M.G.
If they are Asian, a common gift is cash in a red packet/envelope. It's called a hong bao (red packet). Just make sure the amount is even (for example $10, $20) but not with the number 4 (4 means death). However, I'm sure a savings bond would also be an appreciated and appropriate gift. A gold (yellow gold, not white) necklace or bracelet is also a good gift. Jade is also commonly given but there's good jade and bad jade so if you're not familiar with jade, I wouldn't venture into that.
Hope this helps.