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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums$22 billion in gold, diamonds, jewels found in Indian temple's secret vaults
It's a find worthy of a "Raiders of the Lost Ark" plot line: Jewels, gold trinkets, coins, and statues worth an estimated $22 billion were uncovered in a series of secret vaults beneath a Hindu temple in the southern Indian city of Thiruvananthapuram.
The loot includes about 1,000 kilograms (2,205 pounds) of gold coins some dating back 400 years ropes of gold, sacks of diamonds, and a gold statue of the Hindu god Vishnu studded with precious gems, as well as an 18-foot solid gold ornament weighing 35 kilograms (77 pounds) and rare silver and brass platters.
So far the find is worth nearly double Indias 2011-2012 education budget ($11.61 billion) and there's still another vault to be unlocked. The 16th century Sri Padmanabha temple, in the capital of the southern coastal state of Kerala, is now considered to be the richest of Indias temples.
So just where did the riches come from?
The temple is controlled by descendants of the royal family of Travancore, the former princely state of the region. It is believed the former rulers donated much of their wealth to the temple, where it lay in safe keeping for decades. Offerings by the many worshippers making pit stops there along the global trade routes probably also contributed to the treasure.
http://www.csmonitor.com/World/Global-News/2011/0705/22-billion-in-gold-diamonds-jewels-found-in-Indian-temple-s-secret-vaults
closeupready
(29,503 posts)Surprised it wasn't looted by the Victorian-era colonialists. K&R
SoutherDem
(2,307 posts)struggle4progress
(118,032 posts)Vehl
(1,915 posts)With China being a close second.
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India and China made up about 70% of the world economy till the 1700s. The Indian economy took a hit with the Islamic invasions, and then Plummeted to rock bottom during the British rule.
By most estimates, the Indian Economy contributed about 30% of the world GDP by the time the Brits took over...and only about 2.5% by the time they left. The British rule of India (and the previous Islamic occupation of northern part of India) count as one of the biggest examples of wholesale looting in human history.
hifiguy
(33,688 posts)A TON of gold coins! That has got to be the biggest buried treasure haul in history. Hard to get one's head around a figure like 22 billion.
no_hypocrisy
(45,771 posts)Plus does this affect the market price of gold with this massive amount of gold coins introduced?
Vehl
(1,915 posts)Almost all the gold bought in India (India is one of the the largest buyers of gold) is turned into gold jewellery and is never traded/sold in the markets once bought. So I'm hazarding a guess that this will not make a dent on the market.
hughee99
(16,113 posts)it probably shouldn't affect the price. It sounds like they don't need to liquidate their assets anytime soon.
Motown_Johnny
(22,308 posts)MineralMan
(146,190 posts)I remember reading it last year when someone posted it on DU, and wondered if we'd ever find out what was decided to to with the treasure trove.
Thanks for the reminder.