A problem with 'one size fits all' type gifts is often one or more of the recipients doesn't really need or want that type of item. Personally, I don't really want any more dice or dice bags. I have a set that works well. A couple of my friends don't understand this concept and keep gifting dice. Which wind up stored away unused.
If the characters are being retired, a custom figure or portrait could well fall into the cool but stored away and never used category.
If there is one special event that is frequently talked about, maybe a custom sketch/drawing of that event with suitable caption. Memorable battle. A campaign pivot social encounter. Something that went comically wrong.
Nothing wrong with a different gift for each player based on the GM's perception of what each might want/need.