Reportedly take gift in trinket (5-5)

I believe the answer is:

knick-knack

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'trinket' is the definition.
(I've seen this before)

'reportedly take gift in' is the wordplay.
'reportedly' indicates a 'sounds like' (homophone) clue.
'take' becomes 'nick' (I've seen this before).
'gift in' becomes 'knack' (knack is a kind of gift. I am not sure about the 'in' bit.).
'nick' sounds like 'knick'.
'knick'+'knack'='KNICK-KNACK'

Can you help me to learn more?

(Other definitions for knick-knack that I've seen before include "Trinket" , "Cheap ornament" .)

I've seen this clue in The Telegraph.

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