Do you believe that sending out luxury gifts to top clients ensures customer loyalty?

No

Sometimes gifts can be perceived as a cover-up for under-performance, and in some countries there are quite strict rules around gifts/bribery.

If you want real customer loyalty,  give them service that exceeds their expectations.

We can say ( No ) as general answer as follow up with the customers needs is the best way to reach customers satsifications , but whats the harm of sending some gifts to your clients as most of company do , but not sending gifts without follow up your products / services / i mean the basic is to sale and make sure of follow up for customers needs then the gifts come on as showing by way how your customers valueable to your company.

You have only once chance to ensure that the client remains loyal to your business by providing best customer service. Gifting should be a function of a) the business b) the relationship. And once you gift, your client will expect it every year. So if you want it to be a one-off, do it at an unexpected time. 

No