Diablo – What happens to the gem when I salvage an item with a gem in it

I currently have no gold (just went shopping in the auction house… bought me some fancy and expensive weapon), but want to remove a gem from an item since I want to use it in another item.

I'm too scared to try it (it's a flawless gem and I don't want to lose it), so I'll ask: If you salvage the item, will the gem be lost, too, or will it get removed and placed in your inventory? Or will the item and the gem be destroyed, and maybe something will be added to the salvaged goods in return for the gem value?

Also, if this actually works, it would be basically a no-cost gem removal, if you want to salvage the item anyways.