Officials from China, Angola, South Africa, Canada, Russia and the European Union recently met in the region of Guaniamo in Bolivar, Venezuela to determine if the country should be allowed to start exporting diamonds. The task of the officials was to determine if the country met the conditions of the Kimberley Process which allows the country to mine its diamonds declaring them from a non-conflict area, according to an article published via Venzuela Analysis.
The diamond mine is part of the government’s new 111 square kilometer Orinoco Mining Arc. Other resources are plentiful in the arc including gold, copper, coltan, iron, and bauxite. Gold Reserve of Canada has already signed a $5 billion agreement to start mining in the area.
This process according to Jose Manuel Gonzalez is one of President Nicolas Maduro’s 15 economic motors that may diversify the economy in the country following the steep decline in petroleum prices. The country is undergoing the worst recession in its history says Manuel Gonzalez with residents feeling the pinch of inflation that has already risen more than 720 percent this year. With electricity in short demand many are calling for Maduro’s removal.