Actually, verms are really jacked up right now. Total cost for materials is only about 3 mil. The reason they got so high is because there were far less cloaks than buyers. Let's face it, if you paid 3 mil on materials to make a cloak, the last price on the AH is 3.3 mil and there are none for sale, do you sell it for 3.1 mil? Of course not. They're stacking up on the AH right now and you can bet they'll be 3.1 mil again in no time. Also, synthing vermillion cloaks has proven to be bad for my blood pressure.
On another note, nobody synths Noble's tunics for profit as they never sell. People just buy the cloth so they can get one synthed and hope for HQ. Several Noble's have gone up in the past 2 months or so and none have sold at all. When a shining cloth goes up it sells in about an hour. The prices from the tunics that have sold are from a time when the shining cloth was also worth 10 mil, as opposed to the current 5.2. With how rare shining cloths are and how rare HQ synths are for a 87 recipe, you can bet that an Aristocrat's coat is harder to come by than a Kirin's osode. Nobody would want to sell one.
... least leathermakers are burning money outta their own pockets to make our stuff.