Learn to make something, like knitting, crochet or cross-stitch. Craft stores or even local libraries always have classes on making nice seasonal things.
I learned how to make bookmarks w/ribbons and beads and now I give as gifts to the ladies' groups I'm in. This is something you can totally personalize - if one of them likes to read, you could use a book charm at the end of the bookmark as weight. If someone likes the color green, you can find a nice green fancy ribbon. Easy and cheap.
I love giving those books full of fill in the blank life questions. Last year we gave them as gifts and everyone loved them. Each page has a question like "Who was your best friend growing up" and "Did you move alot? How old were you and how did that make you feel?". Good books cover the whole span of life - childhood, school years, first dates, college, first jobs - that sort of thing. I gave my girlfriend a mother/daughter book when her daughter went off to college, where there were the same life questions but yet there were different spaces for the mother and daughter to complete and they could see each other's answers about the same question.