Not everyone wants to be in the spotlight, even if they deserve a proper farewell. Is the leaving colleague introverted, or have they said clearly they don't want a fuss? Then adjust the format, not the intention.
Choose a smaller setting: a dinner with their direct colleagues instead of a big party. Fewer formal speeches, more informal conversation. Give the gift in a quiet moment, not in front of a big group. And ask the colleague in advance: what would you appreciate? Asking the question is itself a sign of respect. The answer gives you the information you need to do it well.