Do you have stock android if so which version?
Yeah its stock 4.2.2 and beside adding a couple of Apps from the Google play store nothing has really been changed.
I decided to try something. I went back in to settings and restored the phone to the factory setup, given I have only had it since Friday. I then signed back in to my Google account during the start up and voila! all my contacts from my Google account (originally exported from my phone) synced back to my phone and for over a few hours now haven't disappeared. Even if I manually force a sync. If this indeed does resolve my issue then it would appear for some reason that during the original sync with my Google account, where the contacts were on my phone and not in my Google account, went awry and instead of adding extra contacts they were removed. Strange, but fingers crossed this has fixed it.
One interesting comment over at the Android forums stated that one person with a similar issue actually ended up returning her phone for a replacement and after which she did not have the same problem. Maybe it was the fact the new phone was at factory default settings that it worked, similar to my resolution.
Thanks for all those who read this thread and made suggestions. I'll probably post back in a week if this resolution sticks.