Products: A New Present from the Magi

Of the three precious gifts-gold, frankincense and myrrh-the Magi carried to Bethlehem, only gold has remained on elite Yuletide shopping lists. This year, however, all three are combined in a perfume for sale in such exclusive stores as Harrods in London and Asprey in New York City. Frankincense and myrrh are key ingredients of Amouage, a new fragrance created by French Perfumer Guy Robert.

At $525 for a 24-karat gold-plated flask containing one-third of an ounce, Amouage, which means "waves of emotion" in Arabic, may be the world's most expensive fragrance gift. Even so, the list of shoppers who simply...

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