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salvaging a gemmed item info
Salvaged items can not be recovered; unlike the [[buyback]] option for sold items, once an item is salvaged, it's gone forever. The tooltip warning to the right is from the Nephalem Cube, but it's identical in function and severity when the Blacksmith is doing the salvaging.
If a [[socket]]ed item with a [[gem]] is salvaged, the gem will be returned to the inventory once the item is destroyed. This is often much cheaper than unsocketing a gem from an item, and the player also gets a small material return for crafting.