I had the same delima last year for my daughter first Christmas because my grandmother does Christmas ornaments for her. I decided to do a build a bear that is personalized for her and the particular year. For instance last year I bought her a dog with a sweater that said "Isabelle's First Christmas", she loved dogs last year. This year I bought her a eddy bear that is wearing pink boots (Izzy wont leave w/out her boots), the bear has pig tails (like Izzy) and roars like a lion. My daughter loves to "scare" people so she roars like a lion, when my husband saw the lion roar at build a bear we had to get it. I take a picture of her with the new each year, out it in a scrap book and explain why she got that particular animal.
I was going to do the charm bracelet because I have a James Avery bracelet but it would be way to heavy by the time that she was old enough to wear it. Not to mention it would be a $500 plus piece of jewelry for a teenager that may or may not appreciate it later, but I guess you could judge that based on the child. I plan on waiting for the bracelet until she is a little older.
Good luck!