Address by The Hon Tim Fischer MP, Deputy Prime Minister, Leader of the National Party, Minister for Trade, to the Australian Diamond Jewellery Design Awards, "Diamond Facets", Sydney, 30 September 1997.

Ms Coglan, Manager, De Beers Diamond Information Centre, distinguished guests.

I am very pleased to be able to be here tonight to present the Australian Diamond Jewellery Design Awards.

It was Marilyn Monroe who made famous the expression "diamonds are a girl's best friend". Given the efforts of our diamond industry in recent years we should perhaps say that "diamonds are Australia's best friend".

For Australia's future depends vitally on our ability to expand our trade. Trade generates jobs for Australians. In an increasingly competitive and globalised trading environment we must applaud the efforts of those Australian industries which are getting out in the world and selling their product.

I am very pleased to say that the Australian diamond jewellery industry is one such industry.

In 1996, Australia exported A$5 million worth of jewellery, incorporating precious stones such as diamonds. This is a solid achievement which represents an increase of more than 50 per cent over 1995 exports.

Despite the fluctuating nature of trade in jewellery year by year, net trade in jewellery in Australia has shown considerable growth in recent years.

I applaud the efforts of Australia's diamond industry which contributes to Australia's healthy export performance in a very competitive field.

Moreover, Austrade, in my portfolio, is looking to help the industry's export efforts wherever it can. Austrade has already provided significant assistance in developing an Australian jewellery export presence at the trade fairs in Basel and Tokyo.

In addition to solid growth in exports, our jewellers have also persuaded their domestic market that they have more to offer than many imported products. Over the last five years the number of pieces of diamond jewellery acquired from overseas has fallen significantly.

The industry's domestic performance has meant that between 1991 and 1996, net imports decreased by nearly 50 per cent.

The diamond jewellery industry is a significant one for Australia in terms of retail sales and people employed. The total jewellery industry in Australia, including jewellery pieces incorporating diamonds, is worth approximately $2.5 billion. The jewellery industry is a significant employer of people, with more than 20,000 mainly young people employed throughout Australia. Moreover, since 1991, the market has grown by 14 per cent in value terms to be worth nearly $A600 million a year in retail sales.

The success of Australia's diamond industry is no wonder when you look at Australian consumers' appetite for diamonds. Indeed, Marilyn Monroe might well have said "diamonds are an Australian girl's best friend". For one in ten Australian women acquire a piece of diamond jewellery each year, the highest level of diamond acquisition in the world. Each year, 88 per cent of brides receive a diamond engagement ring, also the highest level in the world.

I would like to conclude, though, by noting that the industry as a whole is clearly the biggest winner when you look at the wealth of talent on display here.

The beautiful jewellery we see tonight is ample evidence that tonight's finalists represent the very best that Australia has to offer in this field. We have here young people capable of great craftsmanship and artistry.

I am sure they will make Australia's future a glittering one in a highly competitive growth industry.