Use 'bauble' to refer to Christmas ornaments, a festive context is often implied. Every year, the family treasure box is opened to hang ancestral baubles on the tree.
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Metaphorically Speaking
'Bauble' can be used metaphorically to describe things that are superficially attractive but not valuable. He offered me a shiny bauble, but I knew it wasn't real gold.
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Physical Shape
'Bauble' often suggests the object is spherical, though it can apply to other shapes. She wore a necklace with a bauble pendant.