KOCHI: Even as gold prices surge to record highs, Kerala’s temples continue to glitter with the devotion of followers. Offerings of gold and silver pour in undeterred.
At the famed Guruvayur Sree Krishna Temple, devotees drop precious metals into the hundi (offering box) in astonishing quantities — around 20 to 25 kg of gold and 120 to 150 kg of silver every year. The October 2025 collection alone yielded 2.58 kg of gold and 9.31 kg of silver.
The Sabarimala hill shrine, which opens only for three months during the pilgrimage season, receives nearly 15 kg of gold during that short period. Across the state, more than 3,000 temples receive offerings of precious metals in various forms, from ornaments and coins to idols and ritual items.
Global gold rates have surged over the past few months, driven by factors including geopolitical tensions. In Kerala, the price of 22K gold (916 purity) has seen a significant increase. As of March 29, a sovereign of 22K gold was valued at Rs 50,400. By October 21, the price rose to Rs 95,760.
According to industry body World Gold Council, Kerala significantly contributes to India’s gold demand — 25-28% of 600-800 tonnes annual consumption. The report also mentions that based on estimates, temples in India may hold 2,000-4,000 tonnes of gold, with 1,000 tonnes potentially accumulated before 1968. This suggests 1,000-3,000 tonnes were donated by private individuals.
Guruvayur Devaswom chairman V K Vijayan said most of the gold received by the temple is in the form of jewellery and other items. “The majority of the gold we receive falls under the miscellaneous category. We deposit it with the SBI Mumbai branch, where it is converted into gold bars, and we earn around 2-2.5 % interest on the value of the deposited gold,” he explained.
Regarding silver, Vijayan said it was previously stored in strong rooms without being monetised. “We recently deposited around 5 tonnes of silver with the SBI Hyderabad branch, where it was converted into bars. We’re awaiting approval from the authorities to auction it through the bank,” he said.
‘Smaller temples also receive gold donations’
A prominent jeweller noted that many smaller temples, not under the devaswoms, also receive gold donations in the form of ‘thali’ (mangalsutra) and ‘aalroopam’ (miniature representations of human body parts).
“Except for coins, most of the gold offered is in compound form and needs to be melted and purified to 24K to ascertain its exact value,” he said.
According to a report by the IIM-Ahmedabad India Gold Policy Centre (IGPC), public attention towards temple wealth intensified after a 2009 PIL revealed the vast riches of the Sree Padmanabhaswamy Temple in Thiruvananthapuram. The subsequent launch of the Gold Monetisation Scheme (GMS) in 2015 renewed focus on how temples across India could contribute to formal gold reserves.
According to the Guruvayur temple’s last audit report (2020–21), 834 kg of gold have been deposited with the State Bank of India under the GMS, earning an annual interest of about `5.4 crore.
In 2023, the Kerala High Court permitted the Travancore Devaswom Board (TDB) to deposit 535 kg of temple gold with SBI under the GMS for a five-year term.
Continuing that effort, in 2024, the Board handed over 467 kg of gold to the Reserve Bank of India, following a state audit ordered by the court.
As part of this exercise, the TDB meticulously categorised gold stored across its 18 strong rooms into three groups — Category A (historical treasures), Category B (daily ritual assets), and Category C (miscellaneous gold fragments) — under the supervision of the Thiruvabharanam Commissioner, ensuring accurate documentation and preservation of these priceless assets.
