For a newborn gift, a piece of jewelry is an option. 

One option goes into a keepsake engraved bracelet. Finding an ID bracelet to have the baby name engrave and possible have the back side of the bracelet engraved with birthday.

Baby ID bracelet could be a great gift occasion for the newborn and baptism.

You can find gold, silver and coral bracelet options in this page.

http://www.silara.net/14kt-engraved-baby-id-bracel...

http://www.silara.net/id-coral-14kt/