With a close friend, the usual tricks don't work: an expensive gift doesn't impress and a generic one disappoints. What works is something that only makes sense between the two of you: a joke, a habit, a plan still pending.
Four ideas
The running joke, on a mug or in a frame
Nearly every friendship has a joke that has been running for years. Put it on an object: the line on a mug, the photo from that trip in a frame, a fake certificate with the story. It's cheap and gets used every day.
What only you know they like
Think of what only you know they like: the tea they order after a bad week, the road-trip playlist, the late-night snack. Give exactly that, nicely presented. It shows you pay attention.
For the friend who has everything
For someone who has everything, skip another object. Things that get used up or experienced work better: a box of good seasonal fruit, a quality candle, a restaurant booking for the two of you.
The plan you keep putting off
Is there a plan you've been putting off for years? The class you meant to take together, the restaurant you always wanted to try. Book it and put the printed confirmation in the box. The gift is finally doing it.
Before the draw
Ask everyone to leave hints, even if you know each other well: with a close friend it's easy to give what you think they like rather than what they actually want.
And set the limit before anyone shops, so whoever spends most doesn't set the price for everyone.
Draw names among friends
Create the exchange, ask everyone to leave hints and Cuchumbo runs the draw. It's free, needs no account and nobody knows who drew whom, not even the organizer.
