Reserves of 644 metric tonnes of gold and 1,295 million carats of diamonds

Venezuela, widely recognised for holding the world’s largest proven oil reserves, is also believed to conceal enormous wealth beneath its soil in the form of precious minerals. Among these, gold and diamonds feature prominently, marking the country as a potentially significant player in global mineral markets.

Recent developments have brought renewed attention to Venezuela’s mineral resources. Following the arrest of President Nicolás Maduro, the administration of former US President Donald Trump outlined plans not only to rebuild the country’s oil production but also to expand and revitalise its vast mining sector.

US Secretary of Commerce, Wilbur Ross, and other officials noted that Venezuela possesses immense reserves of steel and other critical minerals, much of which has lain untapped and at risk of degradation. The Trump administration aimed to support initiatives to reclaim and responsibly exploit these resources, bringing them into international markets.

Venezuela holds the largest government-controlled gold reserves in Latin America. According to the Central Bank of Venezuela, the official reserves include approximately 161 metric tonnes of gold. Beyond this, the Orinoco Mining Arc—an area designated for extensive mineral exploration—is estimated to contain an additional, largely untapped, stockpile. A 2018 mineral survey suggested that the country could hold at least 644 metric tonnes of gold, though some experts believe the true figure may be substantially higher.

The nation’s diamond reserves are equally impressive. Surveys indicate that Venezuela’s mines could yield up to 1,295 million carats of diamonds, making it one of the most promising diamond-producing countries in the region.

Despite this abundance, political instability and administrative mismanagement have hindered the development of these resources. Large portions of the mineral-rich regions currently fall under the control of non-state armed groups, complicating efforts to extract and export resources safely. The US administration’s strategy was to stabilise the sector, enhance transparency, and channel the minerals back into legitimate international trade, potentially unlocking billions in economic value.

Estimated Mineral Reserves in Venezuela

With its extraordinary mineral wealth, Venezuela remains a nation of untapped economic potential. Strategic development of these resources could significantly reshape both the country’s economy and its role in the global mineral market.