The engagement gift which is considered as good includes jewelry of gold, diamond, pearl or platinum for both the bride and the groom. For the groom nice gold plated cufflinks or wrist watch can be a very nice gift.
The gifts can range from expensive ones to reasonable ones. If you want to shower your blessing to the couple with expensive gifts then a fine antique item or a diamond neck piece for the bride and a nice wrist watch fro the groom will be really nice. But if you want to make it reasonable then a nice dinner set, photo frame, or jewelry box will do real nice.
Even reasonable is a lovely bouquet of flowers or nice book or a nice collection of old romantic songs for the couple. The gifts that are chosen for the new couple should be creative, innovative and creative not stereotype or old fashioned ones because with changing time every thing is changing for good. But it will be better if the gifts chosen will be useful later for the couple in setting up their new home after marriage.