Hey Laura---Here is what I posted yesterday on another thread. Hope it helps.
when we were in western caribbean 2 years ago, we loved the tortuga rum cakes in Grand Cayman. We bought an assortment of 6 or 8 different flavors and gave some away, but ate most ourselves. A lot of the small shops had huge trays of rum cake for sampling. Anyway, I have been craving that since then. But the rest of the shopping there was very expensive. About $1.25 american for $1.00 GC. So, a $2.00 ruler cost us $2.50. Surprisingly, we got home and opened a bag of 10 pens I had grabbed (they were loose) and one of them was from Barbados or somewhere--that was funny!
In Cozumel, Los Cinco Soles had awesome souvenir shopping--we bought a mexican blanket for about $5, lots of brightly colored paper maiche coasters, a capiz shell windchimes, tequila, rum, leather hair accessories, and awesome pure vanilla. I have heard of others buying silver, but we didn't look for that at all. We bought my daughter's sapphire ring in cozumel too, and the price was great, because we negotiated it down about 40%.