Foreign Affairs Minister Julie Bishop has told the United Nations the flow of diamonds to insurgencies and rebel groups in conflict zones around the world has been cut off, but more can be done.
Ms Bishop, in an address to the UN General Assembly in New York on Wednesday, said the goal of a diamond market free from human rights abuses and forced labour remained.
Australia has held the role of chair of The Kimberley Process since last year.
The Kimberley Process started in 2000 when southern African diamond-producing states met in Kimberley, South Africa, to discuss ways to stop the trade in "conflict diamonds".
"We have cut the flow of diamonds to insurgencies and rebel groups who would sacrifice peace and development for their own power," Ms Bishop said.
"We have drained their finances.
"We have removed, or at the least, greatly reduced this threat to peace and development."
Ms Bishop said Australia has played a role in preparing the next step in the process and will work with nations to build on the important achievements of the Kimberley Process.
"We can and should do more in preventing trade in conflict diamonds," Ms Bishop said.
"For example we must look at other ways the diamond trade can align and support the 2030 agenda for sustainable development and sustaining peace.
"We hope to see a market free from human rights abuses and free from forced labour."
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