India

Feeding India’s Hunger for Gold


The Sree Padmanabhaswamy temple in Kerela holds an estimated $18 billion in gold and jewels

Photograph by Chiara Goia

The Sree Padmanabhaswamy temple in Kerela holds an estimated $18 billion in gold and jewels

Indians imported 863 tons of gold last year, contributing to a high trade deficit. Some business leaders suggest tapping the estimated 35,000 tons of gold already in India, some of it held by Hindu temples. Banks would buy gold and sell it to dealers. The central bank asked some temples about their gold holdings but has said there are no plans to purchase it. Hindu nationalists want the temple gold to stay put.

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Einhorn is Asia regional editor in Bloomberg Businessweek’s Hong Kong bureau. Follow him on Twitter @BruceEinhorn.

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