Let me clarify the point of awards during graduation. For four years students are persistent and studious with their studies. While other young teens might enjoy their free time as being a teenager, these young individuals strive to achieve results others care not.
This is why we award them. We reward them for their sacrifices that they made for years. We award them for being a role model to others and younger students.
To even suggest taking it away because of jealousy etc, it totally ludicrous! We should stop giving exams because people who score low will feel bad! We should stop background checks during shidchum because the young adult will feel bad when you reject them! In a democracy, everything is governed by healthy competition. Without it, you achieve the evils of communism, where everyone is on the same level. I am just to appalled to continue to write!