No, spellcrafting is the ability to make gems that are imbued into items.
Gemcutting goes up at the same time as a spellcrafter works on his SC points.
Herbcraft goes up automatically, as you train in alchemy.
Jewelcraft is an option that has been promised in the future; I suppose so that you could make jewellry like bracers, gems, rings etc. that can be just equipped and not imbued into items.