M/s. Rachna Mehra,
While Diwali can be taken as an opportunity for having fun or celebration. I believe the main reason behind all these efforts will be creating a bonding between employees.
Yes as mentioned by our members you can organize some fun competition like rangoli, diya making, darts game; I would rather suggest if possible make an attempt to create moments to treasure. You can ask employees to decorate their cubicle and then invite the families of employees to visit the office so family gets familiar with each other and get to know the place of working. Organize some light refreshment this will really create family bonding between employees.
It also depends on the kind of business your company is involved with and accordingly involve customers and suppliers for better relationship. If your employees are interested in volunteering, can organize visit to old age or orphanage or get them visit your office. As said happiness increases with sharing.
While there are lot of corporate gifts, discount vouchers are available like electronic Diya, calendar, compact pen stand with company name imbibed in it, you can create a special moment for employees by having a book like photo frame where employees can add their favorite photo on the left while on the right side Diwali message from your owner and his digital signature or since team is small can have group photo.
All employees will have different requirement, if you can provide what most employees expect it will add to their Diwali happiness.
Diwali Wishes & All the Best for your efforts...
Regards,
Shivaraj