S.H.
There are SOOOOO many over the top gifts, and high end.
Many parents get inundated with these, but never use them.
Are they personal friends... or someone you just want to gift?
What I think would be pretty special is... a high quality leather bound book.... and you personalize the cover with a high quality gold embossing.... putting the baby's name, date of birth etc... and something to the effect of "Baby Jane's Journal of Wonders and the beginning of my history...." AND, pair it with a Mont Blanc pen or something equally special, for them to write with....
In this book, the Parent's would keep a "journal" of their dear baby girl... her milestones, her anything that catches their eye kind of thing, their daughter's every little wonderments that they witness her becoming and developing every day.
For me, as a brand new "Mom" or Parent... the thing I VALUED most, was my children's journals, which I STILL keep about them. Then when they become young men/women, I will gift it to them as a memento and a "forever" souvenir from me to them.
I think these kinds of gifts are "timeless" and irreplaceable, and not just another dust-collector on a shelf or another silver spoon to get lost, or another personalized onesie that will get outgrown and "forgotten" in a couple of months... you get the idea.
Good Luck,
Susan