I'm pretty certain Turbine just has the license for digital gaming, not product creation like what you/we want.
This. But I agree that gift items can easily be made profitable. Some people are hard to shop for; some people are anxious to spend $5-$200 despite their loved one not bothering to ask for anything. Enter limited edition statues/dolls, and you have something classy, uncommon, and related to the person's interests. It doesn't matter that, realistically, the item is worth a small fraction of its price tag; the point with this kind of gift is to say "I spent X amount of money thinking of you," not "I bought stuff that realistically ought to be worth X for you."