Jewellers who want to retain their customer base are being advised to take efforts to inspire loyalty, such as introducing special schemes. 

An article in Jewellers Circular Keystone states that maintaining customers is much more cost effective than attracting new ones but does require some effort on the retailer's part. 

It quotes Kristen Darrow, marketing director at Fred Meyer Jewellers, as saying that loyalty programs can help stores expand their business through their existing customers by rewarding buyers for making purchases. 

"Building loyalty does not have to be a big production," Ms Darrow adds, stating that the best way to do so is to offer both hard and soft benefits. 

Hard benefits offer economic rewards to consumers, while soft benefits deliver recognition and privileges to the best customers, she explains. 

"Start small, target small groups," she concludes. "Do it with a plan and determine what you want to accomplish. Fine-tune and grow your program." 

This follows news that the market for platinum jewellery remained resilient in 2007, despite small drops in demand in some nations.