jeweler's setting (1.5g each)
Now, assuming you paid the max amount on Carnelian gems (23g) right now you've spent about a total of 2205g. Alright, with the gems and settings you can make:
Carnelian Spikes
Carnelian Spikes - Item - World of Warcraft
Which takes 3 Carnelian, and 3 Jeweler's settings, which is about 74g to craft. Now here comes the good part, once you make up all of these Carnelian Spikes, you DE them:
DE:
64% 2-3 GREATER CELESTIAL ESSENCE
30% 1-5 hypnotic dusts
1.6% 1-3 lesser celestial essence
Now on my server Greater Celestial Essence sell for about 60-70g per, even if you only get 2 Greaters out of it, your still roughly doubling your gold. But this is what I did to test the amount of gold you can earn from this:
Made 100 Carnelian Spikes
Mat costs roughly 6500g
What I go from DEing them
Greater Celestial Essence x 213 SOLD at 65g per
Hypnotic Dusts x 100 SOLD at 11.50g per dust
I literally sold all of these over night, and make about 14995g, this is about a 8495g profit.
Only downfall about this, this is all based on my server prices, but all and all, I hope this helps :-D