According to Paul Sage, they have discussed the ability to craft jewelry in future content; http://tamrielfoundry.com/topic/live-crafting-qa-with-paul-sage-march-7th/

I would like to share my hopes for Jewelcrafting. As with other crafting professions, it is necessary to extract raw materials into craftable ingredients. Gemstones are required and are extracted from ore. Once gemstones have been extracted, the player may craft circlets, rings, necklaces, and amulets. There are seven levels of gemstone quality, namely Normal, Fine, Flawless, Perfect, Radiant, Illustrious, and Exquisite. Gemstones bought from vendors will always be Normal quality. That quality can be increased with polishing. Polishing is synonymous with Tempers from Blacksmithing. Gemstone cuts are synonymous with Traits. Players will need to spend a great deal of time to research different gemstone cuts for each respective gemstone. Here are the possible choices when crafting jewelry…

Craft Jewelry:
Jewelcrafting Station

Base Item:
Circlet
Ring
Necklace
Amulet

Gemstone:
Citrine
Opal
Jade
Amethyst
Aquamarine
Topaz
Sapphire
Emerald
Ruby
Diamond

Gemstone Quality:
Normal (Default)
Fine
Flawless
Perfect
Radiant
Illustrious
Exquisite

Gemstone Cut:
Round – Increase Stamina
Oval – Increase Weapon Attack Speed
Marquise – Increase Armor and Spell Resistance
Pear – Increase Armor and Spell Penetration
Heart – Increase Health
Emerald – Increase Weapon Enchantment Effect
Princess – Increase Monster Experience
Trillium – Increase Weapon Critical
Radiant – Increase Magicka
Cushion – Increase Spell Critical

Here are the possible gemstone cuts;
http://images.forwallpaper.com/files/images/4/43d8/43d87d37/843069/gem-cut-chart.jpg

Jewelcrafting Skill Line (Passives):
Prospecting (Rank I): Improves the chance of extracting gemstones from ore
Prospecting (Rank II): Greatly improves the chance of extracting gemstones from ore
Prospecting (Rank III): Maximizes the chance of extracting gemstones from ore

Gemstone Handling (Rank I): Allows the use of Citrine
Gemstone Handling (Rank II): Allows the use of Opal
Gemstone Handling (Rank III): Allows the use of Jade
Gemstone Handling (Rank IV): Allows the use of Amethyst
Gemstone Handling (Rank V): Allows the use of Aquamarine
Gemstone Handling (Rank VI): Allows the use of Topaz
Gemstone Handling (Rank VII): Allows the use of Sapphire
Gemstone Handling (Rank VIII): Allows the use of Emerald
Gemstone Handling (Rank IX): Allows the use of Ruby
Gemstone Handling (Rank X): Allows the use of Diamond

Gem Cutting (Rank I): Reduce research time by 10% to learn gemstone cut
Gem Cutting (Rank II): Reduce research time by 20% to learn gemstone cut
Gem Cutting (Rank III): Reduce research time by 30% to learn gemstone cut

Jeweler Hireling (Rank I): Hireling will send you low quality gemstones
Jeweler Hireling (Rank II): Hireling will send you low-to-medium quality gemstones
Jeweler Hireling (Rank III): Hireling will send you medium-to-high quality gemstones

Polishing Expertise (Rank I): Increases the chance for improving jewelry
Polishing Expertise (Rank II): Greatly increases the chance of improving jewelry
Polishing Expertise (Rank III): More than doubles the chance to improve jewelry