It is possible to remove a Gem and replace it with another in D3. If yes, how it is done?
If no, maybe Blizz can use a page from the POE where something like this is common practice.
I am new to D3 and there is a lot that i don’t know.
The Jewler Covetous Shen can remove the gems. Click the gem tab give him the item and click remove gem.
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Thanks for the prompt response. I hope this Jewler makes his appearance by the time Gems are available (at the start of Act 2), if not than it is unfortunate.
Covetuous Shen is an NPC in Diablo 3 who serves as an Artisan- specifically, the Jeweler. He can be found in Act 2, hiding in a barrel in the Waterlogged Passage, during the story-quest Blood and Sand.
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You do unlock him in Act 2, don’t remember when during however.
Thanks for the help. I like this community way more than SC2 (i am a SC guy), that due to the nature of the game 80% of the discussions are fights between the 3 Factions.
The flame-wars are legendary…
Many of the people on this forum are very helpful, a few others are useless trolls. Have fun with D3.
When you are in act 5 listens to the follower and Shen dialog, and they will open up 4 side quests.
If you are running solo, make sure to gear out the followers because you can use them (only one at a time).
When you get legendary gems start using them you can always change them. You need to level them to at least 25 to unlock the second ability.
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After you finish campaign and get into Adventure Mode is where the game really takes off. Enjoy!
That is why there is this forum where you can look or ask for questions:
Dont worry, it is not too different here! 
The class fighting happens around new patches, otherwise it is mostly some weird Diablo 2 vs. Diablo 3 fight.
Have fun with the game though.
The disgusting way GGG (Path of Exile) treat new players forced me to chose D3. Waiting for D4 which will have some POE features.