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Read it again. It says "on the first day". The first day was two days ago.
When the event first started, you could trade them. But then there was an exploit, and they removed gem trading. Anyone who traded items for gems with other players on that short period (about 5 hours total) on the first day lost their items. As compensation they will get CS:GO.
You cannot do this any longer.
The first day started the same for everyone. A little over 36 hours ago On December 11th (PST). You just didn't notice it happen the first day.
It was right around 3:30PM PST (give or take an hour or two maybe on December 11th. And it was shut down around 9:11pm PST on December 11th. Only about 5 or 6 hours it was open to trading.
I've been on steam more than I should've in the past week, and this update came yesterday for me. Clearly Valve has some preference when it comes to certain stuff. :)
^^
I'm positive the events happen the same time world wide. You just missed the first appearence because it was so short and happened in the middle of the night for you.
The majority of the people exploiting it and causing it to shut down did not appear to even be from the US.