Is there a default TimeZone in which Date fields are stored in Salesforce?

There is a Date Field whose value is I gave as 15th Oct 2014. When I insert the same, Is this an absolute time value irrespective of any Time-Zone; does it matter who inserted the Date field?
I have user X from timezone: GMT 05:30 and another user Y from timezone: GMT -8:00.
We both insert two records of an SObject called ‘DateObject‘ that has a Date field called datefield__c.
Does it store differently if X wrote this statements instead of Y?

Date myDate = Date.valueOf('2012-12-25 00:00:00');
insert myDate;

Please clarify. Thanks

Answer

I know this question is very old, but it comes up as one of the top results on google for Salesforce date timezone questions.

DateTime fields store the time information in UTC and display the appropriate date and time to the user based on the user’s personal timezone settings.

Date fields contain no time information and completely ignore timezones. Whatever date you specify when you set it will be the date every user sees, with any time and zone information being ignored.

Attribution
Source : Link , Question Author : peevesy , Answer Author : Egor

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