Does the word “regift” exist?

Yes, it does. When you get married you usually get a lot of gifts. Sometimes two or three people end up giving you the same thing. For example, you may end up getting three or four clocks. What are you going to do with so many clocks? If you are sensible, then what you would do is to wait for one of your friends to get married. When he/she does, you give one of the extra clocks as a gift. This is what we mean by “regifting”.

*Geetha is planning to regift the ugly vase that she got from Bala.

Sourced from ‘Know Your English’ Series – The Hindu Daily, June 27, 2005.