GearBest.com Gear Best GearBest Refuses to refund purchase Internet

Product page http://www.gearbest.com/cell-phones/pp_261811.html
What a nightmare!  Purchased a $49.99 Oukitel A-29 smartwatch with magnetic charger on 11/27/15.  Received it over a month later.  Charger was defective & would not charge watch after 2 days.  Gearbest required that I send photos and video of defective charger.  Gearbest finally deemed that the charger was defective & would issue a replacement to be shipped within "3-5 business and to be delivered within 10-25 business days after dispatch".

Over 2 months have passed since I inquired about the replacement charger for my $49.99 Oukitel A29 Smartwatch. They responded to my first 2 inquiries, each a month apart, by saying they would reship the charger within "3-5 business and to be delivered within 10-25 business days after dispatch".

Another 30 days passed.  No charger in sight.  I again inquired about the charger, pointing out that over 2 months had passed since my first inquiry.  Their answer was received within 24 hours, stating "As there maybe delay between the real stock and website updates.  I have checked with our warehosue it is really not in stock now.  Please wait 7 business days more for your order,but the exactly date depends on our manufactuer....Thank you for your understanding and collaboration."

My response was "I am not being patient or understanding after this length of time. I am VERY disappointed with how my requests have been handled. There is no good reason why I do not have a working charger for my watch after over 2 months!! It should be in stock! Your customer service is terrible!"

The same day they responded, "Thanks for your message.We empathise with your situation.
I have checked the stock of the item you have ordered, it is not in stock. We can not resend it for you. We can refund you instead USD 5 on your GB Wallet (store credit) and exceptionally reward you with extra points.  You can use both your wallet and points to purchase your future products."

My answer to their offer was, "A $5 refund is not acceptable. Remember that I can not use the $49.99 watch that requires the charger. I will only be satisfied if I am refunded $49.99 to my Paypal account, the method used to pay for the product."

I am seeking a full refund for my purchase.  It appears that a replacement charger for the watch was never available & I now have a watch that cannot be used.