This must be the coolest project I've found in awhile on Laura Glin's blog - I was shocked when it was made to see how it big it was, it is really BIG!
Paper: Chocolate Chip, Holiday Teasures DSP
Punches: 1/2" circle, eyelet border
Other: Build a Brad, Top Note Die, Baja Breeze Striped ribbon, crop-a-dile & pewter jumbo grommets
Here it is side by side with the old style Gift Box in a Box