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Gemstones And Other Valuables for Millions of Euro Are Stored at Ports Francs Warehouses

19 september 2012

In recent months a large number of wealthy people from different countries have placed their investment assets to the warehouses of the Geneva-based company Ports Francs for safe storage, Swiss media reported.
According to the reports, polished diamonds, works of art and vintage wines worth a total of 82 billion euros, exempted from customs duties and VAT till their re-export or resale, are stored in Geneva. Representative of the Swiss customs explained the goods accumulation with the global financial and economic crisis.
"Fears of inflation, recession, violence and financial repression push rich people to store their valuables in a safe place," he said.
Ports Francs warehouses serve as a temporary bank coffers which are not available to foreign states.
Despite the fact that since 2009 the company was forced to provide the Swiss authorities with  the data pertaining to the inventory of all goods stored, this information is not transferred to other countries.
For professionals it is evident, that the goods accumulated in Ports Francs warehouses are not declared by their owners at national tax authorities.

Alex Shishlo, editor of the European Bureau for Rough&Polished