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If you are giving a bottle of gourmet oils or vinegars or a bottle of wine, slip it into an oven mitt (so that the top of the bottle sticks out of the wrist opening of the mitt). Then tie a festive bow around the top to hold the mitt in place. The "wrapping" becomes part of the gift.
If you like, you can tuck matching potholders and/or dishcloths in the mitt, too. This is especially appropriate for housewarming or wedding shower gifts!