The aoc gold problem with this (either than the socketed item effectively giving you no bonuses) is that when you unequip the item you actually loose the effects of the socketed item as if they were previously applied. This causes you to get a negative attribute modifier until you zone. The work around to this is to dequip all socketed items everytime before you zone or log so that the items work properly.
You need to make 3 random gems.
You can get one update every time you load into a new zone, either logging in or out or changing zones will allow you to get an update. YOU NEED TO MAKE THE CUT ASAP AFTER YOU ENTER A NEW ZONE IN ORDER FOR THE CUT TO COUNT.
Note: I have been told that you need to close your crafting book before zoning and reopen it once finished else the cut will not count.
*Prefixes are labeled with what gems can get them, the label legends are described after, A1 would mean Class A cut with a Class 1 gem, C3 would be Class C cut with a Class 3 gem
An online spreadsheet with the easy readable tables and effects can be found here. Note it is a work in progress, if anyone wants admin priveledges to help keep it updated send me a pm and I will see what I can do*.
*To view the spreadsheet without gridlines you have to add "&gridlines=false" to the end of the URL. I have it in the embedded link, but apparently it doesn't stay there when browsing each sheet of the list.
A searchable database can be found HERE.
Damage Procs (flawless gems only)
Arcing - electrical dd - A7,B7
Corruptive - unholy dd - C1
Envenoming - poison dd
Defiling - unholy dd - A1, B1
Destructive - crushing dd
Gelid - cold dd - A2, B2
Flaring - fire dd
Rending - slashing dot
Retributive = piercing dd - C3
Ripping - crushing dot - C3
Scalding - fire dd
Sacrarial - temp increase immunities - C5
Shocking - electrical dd - C7
Venomous - poison dd - A1, B1
Wrathful - holy dd - A8, B8