$22 billion worth treasure found in Indian temple

While one of India's richest temples is garnering worldwide attention for its estimated $22-billion treasure trove, a Canadian researcher says archeologists, scholars, economists and even jewellers are eager to flock to the site to study its historical impact.

The haul from the underground chambers of a medieval Hindu temple in Thiruvananthapuram, India, included enormous quantities of gold coins dating back to the era of French military leader Napoleon Bonaparte, and silk bundles full of diamonds, jewelry and Belgian gold — all artifacts that could help researchers paint of a picture of what world trade looked like between the 16th and 19th century, said Amitava Chowdhury, a Queen's University history professor who was an archeologist in Mauritius for several years.

"This finding showed the kind of international trade in billions of precious items, the evolution of jewelry and stone cutting, coins from all over the world. As an archeologist, what's interesting to me is what you can find out about various cultures based on these precious commodities," he said.

K.N. Panikkar, an eminent India historian, told international reporters the treasure was most likely a combination of gifts donated by devotees to the shrine built by Travancore maharajas.

The donations help illustrate how wealthy local and international merchants were and what they had on hand to offer to their deities, Chowdhury said.

With five vaults uncovered, a team named by the country's Supreme Court to monitor the treasure hunt said the valuables could be worth up to a trillion rupees or $22 billion.

"The size of it is staggering," Chowdhury said. "But the archeological significance perhaps outweighs the monetary value of it."

A sixth vault was to be explored Monday while a seventh vault — reinforced with iron walls — will be opened only under direction from India's top court, Agence France-Presse reported.

Chowdhury said the seventh chamber is likely the oldest in the temple and could contain dazzling artifacts dating back to the 16th century when the temple was constructed.

India's national conservation agency, the Archaeological Survey of India (ASI), said it was stunned by the findings.

"Right now we are working in absolute darkness and we only know that fabulous treasure is pouring out," ASI Director-General Gautam Sengupta told AFP.

"No archeologist has ever experienced vault after vault being opened and treasures being discovered like this," Sengupta said in New Delhi, adding that many of the Hindu shrines across India were "very rich."

Chowdhury said there are thousands of temples in South India but only about 20 are in the same league as this latest hoard of treasures.

Armed commandos cordoned off the South Indian temple, which he anticipated is slated to become the India's richest temple.

The site will probably become a "unique place on the Indian heritage map," adding another layer of protection to the region, Chowdhury said.

For now, surveillance will be in place around the clock and security forces are setting up a special control centre, including a three-tier security ring involving 100 armed policemen.

"It seems to be the only thing you can do in this situation. Decisions might be made to move the hold and ancient coins to a more secure location later on," Chowdhury said.

Since India achieved independence from Britain in 1947, a trust managed by descendants of the Travancore royal family has controlled the temple, AFP reported.