• vaijayantīm — named Vaijayantī
  From vijaya, 'victory.' The Vaijayantī is Viṣṇu's signature garland of five-coloured forest flowers (also worn famously by Kṛṣṇa). Placing it on Balarāma's shoulders is an explicit equation: Saṅkarṣaṇa is Viṣṇu's own viṣṇu-tattva, not a lesser figure decorated by association.
• śrī-dhāma — the abode of the goddess of fortune
  Compound: śrī (Lakṣmī) + dhāma (abode). The garland is not merely beautiful — Lakṣmī Herself dwells in it. In Gauḍīya theology Śrī never leaves the Lord's chest or His paraphernalia; the verse confirms that Balarāma carries Viṣṇu-Lakṣmī's full association.
• amlāna-paṅkajām — made of unfading lotus flowers
  Compound: a (not) + mlāna (withered) + paṅkaja (lotus). Earthly lotuses wilt within a day; these do not. The garland is a sign of transcendence — only divya material survives in the Lord's presence.
• vāsasī divye — a pair of divine garments
  Phrase: vāsasī (upper and lower cloth, dual) + divye (heavenly). The dvi-dual confirms full ceremonial dress — upper and lower piece, the standard śuddha-vastra for a deity. Balarāma's signature blue lower-cloth is implied.

• Whose service or victory could I honor with a beautiful, tangible gift?
• Where does abstract gratitude need to become an object?

The garland of unfading lotuses in which Śrī resides is itself a tiny Vaikuṇṭha laid around Balarāma's neck — the goddess of fortune does not visit Him as a guest, she lives where He stands. Garments, jewelry and garland together are an iconographic confession by the sages: the protector of our sacrifice is none other than Bhagavān; we will dress Him as such.