The hunt for diamonds in Australia has plummeted, despite a world shortage, and increasing prices. It is thought just five companies are actively looking for diamonds, although Australian explorers are flocking overseas to look in Africa and elsewhere.

Dr Kevin Wills, from Flinders Diamonds, says part of the problem is government red tape, and a lack of interest from local investors. “The Australian discoveries were way back in the 1970s, the main ones at Ellendale and Argyle,” he says. “… We really need a new discovery in Australia and that will stimulate a lot of activity”.