644 metric tons of gold, 1295 million carats of diamonds

Although Venezuela is currently known as the world's largest oil-rich country, there are countless other valuable mineral resources hidden beneath its soil. The country is also believed to have vast reserves of gold and diamonds.

After the recent arrest of Nicolas Maduro, the administration of US President Donald Trump has announced plans to restructure Venezuela's oil production as well as expand its vast mineral sector. US Commerce Secretary Howard Lutnick has said that the Trump administration will work to restore the country's vast reserves of steel and other important minerals that are being destroyed by rust.

Venezuela has the largest government gold reserves among Latin American countries. In addition to about 161 metric tons of gold in the country's central bank reserves, it is believed that there are also a large amount of untapped gold reserves in the 'Orinoco Mining Arc' region. According to a 2018 mineral report, the country is estimated to have at least 644 metric tons of gold, although the government claims the amount is much higher.

The country is also quite rich in diamond production. The country's various mines are estimated to contain around 1,295 million carats of diamonds. However, due to political instability and mismanagement, a large part of these mineral fields are currently under the control of non-state armed groups. The Trump administration aims to bring these resources back into the mainstream of the international market.