Redeemed Gems last month for 10000 and 5000 pts, and still haven't recevied them.

You'll need to post in the Xbox Rewards Questions support forum in order for support to look into it for you.

Keep in mind, the credits would have shown as pending on the Rewards site about 96 hours after you redeemed them and would have been scheduled to deposit by the following 15th or 30th of the month.

You'll need to post in the Xbox Rewards Questions support forum in order for support to look into it for you.

Keep in mind, the credits would have shown as pending on the Rewards site about 96 hours after you redeemed them and would have been scheduled to deposit by the following 15th or 30th of the month.

That's what I figured that they would show up on the 15th but I guess I can wait and see if they show up on the 30th.

So, a simple ratio should tell you 10000/500 = a gem is worth $20 and therefore a gem should be worth 20,000 Microsoft points.

Your math isn't quite right here... 10000 Gems = $500 -> 1 Gem = $.05

But still, after the conversion, 1 Gem = 1 Microsoft Point, 5000 Microsoft Point = $5 -> 1 Gem = $.001, which means Gems will be worth 1/50th the value as they would be at the highest tier of the vault (and 1/20th of the lowest tier, where 250 Gems = 5000
Xbox Live Rewards Points). So, the conversion should be at least 1 Gem = 20 Microsoft points.

So yeah, unless they change the conversion it seems to me like Microsoft is basically trying to devalue their rewards currency without paying out the prizes they've been teasing (everything is still out of stock unless you want to buy an Overwatch desktop
background) and screw all of their loyal customers.

Weird. None of the gift cards have shown available for me for quite some times. I have enough VIP gems saved up for a $10 card now, and neither the 5000 or 10000 points options, let alone the $5-$10 visa gift cards.

I keep my eye out every night and every morning, and they never show as available to redeem for me. So frustrating that I see folks able to redeem them like crazy, but they show out of stock for me every single day.

They'll be worth way less than they are worth now. 250 Gems are worth 5000 points now, but if you can't redeem them, their value will drop to 250 points, which is a shame.