I think a nice watch is a great gift and something that should last a lifetime. Both of my sons graduated last year - one from HS and the other from college. H and I decided to give them the same watch - a limited edition automatic diving watch that was quite pricey. As a surprise, I also bought one for H, so all three have the same watch, and they really enjoy wearing it at the same time when together.
S1 wears his a lot - not really to work, but when he goes out and dresses up a bit. He was annoyed that stops if he didn’t wear it for a few days, so we gave him a winder for Christmas. He absolutely did not want a class ring even though I tried to push one on him.
S2 would wear his, but we told him that he shouldn’t take it to school, so he wears it when at home for special occasions.
H has several nice watches and enjoys wearing them when we go out, although he wears an Apple watch most days.