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Could very well be true. I think the vaults of Buckingham Palace must be overflowing with Jewels and gold gifts given over the years that never get worn. A lot of it has to do with whether these gifts get declared as either state property or personal property (in which case they are liable for death taxes)

There’s a whole debate about this kind of gift giving. Camilla’s Saudi jewels are a good example.

I also remember reading about Edward VII receiving gifts from the Maharajas and the details being published but by the Edward VIII went on his tours it was hushed up.