How to Make Greater Jewels
First, Head to Merchant of Mammon to buy Ultimate Jewelry Boxes. Each box will cost 5kk (5mil) Adena, 5 Energy of Destructions, and 5 Giant's Energy.
Opening the box will yield a "La Vie En Rose's Jewelry Box" and opening that box will yield a random level 1 Jewelry box
Next Head to Shadai in Heine and click on "Show me La Vie En Rose Items". Scroll down and look for the Ultimate Fortune Jewelry Boxes
For Each box that you have, you will need 1 "Jewel Ticket" to change the boxes to an Ultimate Fortunate Jewelry Box.
To get a Jewel Ticket, go to Alt+B > Exchange and search for the Jewelry Ticket. Each ticket will cost 5 Event - Medals and 10k Adena.
Now go back to Shadai and trade all of your boxes for Ultimate Fortune Jewelry Boxes. Each box will have a chance at giving you a Jewel ranging from level 1-5.
After you open your boxes, go to "Compound" in your inventory and begin compounding your Jewels. Keep in mind, Jewels have a chance to fail resulting in losing ingredients.
Once you get 2 level 5 jewels, you will be able to create a Greater Jewel
Complete that process until you have all of the Greater Jewels you need/want!
Now that you have all of the jewels that you need/want, next stop will be to upgrade the Greater Jewels.
To do so, you will need to make Jewel Energy from Shadai and click on Exchange Ultimate Jewelry Box for Jewel Energy Fragments. You will need 5 Ultimate Jewelry Boxes for each attempt. Each attempt has a chance to yield the actual Jewel Energy or Fragments. If you do not have any more Ultimate Jewelry Boxes, head back to Merchant of Mammon to buy more.
Once you get 1 Jewel Energy, you can make an attempt at upgrading your Greater Jewel.
To do so, go back to Compound in your inventory and select the Greater Jewel and then the Jewel Energy.
If the compound succeeds, you will now have a Greater level 2. If it fails it will stay level one. If you try to make it level 3 and it fails, the jewel will revert back to a Greater level 1
Good Luck!