Which material is best to make a gift bag?

The "best" material depends on what you're going to put in the bag. For jewelry, many times organza is used for a sheer, elegant presentation where strength is not required. For a bottle of wine, any medium weight fabric like a woven cotton/polyester blend print would be fine. For a multi-purpose gift bag, you could use canvas or old blue jeans to make a larger gift bag which can also be used as a shopping bag afterwards.