Is it permissible to return a gift that was not liked, and for the giver to be told that it is cheap and does not match the standard of gifts exchanged between the two parties?

Accepting a gift is a sign of humility and noble character. The Prophet, peace and blessings be upon him, used to accept gifts, no matter how small, out of his humility and to gladden people's hearts. He, peace and blessings be upon him, forbade refusing gifts, as doing so strengthens affection and harmony among Muslims.