Treasure trove of jewels, coins and other valuables 'worth billions' is unearthed in Indian temple

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Golden bow, golden coconut shells and statue worth $112m among findings
Value of treasure set to rise with more temple vaults still to be opened

By Daily Mail Reporter
Updated: 08:35 EST, 4 July 2011

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A treasure trove of coins, jewels and precious stones thought to be worth over $11bn has been unearthed at a Hindu temple in Southern India.

The stash of valuables was discovered in five underground vaults at the Sree Padmanabhaswamy Temple in Trivandrum, Kerala, which is renowned for its intricate scupltures.

And the Temple's chief secretary K. Jayakumar said that the find - worth an estimated 500 billion rupees (around $11.2bn) had catapulted it to the top of the league of India's richest temples.

Valuable find: The stash at the Padmanabhaswamy temple is worth billions - and the value could yet rise with vaults still to be opened

However he said the total value of the treasure could only be determined after the final chamber - which had been sealed for nearly 140 years - was opened.

The valuables which have been unearthed so far include a one-foot tall golden statue of the Hindu god Vishnu, which is decorated with precious gems and estimated to be worth around $112m.

Spreading the wealth: There are debates over to whether to invest the valuables in the temple or use the find to benefit the people of India

An 18ft long necklace, a golden bow, a golden rope, and golden coconut shells were also among the many priceless objects which were found, along with bangles, antique silvers, gold coins and emeralds.

WHO OWNS THE TREASURE?

There has been much debate in recent days over who the treasure discovered in the temple actually belongs to.

The temple has been controlled by ancestors of the Travancore royal family since 1947 when India became independent from Britain.

However their continued management of the shrine has been called into question in recent years amid suggestion it should become public property.

Meanwhile historians have argued that the treasures should be donated to a museum or used for the public good to help those living in poverty.

However Kerala's chief minister Oommen Chandy has since made it clear that the valuables belong to the temple since they were given as offerings by worshippers.

The wealth belonged to the temple and it will be preserved where it was found. There is religious and historical significance to the findings.The state will ensure its security,' Mr Chandy told the Times Of India.

The temple - dedicated to the Hindu god Vishnu - was built several hundred years ago by the then King of Travancore - with donations from worshippers being kept in the vaults ever since.

However the Indian Supreme Court recently returned control to the state in order to protect valuables found in the temple.

Kerala's police chief Jacob Punnoose said extra police officers are being assigned to guard the temple.

Local authorities are also planning a high-tech security system to protect the treasure.

'Now it's known all over the world the Padmanabhaswamy temple has jewels worth billions of rupees we have decided to assign it maximum security, Punnoose said.

As estimates of the value of the treasure trove continues to rise, there are growing debates over what to do with the valuables.

With around 450m of India's population living in poverty some officials, such as Supreme Court judge Justice V. R. Krishna Iyer, have suggested the treasure should be used to help the public good.

However others, including Hindu community leaders, want it to be invested in the temple.

Prior to the discovery, the richest temple in India was thought to be the Thirupathy temple in southern Andhra Pradesh state, which contains valuables worth 320 billion rupees.

Several other temples in India own valuables to the tune of billions of dollars, as a result of donations of gold and other precious objects from worshippers.