Venezuela uses diamonds to shore up reserves

The Central Bank of Venezuela is shoring up its foreign reserves with an array of alternative assets. The country's reserves are now at an 11-year low, but the bank will respond by turning to assets including diamonds, gold and precious stones and metals, which are considered to be a stable form of investment. Indeed, Russia is already known for its large stockpile of gold.

Venezuela's economy is expected to contract by 3 percent this year, reports RT.com.