Check out a few of my favorites and spend a little time on this site:
Cupcake baking set for the baking enthusiest in your life. A great use for all of those brightly colored yet slightly mismatched liners you have collected, plus sprinkles and a few other bits and bobs packed up in a little case. Adorable? Check!

Chunky knit bracelet out of thin strips of jersey. She has included a very helpful tutorial on this simple project that packs a fashion punch. Awesome? Check!

Simple yet colorful fabric scrap keychains. The sky is the limit on size and embelishments for this project. Best part - a great way to use up your awesome fabric scraps. Tutorial here. Awesome? Check!
There are 25 projects listed here and the three I mentioned were just my favorites. Check it out and design the perfect gift for someone with beautiful supplies you already have on hand.