Yes, if both users meet the gifting eligibility criteria (usually based on account age or verification).
To gift:
Tap on your friend’s profile
Tap the Message Button
Tap the + icon to the left of the chat bar
Tap the gift icon
Choose an item from your inventory (These must be giftable items—you can find these items in the Gift shop, a banner allowing you to navigate to the gift shop will appear here and any giftable items you already have will be displayed)
Confirm and send
Note: Some rare or event-exclusive items may not be giftable.