So yea, the 1st gem appears to avoid the spells normal lockout.
However if the spells cast time is less than its lockout (IE the spell casts in 1s but takes 2.5s to lockout) the spell will say not ready when you finish casting it. I believe if it has a longer cast time than the lockout, the cast will go through.
Canni4 for example has a 2.5s cast time, but a 3s recast time. It should yield the "spell not ready text" if put in slot 1 and cast right away after instaclicky.
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