We put this question to Shaykh Muhammad ibn Saalih al-‘Uthaymeen, may Allaah preserve him, who replied as follows:
If this is a two-way exchange of gifts, then there is nothing wrong with it.

Principles of Fiqh

Jurisprudence and Islamic Rulings

Transactions

Gifts and Presents

Sheikh Muhammed Salih Al-Munajjid

Exchange of gifts
    among principal and teachers

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Exchange of gifts among principal and teachers