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To: Peter Joseph who wrote (13059)	5/1/2004 8:44:04 PM
From: Condor	Respond to of 110194

I understood that much family wealth is stored in jewellery in India and hence the posession and wearing of much jewellery. A little story......I had the opportunity of " doing lunch" with the President of the Bombay Gold Bullion Asociation in New Orleans about 1984 and he mentioned that at that time they handled about 200 tons of gold bullion per year (his association). If I recall correctly, he mentioned that it was technically illegal for Indians to own gold but the rule was largely ignored. I mentioned that he may be interested in creating a gold mutual fund where bullion and producers were held and hence the bullion posession wasn't necessary and that would get around the rules perhaps. He was fascinated with the idea and said he was going to persue the idea when he returned to India. It struck me so odd that something of that order was unfamiliar to him. I received a thank you note from him months later. It was from the palace of xxxx?? and was a very elaborate and ornate card and adorned in gold script. We never communicated any further. Cheers C