The result is one of a number of varieties of cut gem from among recipes requiring Jewelcrafting skill between about 300 and 325.
Note that there is no item by the name of Prismatic Black Diamond. By using this recipe, you directly convert the Black Diamond to the cut gem.
Notes
As stated, the resulting gems are "Burning Crusade Green" gems. As this is one of only a very few recipes that use Black Diamonds, this recipe may be a comparatively economical means of increasing your Jewelcrafting skill from 300 to 320 (the range it best gives skill points).