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>$22 billion [...] is likely a conservative estimate [...] the panel is simple counting and weighing the valuables. "Their value, including antique value, is no
by zeteo 15y ago
>$22 billion [...] is likely a conservative estimate [...] the panel is simple counting and weighing the valuables. "Their value, including antique value, is not being assessed"
A quick back of the envelope calculation indicates $22 billion corresponding to 450 metric tons of gold. This is an immense quantity: India's current gold reserve is about 615 tons [1], and there were recent years when it dropped under 400. I will take this report with a grain of salt until it receives very strong confirmation.
[1]http://en.wikipedia.org/wiki/Gold_reserve#Officially_reported_gold_holdings http://en.wikipedia.org/wiki/Gold_reserve#Officially_reporte...
- brianbreslin 15y agoThe find includes gems too, diamonds, etc. So those push up the value immensely, and command a higher value per kg than gold (I'm assuming).
- zeteo 15y agoThe article mentions gold coins and gold statues encrusted with gems, and that they're estimating the value by weight only. Since the encrusted gems can't be weighed separately, and furthermore the value of a precious stone strongly depends on quality not just weight, the estimate can only be based on the weight of the precious metal, IMO.
- xtacy 15y agoAlso, the valuation might be higher due to its historical value.
- deleted 15y ago[deleted]
- Shenglong 15y agoKeep in mind that a 3 carat red diamond is worth about $20,000,000... as an example I'm not sure what the geology is around there, or what India's historical gem cutting practices were... but I wouldn't say this is impossible. Maybe... haha, this sixth door is the key to the world ending in 2012 :P
- clobber 15y agoReally? Source? Diamonds are a controlled artificial market and aren't worth squat. http://www.straightdope.com/columns/read/2524/is-a-diamonds-price-a-true-measure-of-its-value http://www.straightdope.com/columns/read/2524/is-a-diamonds-...