What do you do if a supplier offers an item as a gift of high value?

I will decline the offered gift to maintain integrity of the buyer.

Gifts of high value are to be declined but in polite manner. One should explain to the person offering gifts that it is against his Code of Ethics. However, at the same time it is very important to reassure to such a person that his case shall be processed no merit.

Irrespective of value, you should politely refuse any gifts and educate the supplier regarding company policy of accepting any complements from vendors/suppliers. If they still insist, you should refer them to your HR Dept &  HR Dept should use the opportunity  to raise funds for a company sponsored event.

I would decline the offer. and explain the buyer that i cannot compromise on quality an that it is against the Code of conduct However, at the same time it is very important to inform that all order shall be processed no merit basis only.

Gift either should have for high value or low value must not be accepted in business from supplier, we must refuse it in a proper way.

if it is not related with any business deal or any  personal deal then surely i will accept it ,otherwise i will politely refuse him there by maintaining company business policies.

With my experience from my other job even if it is "ok" to accept gift I DECLINED and I DONT ACCEPT it because my boss thinks that you are doing something and its a big deal for him and even the company policy says its ok but for him you are considered to be a bad person when you accept certain gifts. With my new company It is definitely a big NO to received any forms of gift as it will fall in the company's policy bribery act so we are not allowed to received any gift as per company policy.

Normally an organization will define gift limits.  further management advise to report & submit in HC for their information and further action.

i will refuse it , but may transfer it to company assest to be used in sales 

I will forward to my Company

You have to  refuse it in politely  and explain to him that you can't  accept it as a company policy and for personal professional attitude  then  thank him for this kind and show appreciation ,  incase he insist you can ask  him to pass it to company  HR  manger  .