The Avengers assembled after the Black Panther discovered that the Earth was affected by the incursions, a multiversal phenomena that caused the periodical collision between realities. In an attempt to stop the the latest incursion, the Illuminati assembled the Infinity Gauntlet.
Even though Captain America managed to prevent the incursion, all the gems shattered, with the exception of the Time Gem, which simply vanished.
The Time Gem unexpectedly returned some time later and transported the Avengers through time. During each time jump, the Gem returned more of the heroes back to the present until only Captain America remained, who was rescued by Iron Lad. Following a confrontation against Iron Lad and his future counterparts, Kang the Conqueror and Immortus, Captain America retrieved the Time Gem and used it to return to the present, though it vanished again afterwards.
Following the destruction of the entire Multiverse and its eventual restoration, the destroyed Infinity Gems were recreated and scattered across the universe. The Collector and the Grandmaster allied themselves with the Guardians of the Galaxy to find the stones, as they believed they held the key to learn more about the destruction and restoration of the universe.
This was because from the point of view of its inhabitants, this process occurred in a blink and went mostly unnoticed, and only powerful beings such as the Elders could sense traces of the mysterious re-ordering the cosmos had suffered.
The Space Gem (now colored blue) appeared mysteriously in a S.H.I.E.L.D. storage facility, with a failed attempt from Loki’s part to retrieve it resulting in the gem ending up in the hands of Wolverine.
The Power Gem (now colored purple) manifested in a giant-size in the desert planet of Xitaung, where it was found by the Nova Corps who are being assisted by The Guardians of the Galaxy.