Meh, in it's current state jewellery crafting will be used only to transmute already available jewellery. Crafting and upgrading will just be not worth it. I kinda understand the reason for all the grind though.
Gold jewellery is the only endgame reward and making it available that easily is not what ZOS wants. Sadly because of that all other tiers had to suffer for the sake of consistency. I think they shoud've bit the bullet and straight up made gold mats only available through current sources of gold jewellery. Would've been a lot more acceptable for everyone.
On the other hand people who expected that jewellery crafting will be the same as all other crafts have met the cruel reality that it's not a "missing feature" that was finally added to the game. Noone ever promised that jewellery crafting will be the same as all other crafting skills.