"It's not new, but the Nightmare Tear (prismatic gem) is selling like hotcakes to all the higher levels that are getting new gear with prismatic sockets and don't know that you can put any gem into them... Easy 450-550g a pop for these on my Horde server (<250g each on the Alliance side). Been selling 2-5 a day. Yes, each one requires a dragon's eye, but I've been able to buy them fairly cheap (<150g each most of the time) so far and actually those prices are falling after a brief spike over 200g." - MatthewNightmare Tear
Good ol' Nightmare Tear. You remember the Nightmare Tear prismatic cut from Wrath of the Lich King? I've had a few reports submitted of people selling these like crazy since the release of World of Warcraft Patch 4.2. There are no armor pieces dropping from the new content that include prismatic gem slots. The wave of gear from new content always leads to more gem sales and players are looking for a gem to slot into the sockets of their new armor pieces. Blacksmiths can create prismatic (or uncolored) sockets for 2 of their pieces of gear and the Blacksmith crafted Ebonsteel Belt Buckles also create a prismatic socket when added to a belt item.
Prismatic Gem Sockets
Prismatic Gems can be placed in a red, blue, or yellow gem socket. Foolish players believe that prismatic gems are the only option for filling prismatic sockets. A wise player understands that a prismatic gem socket can hold any color gem. Newsflash: You don't have to put a prismatic gem into a prismatic socket. I believe players are getting pismatic gems and meta-gems confused. A meta-gem has to be placed into a meta-gem slot, but a prismatic gem can be placed into any slot. Only one prismatic gem can be used per WoW character, since they are unique.
Selling To The Foolish
The World of Warcraft player base as a whole tends to be uninformed and ignorant, as evidenced again by the rush of sales for old outdated prismatic gems for the new gear. Be sure to take advantage of this unexpected rush before these foolish players are enlightened by their guild mates that know better.
I have been consistently buying cheap priced Dragon's Eyes in order to sell Nightmare Tears. I have previously been selling these to leveling characters and higher level twinks. Since the Patch, this market has been welcoming more and more buyers. Although these buyers are foolish players that probably don't know any better, I'll continue to take their gold. If no one is supplying the Nightmare Tears on your server, then test out the market and see if there are foolish players waiting to line your pockets as well. Other than buying the Dragon's Eyes from the auction house, another great source is from your Jewelcrafting profession since there is no cooldown on Icy Prism anymore.
Is your server also full of fools?